Collateralized debt obligation write-downs are likely to reach $64 billion, according to Citigroup Inc. research. "Of the many skeletons hiding in the subprime closet, write-downs on banks' positions on CDOs of (asset-backed securities) are probably the scariest," Citigroup's analysts said. The analysts added that losses from the write-downs will be large, but probably not as big as the stock market is predicting.

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