You’ve heard the term “share the wealth”. Well, this is the same concept, only reversed.
The International Monetary Fund said Tuesday the worldwide losses stemming from the US subprime mortgage crisis could hit 945 billion dollars as the impact spreads in the global economy.
The IMF, in a particularly stark report, said that falling US housing prices and rising delinquencies on the residential mortgage market could lead to losses of 565 billion dollars.
Combined with other categories of loans originated and securities issued in the United States related to commercial real estate, the consumer credit market, and corporations “increases aggregate potential losses to about 945 billion dollars,” it said.
The estimated losses from the subprime debacle average to be $142 per person, worldwide. Ouch.
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