People who just prior were living the illusion of the "good life" will suddenly feel the very visceral reaction of realizing that the life they were leading was not their own, it was the bank's all along.

You can say this again oh my this is happening since ages. I have met people who were devasted by losing their home to the bank. They "invested" in their house as it was their own , although the loan was on 20 or 30 years . So many things can happen in this time. I feel empathy and I can see the sadness of those who had to give up their dream of finally owning their own property. Debt is good if you take a loan on a house and rent it , so it could bring you money. But once you move in, you bleed money . And if they're bank money...The bleeding can really be deadly.