Paulson & Co.'s John Paulson Sees Credit Writedowns of $1.3 Trillion

According to reports from Bloomberg, Paulson & Co.'s John Paulson, who made billions beating against the US housing market, said he sees total losses from the credit crisis of $1.3 trillion, which is above the IMF'S $945 billion estimate.

Paulson also said we are only about a third of the way through the writedowns and he doesn't sees any signs of stabilization.

Paulson also said bond insurer Ambac (NYSE: ABK) is "deteriorating very rapidly", saying more downgrades are inevitable.

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