HONG KONG: The markets have not seen the worst of the credit losses from record defaults on U.S. subprime loans and falling house prices, David Wyss, chief economist at Standard & Poor's, said Thursday at a conference here.
"We've seen the worst of the panic, but we haven't seen the worst of credit losses," Wyss said. "People are not sure what the levels of losses are going to be, and an even bigger part of the problem is, markets don't know who're holding these things, they don't where the bodies are buried, and they don't know how leveraged some holdings are."
"We've seen the worst of the panic, but we haven't seen the worst of credit losses," Wyss said. "People are not sure what the levels of losses are going to be, and an even bigger part of the problem is, markets don't know who're holding these things, they don't where the bodies are buried, and they don't know how leveraged some holdings are."
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