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Is It 'Discoloration' or Toxic Mold?(health hazards and property values, United States)(Brief Article)
Increasing attention to household health hazards may be taking a toll on mortgage lenders in some cases.
In particular, "toxic mold" is now an issue that is affecting the ability of loan servicers to manage homes that have been acquired because of a loan default.
It can affect mortgage insurance claims, foreclosure proceedings and physical damage exclusions, Fannie Mae associate general counsel Daniel Gray told attendees at the MBA's national mortgage servicing conference here.
And lenders must consider whether they should disclose potential mold problems when selling the property. The risk of litigation is a factor that lenders have to consider in managing mold problems, he said. And a $32 million judgment in Texas has only heightened the concern lenders and property sellers have about mold issues.
"I think whether the property is occupied or not is one of the most significant issues when you foreclose on a mold house," Mr. Gray said.
If the property is not occupied, a lender might sell without remediating, leave the testing for mold to the buyer, and obtain legal releases at closing, he said.
However, if the home is occupied, the lender might need to conduct tests to ...
- Houston-Area Homeowners' Fears of Toxic Mold Are Overblown, Experts Say.
- News wire article from: Houston Chronicle (Houston, TX) July 12, 2001 700+ words
...overblown the health concerns about toxic mold. The frenzy has spurred thousands...of a dispute over removing toxic mold from their 11,500-square...Conflicting scientific studies of the health hazards of toxic mold have not lessened the debate...
- Scientists Disagree on Health Hazards of Mold Infestations.
- News wire article from: Houston Chronicle (Houston, TX) June 27, 2001 700+ words
...concluded exposure to a form of toxic mold caused the bleeding, which...had all lived in homes where toxic mold, specifically a species called...against overreacting to the health hazards presented by toxic mold. "CDC should make a concerted...
- Toxic mold hysteria.(smart BUSINESS)
- Magazine article from: Walls & Ceilings Olsztynski, Jim March 1, 2005 700+ words
...ILLUSTRATION OMITTED] Toxic mold litigation is one of...sparse about the impact of toxic mold because, understandably...look thus far at the toxic mold issue. A major conclusion was that the health hazards of household mold indeed...
- Toxic Mold Threat Is Getting Lenders' Attention.
- Magazine article from: National Mortgage News Cornwell, Ted March 11, 2002 700+ words
Increasing attention to household health hazards may be taking a toll on mortgage lenders in some cases. In particular, "toxic mold" is now an issue that is affecting the ability of loan servicers to manage homes that have been acquired because...
- Toxic Mold. (In Session).(United States Toxic Mold Safety and Protection Act of...
- Magazine article from: Journal of Property Management Druckman, Amanda May 1, 2003 700+ words
...issues stemming from toxic mold. The bill was Congress...have created a national toxic mold hazard insurance program...to mold dean-up and health hazards. Sections 201 through...prescribe tax credits for toxic mold inspection and remediation...
- Toxic mold update. (Insession).(Brief Article)
- Magazine article from: Journal of Property Management Druckman, Amanda January 1, 2003 700+ words
...standards as they pertain to toxic mold. The bill would create a national toxic mold hazard insurance program...related to mold clean up and health hazards. Sections 201 through 206...prescribes tax credits for toxic mold inspection and remediation...
- Complaint Filed by Law Firm Hersh & Hersh Alleges Nearly 20 Workers Rendered...
- Press release article from: Business Wire January 14, 2003 700+ words
...Plaintiffs; Files County's First Toxic Mold Claim Against Office Building...breeding ground for dangerous toxic mold due to chronic water intrusion...condition and to remedy known health hazards," said Charles Kelly II, Hersh...
- Hearing Reveals Insurers' Fear of Toxic Mold Claims.
- Newspaper article from: Knight Ridder/Tribune Business News July 6, 2001 700+ words
...adequate and swiftly cover repairs for a water leak. The toxic mold stachybotrys, commonly known as black mold, ran amok in...circulation; buildings that don't "breathe" can become health hazards if moisture gets in. Janet Ahmad, president of Homeowners...
- Fitch: Insurers Take Control of Toxic Mold.
- Press release article from: Business Wire October 14, 2002 700+ words
...the past few years as awareness and fear of the possible health hazards associated with mold have become much more commonplace due...claims,' said Lawless. For a copy of the report titled 'Toxic Mold: Implications for the Insurance Industry,' please visit...
- Mixing--and separating--mold and myth: experts say it's hard to find scientific...
- Magazine article from: Best's Review Bowers, Barbara February 1, 2003 700+ words
...punitive damages only. The media has been quick to issue a flurry of stories on "toxic mold," a phrase that makes Gots, for one, bristle. "The term 'toxic mold' doesn't make any sense because almost all molds under certain growing circumstances...
Source: HighBeam Research, Is It 'Discoloration' or Toxic Mold?(health hazards and property...