Nearly a year into the turmoil swirling around the financial and credit markets, the numbers have become all too familiar. To date, bank losses stemming from subprime mortgages are estimated at $400 billion with more fallout expected. The International Monetary Fund estimates wider credit-related losses could approach one trillion dollars.
Soaring delinquencies in subprime mortgages were the primary trigger, with the losses mounting and spreading when liquidity dried up. The US housing market dow