The U.S. House of representatives has passed a Chinese drywall bill that could provide some financial relief to homeowners in financial distress because of the tainted wallboard.
The bill passed by the House would encourage banks and mortgage servicers to provide impacted homeowners with temporary forbearance on their mortgage payments. Forbearance allows mortgage payees to stop making payments during times of temporary financial distress.
“Many of my constituents have been forced to leave their homes and pay rent in addition to paying their mortgage,” Rep. Vern Buchanan, a Republican from Sarasota, Florida, and an original co-sponsor of the resolution, said in a press release. “This bill would provide them with some financial relief and help them avoid foreclosure.”
So far, the Consumer Products Safety Commission (CPSC) has received 2,091 reports from residents in 32 states, the District of Columbia, and Puerto Rico concerning Chinese drywall.Tests recently released by the CPSC of 51 homes confirmed that the presence of hydrogen sulfide is the essential component that causes copper and silver sulfide corrosion found in Chinese drywall homes.
The drywall problems have forced many people out of their homes, and some families are dealing with the heavy financial burden of paying both rent and mortgage payments. Those unable to afford additional rent have no choice but to stay in their potentially hazardous homes.
The House Chinese drywall bill, known as H. Con. Res. 197, passed by a 419-1 margin. On November 10, the U.S. Senate unanimously passed a similar resolution.
