Fannie Mae Extending Mortgage Breaks to Some Virginia Homeowners with Chinese Drywall
April 7th, 2010
As discussed in the online article in
dailypress.com,
Fannie Mae will provide six months of mortgage relief to at least 20 Virginia homeowners whose homes were built with Chinese drywall.
Mortgage breaks extended to some homeowners with Chinese drywall
Fannie Mae announced it will provide six months of relief on mortgage payments for about 20 Virginia families whose homes were built with Chinese drywall, Sen. Mark R. Warner's office announced Tuesday.
The forbearance period will not be a blemish on the homeowners' credit report, Michael J. Williams, president and CEO of Fannie Mae, said in a letter to Warner. Many homeowners whose homes were built with sulfur-emitting drywall imported from China are struggling to pay their mortgages while they rent living space elsewhere.
Williams' letter could benefit homeowners across the nation whose homes were built with Chinese drywall. Williams asked his team to "develop a nationwide approach to addressing this issue," the letter said.
The U.S. Consumer Product Safety Commission has received more than 3,000 reports of Chinese drywall in 37 states.
For months, Warner's office has been working with about 20 mortgage lenders on behalf of about 80 Virginia families, mostly on the Peninsula and in Hampton Roads. In many cases, lenders have agreed to some type of mortgage relief.
"Sen. Warner thinks Fannie Mae's response serves as a great model for how all mortgage lenders should be working with customers who have contaminated drywall issues, so we're sending a letter today to each of the mortgage lenders we've worked with to suggest that they adopt the same policies," said Kevin Hall, Warner's communications director.
To view the online article, please click here
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