The government was very active in prosecuting creative deals after the great melt-down.

Flagstaff is beautiful, but cold in the winter with a lot of snow (it dumps and then melts & re-freezes - watch out for black ice), is mainly a college town, and is very cliquey (if you were not born and raised there, you will always be considered an outsider by the locals). 

I've worked on repairing two houses this year that had small fires and both of them were saved because the pex lines melted and sprayed the fires down.

I remember some of the loans I made there 3p appraisals at 120k my HML at 75k and sold the asset for 35k once i got it back... in other markets it was not that harshI look at the deals i did in Detroit in 01 to 03  again appraisals over 120k HML at 60K BC it was Detroit.. in the melt down and even today those homes trade at 10 to 30k max  and the folks that generally got wiped out in those days were the out of state investors that were buying these as rentals for even cash flow or 100 to 200 a month Pos. like they are today... mainly because of the market freeze and the issues you have with out of state PM and tough tenant bases... and the investors regardless of LTV or cash flow were severely under capitalized to begin with.. some one who put 20% down on a 80k turn key thats 16 k and maybe had another 5k in reserve's many of those got hammered and wiped out...those with significant reserves or paid cash survived

So currently, her freezer is melting and nobody from RentRedi or Latchel will do a thing about it. 

A few questions might help you figure out the cause:How much rain (or snow melt) was there before/during the flooding?

When a sidewalk gets a crack in it like that, and winter comes and it freezes, then it melts the water goes into the crack, then it freezes again- and heaves the crack apart further because ice expands. 

When mortgage financing melted down and such was scarce at best, what happened? 

Though half the real estate world is melting down because they simply do not understand it.The big deal part of it is required buyer agency agreements.

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