Defective drywall was imported in large quantities and used by some homebuilders and contractors during the housing boom and after the Gulf Coast hurricanes in 2005. The defective drywall has been linked to possible health effects and has been reported to cause corrosion of electrical wiring, appliances, heating and air conditioning systems and other fixtures.
Fannie Mae's "Unusual Hardships" policy will go into effect in mid-July, and additional details will be made available at that time on www.efanniemae.com.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
SOURCE Fannie Mae