Second Wave Of Mortgage Defaults On The Horizon?

CBS' 60 Minutes ran a story Sunday night reporting:

• [A]s 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.

To watch the report (12:29), see A Second Mortgage Disaster On The Horizon? (60 Minutes: New Wave Of Mortgage Rate Adjustments Could Force More Homeowners To Default).

Go here to read the transcript of the 60 Minutes' story.