Fannie Mae made an announcement last week offering a six-month relief on mortgage payments to homeowners suffering with Chinese Drywall, in addition, the relief will not be recorded to the credit bureaus.  In response to the announcement, three US Senators have requested that the same relief be extended to the homeowners in Florida and Louisiana.

Chinese Drywall was purchased between 2005 and 2007 during a time when construction was at it's peak.  Between the housing boom and the multiple hurricanes devastating the area, building supplies were difficult to come by, therefore, many builders began importing supplies from international sources.  Drywall purchased from China has higher amounts of strontium than what is found in US drywall.  These high levels of strontium are accused of having created a sulfur-like smell that permeates throughout the home as well as corroding electrical wirings and in some cases, respiratory issues in homeowners.  

Homeowners affected by Chinese Drywall, have been left in limbo, unable to make mortgage payments while paying rent, as the affected homes are not able to be lived in. They have been unable to receive aid from insurance companies, Florida Emergency Management Agency (FEMA) and most builders.  

The beginning of this month, there was big news however, when Federal Judge, Eldon Fallon awarded 7 families, affected by Chinese Drywall, from Virginia $2.6 million in damages. These steps from Fannie Mae, Freddie Mac and Federal Jude Eldon Fallon, may be small steps, but they are steps in the right direction!