House and Senate Give Appearance of Helping Homeowners Affected by Toxic Chinese Drywall
Resolutions are passed to urge banks to temporarily forbear mortgage payments by homeowners. Urge is not the same as require.
Palm Cost, FL – December 3, 2009 – The House of Representatives passed a resolution Wednesday in a near unanimous vote to encourage mortgage lenders and mortgage servicers to provide temporary forbearance of mortgage payments to homeowners affected by toxic Chinese drywall. The Senate passed a similar resolution on November 10th.
The U.S. Consumer Product Safety Commission has found that the fumes emitted by some drywall manufactured in China and used during the recent building boom causes serious metal corrosion, primarily in electric wiring and air conditioning coils, and is a health hazard to people living in affected homes. Remediation typically requires the residents to move temporarily. Repairs can cost as much as $100 thousand per house.
GoToby.com thinks resolutions are designed to give the appearance that congress is actually doing something. In fact, they are just as likely to increase lobbying efforts and associated campaign contributions than they are to provide effective relief to suffering homeowners. Take the poll below.
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