How big a deal are Sub Prime Mortgage Foreclosures?

Huge, the billions lost already are just the beginning, there will be more write downs coming along. If you have a lot of money on paper in the market you may want to find safer investments for now. In addition, those who are forfeiting on their mortgages often have other debts such as credit cards and financed automobiles, they won't be able to pay those debts either.