Second Mortgage Shock Coming?

Were subprime mortgages just the beginning of this housing crisis? The video asserts that "we are at the beginning of the second wave" with Alt-A's and Option Arms being the next major shoes to drop as these types of mortgage loans begin adjusting. The video also suggests that it's all but certain that we will see more doom and gloom. Fasten your seat belts, we're just getting started. Do you agree?