First Piece of Chinese Drywall Federal Legislation Passed in Congress
An amendment calling for an immediate investigation into the correlation between Chinese drywall and the national foreclosure rate has been passed. Earlier this month, the drywall-related provision was successfully offered as an amendment to the “Mortgage Reform and Anti-Predatory Lending Act.” The provision was authored by Representatives Robert Wexler and Mario Diaz-Balart of Florida.
The legislation requires the United States Department of Housing and Urban Development, in conjunction with the United States Treasury Department, to provide a report of the problem within the next 120 days. The report should detail how many foreclosures are a direct result of the defective drywall, which was imported from China between 2004 and 2007. The legislation also asks that federal agencies work to research if homeowners insurance was available to those homes which were affected by the Chinese drywall.
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