Mortgage Crisis Spreading?

As you know, the mortgage industry has been going through a bad case of eating some crow. Specifically, the much predicted implosion of the subprime mortgage market finally happened. A secondary effect of all of this has been the reduction in credit and shunning of mortgage debt investments. There are now concerns that Alt-A mortgages could be resulting in default rates similar to subprime loans as they adjust to new interest rate settings.