My February interview with Mike Foreman of constructionguru.com.
I talk to Mike Friday afternoon, June 18, 2010.
"We're exceeding the guidelines.
"My clients get a completed operations insurance policy that states that if anything associated with Chinese drywall comes back, then you've got a policy that will cover you for it and you won't have to spend any more money to pay for it.
"Now let's get on to the savings and benefits coming out from Fannie Mae and Freddie Mac. I think it is great that Fannie and Freddie are giving six month loan moratoriums on loan payments to people with Chinese drywall.
"What does that mean? We're adding six months worth of payments to the back-end of your loan. All this does for the regular consumer is to give them a little more money to pay their regular bills.
"A standard 2,000 square foot house runs $60,000 – $70,000 to abate and correct. The standard payment for such a house is about $1500 a month. Times six equals $9,000. That's not the money they need to fix the house. It gets them out of the house but now they have to rent a place to live while the house is being fixed. That's a good concept. But none of these people have the money necessary to fix their house.
