I would disagree - everyone didn't just stopping paying their mortgages. The issue was that it was uncovered how inappropriate a portion of mortgages had been a

I would disagree - everyone didn't just stopping paying their mortgages. The issue was that it was uncovered how inappropriate a portion of mortgages had been and how toxic the investment mixes were. This realisation led to banks valuations changing and led to a run on banks. The property behind these mortgages was worth less than the mortgages supplied on them. While the default rate increased in some areas, it was in no way universal, or as high as we see today in the retail property market. Also (currently) the property backing the mortgage has retained its mortgaged value. So these are not that similar scenarios