Don't panic, Europeans! says this discussion paper from the Fed. You may think that your banks are taking huge losses from subprime. But, in fact, they're only taking their fair share - European banks aren't actually any more exposed to US mortgages than they are to any other asset class.
Also, the total losses in the long term for foreign investors will be only $75 billion.

Of course, by the time we get there, the banks will have reported total mark to market losses of, ahem, $475 billion. That's what you get for dealing in an opaque market...