If appears that even financial titans are starting to feel the crunch of the mortgage crisis. UBS has stated that it will report losses of 515-680 million dollars in the Third Qtr. These losses are directly tied to the US mortgage meltdown and credit crunch that has taken place due to the subprime mortgage collapse.

If this sounds familiar, then you probably heard the new already about Merrill Lynch writing-off 7.9 billion dollars in mortgage based securities.

The future does not look good for UBS and it appears that they are expecting losses through the remainder of this quarter and next.