Mortgage Reform and Anti-Predatory Lending Act
Floor Speech
MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT -- (House of Representatives - May 07, 2009)
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Mr. MARIO DIAZ-BALART of Florida. Before anything else, I want to thank the chairman and also I want to thank Mr. Wexler. Mr. Wexler has been a leader on this issue from day one, and he's a leader also on this amendment, but it's more than just this amendment. He has done an incredible job on this issue. And I want to explain the issue and the amendment.
Mr. Chairman, we have all heard about this problem, I'm sure, with the Chinese drywall. Recent reports are that about 100,000 homes could be affected. This imported drywall from China contains sulfuric gas, which actually has corroded copper electrical wiring. It's corroded air conditioning units and copper pipes, including to the point where there have been fire hazards. It's also a health issue. It has created sinus problems, created bloody noses, headaches. It has created bronchitis and pneumonia in children, and now we hear that it's also harmful to pregnant women. As a matter of fact, Mr. Chairman, on April 17, the Wall Street Journal stated that the University of Southern California's School of Medicine, a professor there, stated ``that sulfur compound gasses, even at low levels, have been found to cause respiratory problems such as asthma.''
So here's the problem. There is this drywall that has been imported from China that has been installed in a number of homes, again maybe up to 100,000. Homeowners are stuck with these homes. It's more than just smell. It's potentially dangerous, and, again, it eats even wiring and copper.
Individuals, homeowners, are stuck with these homes. They can't sell them. They can't live in them, and they are stuck with them.
So what this amendment does, very simply, is the following. It authorizes a study by the Secretary of HUD, in consultation with the Secretary of the Treasury, on the effects of Chinese drywall on residential mortgage loan foreclosures and the availability of property insurance. And, again, then, it's to report to Congress within 120 days. It's critical that we have all the information, that we have the actual information in a timely fashion.
I want to thank, again, the chairman for his consideration. And, as I said before, I want to thank Mr. Wexler for his leadership. There are dozens and hundreds of homeowners who are desperately seeking relief, and this is one more way to try to do that.
Mr. Chairman, I reserve the balance of my time.
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Mr. MARIO DIAZ-BALART of Florida. Again, I do want to thank the chairman of the committee, Mr. Frank; again, Mr. Wexler in particular for his leadership.
This is a critical issue not only for Florida, but for thousands and thousands of other homeowners. With that, I would urge a ``yes'' vote.
I yield back the balance of my time.
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