Subprime Mortgage and CDO Bank Losses May Top $265 Billion
We have seen $90 billion of writedowns to date. Standard and Poor’s is saying that you can super size that order. Writedowns total losses are expected to be $265 billion or more.
So far, Wall Street has been shouldering the brunt of the losses. S&P says the next losses will affect smaller financial institutions including regional banks in the U.S., credit unions, and lenders in Europe and Asia.
Just yesterday, UBS, the biggest Swiss bank, wrote down $14 billion of assets.
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