If you go beyond mortgages to also include credit card, auto and student loans, commercial
real estates, corporate loans, leverage loans, bond defaults, and if you add in insurance and finance
companies, mutual and pension funds, and foreign financial institutions, the estimated credit losses
rise to the range of, say, $600 billion to over a trillion.1
Some analysts have gone further by translating the estimated credit losses at leveraged US
financial institutions into estimated declines in their lending and, in turn, into estimated declines in
US economic growth.