Alex’s Notes: I was discussing how this was going to happen almost a year ago:http://www.rapidtrends.com/blog/2008/02/04/no-really-the-economy-is-doing-great-its-all-fine/

A Second Mortgage Disaster On The Horizon?60 Minutes: New Wave Of Mortgage Rate Adjustments Could Force More Homeowners To Default(CBS) When it comes to bailouts of American business, Barney Frank and the Congress may be just getting started. Nearly two trillion tax dollars have been shoveled into the hole that Wall Street dug and people wonder where the bottom is. 

As correspondent Scott Pelley reports, it turns out the abyss is deeper than most people think because there is a second mortgage shock heading for the economy. In the executive suites of Wall Street and Washington, you’re beginning to hear alarm about a new wave of mortgages with strange names that are about to become all too familiar.

If you thought sub-primes were insanely reckless wait until you hear what’s coming. 

Full article: http://www.cbsnews.com/stories/2008/12/12/60minutes/main4666112.shtml

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