IMF puts subprime losses at $945 billion

Estimates of the size of losses on subprime mortgages and related forms of lending just get uglier and uglier. The latest estimate, presented by the International Monetary Fund in its Global Financial Stability Report (GFSR), puts losses at a staggering $945 billion.

The GFSR, released on Tuesday, suggests that banks will suffer at least half of these losses, with the rest absorbed by global insurance companies, hedge funds, pension funds and other investors.

The report also provides interestin