From the Telegraph:
John Paulson, the hedge fund manager who made almost £2bn from correctly calling the implosion of US sub-prime mortgages last year, warned that the credit crisis is not over.
Mr Paulson predicted losses in the financial sector could reach about $1,300bn (£664bn), compared with the International Monetary Fund's estimate of $945bn....
From the Financial Times:
“Ninety per cent of the mortgage market is supported by two private companies losing vast sums of money operating with no equity.”
-Hedge fund manager John Paulson, on why he’s pessimistic about Fannie Mae and Freddie Mac
HT: Seeking Alpha