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Bank of America (NYSE: ) and other mortgage lenders may face even more trouble down the road as an even bigger wave of mortgage defaults moves towards the shores. Homeowners with good credit are falling behind on their payments in growing numbers, just as sub-prime borrowers are showing signs of recovery. The number of so-called Alt-A mortgages are up 12 percent in April from a year ago while delinquencies in prime loans doulbed to 2.7 percent during the same time period.

The threat should not come as a surprise to investors that have been following the economy. The nation's unemployment rate soared to a new four-year high in July while housing prices dropped yet again just last week. Many analysts believe that the problems with the broader mortgage market will not solve itself for another one or two years. Investors have expected this to a point, but some believe its likely that they have again underestimated the problems.

Many prime homeowners who took Alt-A loans have been paying interest only payments over the years as the price of their house has increased in value. Now, these homeowners will be forced to pay both principal and interest payments, which may not be possible for many in today's difficult environment. Some borrowers could see their payments jump as much as 50% or more while the property itself may no longer be worth as much as the loan that they are paying off.

Normally, banks would act to hedge themselves against further declines by selling off some of their loan portfolios or partaking in swap agreements. However, the particularly terrible state of the market has dried up nearly all the liquidity, which has made mortgage securities impossible to trade or hedge. The government has recently stepped in to help out on subprime mortgages, but whether or not they will help if larger problems in prime loans remains to be seen.

Shares of Bank of America fell $0.31, or 0.93%, to $33.02 on the day.

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