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The Department of Housing and Urban Development has requested lenders to provide temporary assistance to homeowners with defective Chinese drywall whose mortgages are insured by the Federal Housing Administration. Homeowners who receive such relief would be able to decrease or postpone their mortgage payments until their Chinese drywall problems are remediated.
HUD officials are also allowing for federal block-grant funds to be used to help remediate homes with the contaminated drywall. Defective Chinese drywall has been linked to the corrosion of metal household components as well as health complaints.
More than 2,360 homeowners in 35 states and the District of Columbia have reported drywall-related problems to the U.S. Consumer Products and Safety Commission and other agencies.
Remediation costs are estimated at $80,000 to $100,000 for an average-sized home. To date, insurance companies have refused to cover the expense.
For the full story, go to Wall Street Journal.