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Aug 26 2008 8:14AM EDT

How Big are Subprime Losses?

According to Bloomberg we truly are all subprime now:

Losses and writedowns on securities related to home loans to people with poor credit now exceed $504 billion at financial institutions.

This may have started as a subprime crisis, but it's much bigger than that now. $504 billion is the total writedown at banks (I think it actually excludes AIG and other non-bank financial institutions), but the losses aren't all attributable to subprime lending. (There have been enormous writedowns on leveraged loans too, just for starters.)

That said, it would be interesting to see how big the subprime losses alone have been. Does anybody have that number?

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