Insurance Dispute Lawyer Blog
Recent news from the Wall Street Journal shows the financial report side of Chinese drywall and how insiders have become experts on Chinese drywall in the pursuit of fully understanding the outcomes looming for those unfortunate enough to have used the faulty wallboard. Per the WSJ,
When Hovnanian Enterprises Inc. reports fiscal third-quarter results on Wednesday afternoon, industry watchers will learn the usual details about contracts, cancellations and revenue. But they also want to hear about drywall.
Builders have been disclosing their exposure to allegedly defective drywall — also known as wallboard — imported from China during the housing boom. A growing number of homeowners complain that it generates sulfurous odors and corrosion. These complaints have led to continuing investigations by several government agencies, including the Environmental Protection Agency, and some of their results are expected next month.
So far, nearly 1,200 complaints have been received from 24 states, stretching from California to New York, along with Washington, D.C., according to the U.S. Consumer Product Safety Commission, which is leading the investigation. More than three-quarters come from Florida, with many cases in the Fort Myers area south of Tampa.
More eyes on an issue is almost always a good thing for it increases the amount of attention and knowledge existing on the topic. Further, financial considerations will lead companies to set aside money for complaints in order to show and demonstrate financial stability should suits for repair and damages swing against the builders. This money, as a result, shows a net that is being established to keep homeowners from being completely left alone to handle the matter.