Remarkable that you'd simply return to the assumption that all the people involved were flippers.
That's not likely true at all.
Why is it relevant if they were flippers or not? Does that somehow change the fact that they still made a speculative investment at the height of a bubble and got caught holding the bag just like 10's of thousands of other people at exactly the same time?
I know people upside down on their mortgages today who weren't flippers. They were just looking for a home. No one is giving them their lost money back and they can't even sell to get out from under the debt.