Posts Tagged ‘Federal Trade Commission’
Buchanan works to assist homeowners with Chinese drywall
Buchanan supported an amendment to the Mortgage Reform and Predatory Lending Act (H.R. 1728) to require the US Department of Housing and Urban Development (HUD) to study the effects of Chinese drywall on foreclosures and the availability of property insurance for residential structures with Chinese drywall.
“Defective Chinese drywall is taking its toll on thousands of homeowners,” said Buchanan on the floor of the House. “Many, including my constituent John Medico of Bradenton are now finding their homes uninhabitable.”
Medico says smell and contamination forced him to move from his new Greyhawk Landing home, forcing him to pay both a mortgage and rent.
Buchanan noted that many insurance companies are not covering the cost of replacement and relocation and encouraged banks and homebuilders to work with victims of Chinese drywall.
“Without any available assistance many homeowners are forced to decide whether to live in an impacted home or walk away and accept foreclosure in order to protect the safety of their family,” said Buchanan.
Earlier this year, Buchanan wrote the U.S. Trade Representative and Federal Trade Commission asking them to take all appropriate steps to confront this problem.
Under the bill, HUD would have 120 days to submit a report that provides Congress with a better understanding of how severely this crisis is impacting the housing market and allow Congress to take necessary action to protect and assist impacted homeowners.