"With more adjustable rate mortgages resetting in 2010 and 2011, the risk of further losses on mortgages cannot be discounted unless economic conditions improve," he said.
Das is also worried about commercial real estate globally, pointing out the low rent Nomura is paying for its new offices in the City of London and is also worried about the health of the banking system.
- Watch the interview with Satyajit Das above.
"Banks are likely to remain capital-constrained in the near future, reducing availability of credit. Commercial and consumer loan volumes have declined, reflecting a lack of supply but also a lack of demand as companies and individuals reduce leverage," Das said.
Adding to his negative view of the world is his belief that government incentives on cars and trade credits will run out and have stolen future investment. Unemployment is now the key indicator to watch, Das warned.
"In many countries enforced reduction in working hours and taking paid or unpaid leave reduced the rise in unemployment levels significantly. Working hours and personal income have fallen," he said.
The 440 billion euros ($559 billion) European Financial Stability Facility (EFSF) is nothing more than a CDO or SIV and will lead to further stress on the euro, Das warned.
"In order to raise cash, the EFSF will need a triple-A rating but the structure of the fund raises significant doubts about its creditworthiness and funding," he said.
"This will create uncertainty about its support for financially-challenged euro-zone members with significant implications for markets," Das said.
"Resorting to discredited financial engineering highlights the inability to learn from history and the paucity of ideas and willingness to deal with the real issues," he added.