>So, the standard estimate is that there are about $200 billion in
>mortgage losses, mostly subprime, out there, but banks have only
>written off $20-25 billion of it. Well now we're getting almost $4
>billion closer to $200b.
>
My understanding is that it's not the 200 billion that's the problem,
but the mountain of leverage on top of that.
Correct? Not correct?
Joanna