Trillions have been lost.
Trillions more will be lost.
And big SoCal lenders like WaMu, Wells Fargo, Indymac, GMAC, First Federal - and Fannie and Freddie who bought the junk loans - are in a heap of trouble.
It's not subprime folks. It's everything. And it's one ginormous Housing Ponzi Scheme that blew up in spectacular fashion.
No matter what discredited California REIC shills like Connie De Groot, Gary Watts, Leslie Appleton Young and Tom Adkins would have you believe.
Hat-tip to SoCal Bubble for the latest #s. Hat-tip Casey Serin for crashing the market.