The Chinese Drywall Complaint Center believes in its present form the Knauf Tianjin toxic Chinese drywall settlement looks like a back room deal, that leaves thousands of homeowners stuck on the curb
(PRWEB) December 31, 2012
The Chinese Drywall Complaint Center says, "We believe in Florida alone there are at least 100,000 homes, condos, or town homes that contain toxic Chinese drywall, and if you add in Alabama, Mississippi, Louisiana, Southeast Texas, and Virginia there are another 100,000 residential properties. Based on about 9000 hours of our group talking to homeowners for the last four years, and on our inspections of these residential properties about half of these homes contain Knauf Tianjin toxic Chinese drywall." The most significant legal settlement to date involves a privately held company than made a toxic Chinese drywall product called Knauf Tianjin drywall. The Chinese Drywall Complaint Center believes the enormous problem with this settlement for homeowners stuck in a home with Knauf Tianjin toxic Chinese Drywall is-in their opinion it only includes about one out of twenty victims. They believe the Justice Department should get involved, in concert with the US EPA, and they are urging the federal judge that oversaw this settlement to re-open the time to get all Knauf Tianjin homeowners identified by the court. The Chinese Drywall Complaint Center believes in its present form the Knauf Tianjin toxic Chinese drywall settlement looks like a back room deal, that not only leaves thousands of homeowners stuck on the curb, it also leaves taxpayers holding the bag for thousands of home foreclosures held by Fannie Mae, or Freddie Mac, and bank shareholders stuck with toxic Chinese drywall home foreclosures the bank should not resell, because of the downstream liability issues related to health. http://ChineseDrywallComplaintCenter.Com
The Chinese Drywall Complaint Center says in addition to reopening the identification period for homeowners stuck with Knauf Tainjun toxic Chinese drywall the following items need to happen with respect to the toxic Chinese Drywall catastrophe immediately:
- "We have said it before, and we will say it again, the Toxic Chinese Drywall Disaster has always required meaningful federal leadership. To date there has been none. President Obama needs to immediately task the US EPA with coming up with an ironclad remediation protocol to repair a toxic Chinese drywall home. If these homes cannot be 100% repaired - with safety being the number one concern for current, or future homeowners - these homes should be bulldozed."
- "Banks, and Fannie Mae need to stop selling toxic Chinese drywall homes-AS IS. There needs to be an immediate moratorium on the resale of any toxic Chinese drywall home foreclosure until the US EPA establishes if these homes can even be repaired."
- "Banks, and or Fannie Mae/Freddie Mac continue to sell Florida, or Gulf States toxic Chinese drywall homes AS IS-with no meaningful disclosure about toxic Chinese drywall. Banks are actually offering financing on home foreclosures in Florida as example-that are known to contain toxic Chinese drywall- and as soon as the new buyer of the home foreclosure discovers it has toxic Chinese drywall the home frequently becomes a new foreclosure all over again. If you are a bank selling a new mortgage on a Florida home foreclosure that contains toxic Chinese drywall-how do you sell the mortgage to an institutional investor on Wall Street without disclosure of the toxic Chinese drywall? We think this is securities fraud."
- "At the present time the government of China will not take responsibility for their Taishan toxic Chinese drywall product in federal courts. This specific type of toxic Chinese drywall is in over 100,000 US homes in Florida, Virginia, and the extreme US Southeast. Many to most of these homes are now foreclosures. We believe the government of China should be forced to set up a trust account with a court appointed administrator to handle claims from homeowners who have lost it all in one of these toxic homes. This claims process should also include Fannie Mae, and banks that are stuck with one of these homes."
The Chinese Drywall Complaint Center will continue to do everything possible to call attention to the Toxic Chinese Drywall Disaster for US homeowners, their families, and the US taxpayers. The group believes something needs to change with respect to the Obama Administration's handling of this disaster, and even though its been nearly four years, President Obama's leadership would be welcomed-its long overdue. http://ChineseDrywallComplaintCenter.Com
(United States District Court-Eastern District of Louisiana MDL Case #2047)