From what I've read, we still have a long way to go before we're out of the woods. The Canadian banks haven't been impacted nearly as heavily (yet) due to their lower exposure to the US market, but with housing prices up here starting to drop off and our own version of subprime mortgages (40 year amortization, no money down!) we'll see how it progresses. Combine that with a slowing economy and we could see the Canadian banks start to hurt a lot more.

Most of the US subprime mortgages have come and gone through their resets, but in a few months we will begin a wave of Alt-A mortgage resets and this may prove to be as painful or even more painful than the subprimes.

One thing's for certain: There are a lot of conflicting opinions out there.