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October 29th, 2009

Preliminary Results of Chinese Drywall Study Released

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The Interagency Task Force on Chinese Drywall released their preliminary findings of an ongoing study to determine if a viable link exists between the imported building product and the reports that it has caused illness and/or the corrosion of surrounding building materials.

At this juncture, no definitive link has been established that could allow the Consumer Product Safety Commission (CPSC) to issue “a recall, ban or other solutions to help affected homeowners,” reports the Associated Press.

The CPSC, along with the Environmental Protection Agency (EPA), released their findings in what they are referring to as a “draft” since additional reports are due to be released next month.

From the Associated Press:

“The expansive investigation and scientific work that has been done and continues to be carried out is all aimed at providing answers and solutions,” Lori Saltzman, a director in the CPSC’s Office of Hazard Identification and Reduction, said Thursday. “No connections have been made yet.”

Saltzman said the agency, which has so far spent $3.5 million on the studies, has received nearly 1,900 homeowner complaints during one of its largest consumer product investigations in U.S. history.

At this point, homeowners who have reported illness or structural damage unfortunately have little to no recourse in the matter. As we recently reported, homeowners who have contacted their insurance providers have been both denied and, in some cases, had their policies dropped.

Unless the task force can directly link the drywall with harmful components, there may be little retribution for these homeowners. We’ll be sure to keep you updated as the latest reports are released.

For more information, please read:
Update1: Chinese Drywall: Wreaking Havoc on American Homeowners

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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