Mortgage breaks extended to some homeowners with Chinese drywall
Fannie Mae announced it will provide six months of relief on mortgage payments for about 20 Virginia families whose homes were built with Chinese drywall, Sen. Mark R. Warner's office announced Tuesday. The forbearance period will not be a blemish on the homeowners' credit report, Michael J. Williams, president and CEO of Fannie Mae, said in a letter to Warner. Many homeowners whose homes were built with sulfur-emitting drywall imported from China are struggling to pay their mortgages while they rent living space elsewhere. Williams' letter could benefit homeowners across the nation whose homes were built with Chinese drywall. Williams asked his team to "develop a nationwide approach to addressing this issue," the letter said. The U.S. Consumer Product Safety Commission has received more than 3,000 reports of Chinese drywall in 37 states.