OK lets go through that 1 by 1, and why I unfortunately disagree with some of this...
1st the coverage isn't high enough to cover subprime interest
2nd if you know 1st is true and unfortunately it is true, then what follows is banks are going bust. Remember the mortgages are piled up onto a big heap. The latter is a perfectly normal behavior under normal circumstances, because as a bank you want to spread risk. However if the heap is big and you don't know who has what cut and unfortuntely it is big, then what you get is a domino effect, where 1 big bank topples and takes the rest with it (and this can still happen). Now stack this up for 30 years (which is a whole generation) and you're talking disaster of a gargantuan proportion.
In that scenario i don't see religious fanaticism becoming the big issue, but I do see nationalism becoming the problem like what happened to Europe in the mid 19th century. People seem to forget this but there were several waves of agricultural crises that hit Europe and the U.S. very hard in the mid 19th century. And remember who are the biggest mortgages takers in a population? Right, it's farmers!
A lot of modern nations came into existence in those years. To name just a few: Germany, Italy, Romania, Hungary and Spain.
And do you know what all of these nations have in common? Think of WW2!