Texas firm targets Calif. homeowners with foreclosed 2nd mortgages by Rick Jurgens for California Watch Adding new uncertainty in the state’s ongoing mortgage crisis, a Texas company is aggressively pursuing hundreds of Californians to collect second-mortgage debt – on homes […]
Lowe’s, the nation’s No. 2 home improvement chain, is offering as much as $100,000 in cash to customers who can prove they bought drywall from the retailer and also prove that it caused at least $4,500 in damages. The contaminated drywall releases high amounts of sulfur gas, which can corrode copper wiring and cause air conditioners and other electrical appliances to fail. Some homeowners have also complained that the drywall has affected their health by triggering respiratory problems, bloody noses and headaches.
Yet the Obama administration bet the success of its foreclosure prevention program on the ability and willingness of that same troubled industry to help homeowners -- and lost. The program, overseen by the Treasury Department, has been characterized largely by lax enforcement and deference to banks.