60 Minutes - Where's the Bottom? December 14, 2008
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Airdate 12/14/08 A second wave of mortgage defaults is coming, Scott Pelley reports. Even once the U.S. economy is clear of the sub-prime mortgage meltdown, there are even more exotic, risky mortgages that will haunt the economy. They are called Alt-A and Option ARMS, and the low initial rates of these adjustable-rate mortgages are due to reset at higher rates over the next few years. A cascade of new loan defaults could follow.
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