Mortgage Problems: A $945 Billion Loss

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The International Monetary Fund came late to the mortgage crisis, but they bought the worse news.

The IMF said that "Total losses, including the securities tied to commercial real estate and loans to consumers and companies, may reach $945 billion," Bloomberg writes. Analysis of the report indicates "the forecast signals the worst of the credit crunch may be yet to come, because banks and securities firms so far have posted $232 billion in asset writedowns and credit losses."

Jamie Caruana, the IMF’s director of monetary and capital markets, also said to have a nice day.

Douglas A. McIntyre