Housing net losses where are they.

[icm63]

First.. housing net losses are $12Trillion
here: http://www.calculatedriskblog.com/20...h-off-122.html

Assume half of that was mortgaged, say : $6Trillion is expected loan losses.

FED balance sheet has gone from $200Bn to $1.4 trillion
HERE:http://images.creditwritedowns.com/b...d%20Assets.png

So whos holding the missing $3 to $4 trillion of losses.

Answer: Those that hold CDOs, CDS I bet !