Most of the way though the mortgage crisis?
Germany’s BaFin estimates that we’re about three quarters of the way through the mortgage mess. A Reuters story says that Der Spiegel has gotten hold of an internal report by the bank regulator that estimates total losses at $430-600 billion:
The $600 billion figure represents a worst-case scenario for losses linked to the financial turmoil sparked by the meltdown in the U.S. subprime mortgage market, Der Spiegel magazine said in a story released in advance of publication on Monday. “Based on current knowledge and the market situation, we believe $430 billion is more likely”…BaFin calculated that banks had already acknowledged about $295 billion in losses, of which Germany accounted for around 10 percent, the magazine said.