HR 5072 FHA Reform Act of 2010
June 16th, 2010
As discussed on a online media source, HR 5072 will extend mortgage help to Virginians affected by toxic Chinese drywall.
Chinese drywall mortgage help extended
House passes Congressman Nye's amendment
WASHINGTON (WAVY) - Congressman Glenn Nye's legislation to extend mortgage help to Virginians affected by toxic Chinese drywall passed in the US House of Representatives.
The amendment to the FHA Reform Act of 2010 (HR 5072) will extend the existing program for another year. It offers temporary mortgage reprieve to help homeowners forced to leave their homes due to the fumes emitted by toxic drywall.
"This reprieve has allowed countless families to get back on their feet, and repair their homes," Nye stated in a news release from his staff. "Providing temporary forbearances for those who suffer from Chinese drywall through no fault of their own is something the federal government must continue to be actively involved in."
Nye currently serves as co-chair of the Congressional Contaminated Drywall Caucus.
Click here to see how each Representative voted.
The company that shipped the drywall to a local supplier is appealing an April ruling awarding Virginia families $2.6 million in damages.
Attorney Richard Serpe told WAVY.com he received the notice of appeal late last night via email. Serpe said this is a good sign. He believes the manufacturer, Taishan Gypsum co. Ltd., was nervous about the enforcement of U.S. District Judge Eldon Fallon's judgment for the seven plaintiff's.
There is also a possibility similar judgments could be made for hundreds of Virginia families in the future, if a request to certify homeowners as a "class" is approved.
You can count on WAVY News 10 and WAVY.com to follow lawsuits, legislation and other developments regarding the toxic Chinese drywall.
To view the online article, please click here
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Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.