Losses from the U.S. subprime mortgage meltdown could
top $300 billion, an economist from one of Canada’s major banks told a
Toronto real estate conference on Wednesday.
The bleeding isn’t over yet, warned Jeff Rubin, chief economist at
CIBC World Markets.
There will “continue to be downward pressure on U.S. housing prices
until we get a better balance between supply and demand,” Rubin said.
“We’re about 55-60% of the way through” the subprime
fallout…”