I’m not attempting to debate you on a level playing field, acknowledge your expertise/understanding of this subject far exceeds mine; but from what little I know, this is not history’s first real estate bubble and crash, even though it may be the first hyper-driven by computerized financial transactions. Why wouldn’t it then be more like past fiascos than different? Further, I can’t see that these mortgages are all that anonymous, there are papers on file at county court houses for every parcel and no doubt someone is managing an escrow account and paying property taxes on them.
Tell me the specific "past fiascos" you are referring to, and I will answer your question on specifics.