subprime defaults

MUMBAI, Oct 9 (Reuters) - The chief economist of international ratings agency Standard and Poor's said on Tuesday that losses from the U.S. subprime mortgage crisis will not peak until 2009, and estimates defaults will total $100 billion to $150 billion.

"These problems are not over. We think in the United States the housing market is not going to bottom until winter. We think the losses in these sectors won't really hit their peak until 2009," David Wyss, S&P's chief economist, said at a news conference in Mumbai on Tuesday.


... looks like we still have a bit of time to buy into RHG then ;)