Mortgage Losses Worse Than Previously Believed

It just gets better and better.

It not appears the Merrill Lynch will take losses of at least $8 billion, up $3 billion from a few weeks ago, they are predicting 2 million foreclosures, 4x the estimate of the Bush administration, and housing inventories are at their highest in 20 years.

This neglects the fact that it's not just subprime though, so it will get worse.

This has been todays bit of sunshine.