The Times reports:

“The IMF said in January that it expected the deterioration in US-originated assets to reach $2.2 trillion by the end of next year, but it is understood to be looking at raising that to $3.1 trillion in its next assessment of the global economy, due to be published on April 21. In addition, it is likely to boost that total by $900 billion for toxic assets originated in Europe and Asia.”

Only about $1 trillion of that have been written off so far.  Not to worry, though, Sheila Bair, Timothy Geithner and Ben Bernanke  have assured us that everything is under control and besides, the banks are going to hold all those assets to maturity and will not have to make any more write-downs …