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Chinese Drywall Amendment to HR 1728 Federal Legislation |
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Sunday, 17 May 2009 |
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On May 8, an amendment, introduced by Congressman Robert Wexler (D-Fla.) and Congressman Mario Diaz-Balart (R-Fla.), was added to the Mortgage Reform and Anti-Predatory Lending Act. This Amendment calls for the Secretary of HUD to consult with the Secretary of Treasury, and conduct a study of the effect of the presence of contaminated Chinese drywall on residential mortgage loan foreclosures.
It also requires these agencies to study the availability of property insurance for homes where Chinese drywall is present. The legislation passed the House of Representatives by a vote of 300 to 114. That amendment is contained in HR 1728 at Title X, Section 1001 and is contained below:
TITLE X--STUDY OF EFFECT OF DRYWALL PRESENCE ON FORECLOSURES SEC. 1001. STUDY OF EFFECT OF DRYWALL PRESENCE ON FORECLOSURES.
(a) Study- The Secretary of Housing and Urban Development, in consultation with the Secretary of the Treasury, shall conduct a study of the effect on residential mortgage loan foreclosures of--
(1) the presence in residential structures subject to such mortgage loans of drywall that was imported from China during the period beginning with 2004 and ending at the end of 2007; and
(2) the availability of property insurance for residential structures in which such drywall is present.
(b) Report- Not later than the expiration of the 120-day period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development shall submit to the Congress a report on the study conducted under subsection (a) containing its findings, conclusions, and recommendations.
In a letter ( http://wexler.house.gov/pdfs/epacdcdrywall.pdf ) sent to Environmental Protection Agency Administrator Lisa Jackson and Centers for Disease Control and Prevention Acting Director Dr. Richard Besser, Wexler and Diaz-Balart urged the agencies to act quickly in testing and determining the health and safety risks posed by Chinese drywall. The letter emphasizes the possibility that the effects of Chinese drywall could worsen with the summer heat and the need for swift action. They also encourage the agencies to coordinate with the Florida Department of Health, which has already conducted some preliminary testing.
Wexler and Diaz-Balart have requested that at least $2 million in emergency funding from the House Appropriations Committee be provided to the federal agencies in order to ensure they have the resources to complete the crucial testing.
To view alist of the Amendments, please click here
About Safeguard
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.
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