Federal Judge in New Orleans Awards $2.6M in Chinese Drywall Case

April 8, 2010

  • April 9, 2010 at 9:19 am
    Ashkicker says:
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    Reportedly, most of the Chinese drywall manufacturing companies are owned by the Chinese Government. If these defendent companies are in fact owned by the government, if the judgments aren’t appealed or promptly satisfied, it shouldn’t take too many trips to the court house to attach or garnish the US Treasury obligations owned by China.

  • April 9, 2010 at 12:40 pm
    Jim says:
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    Ashkicker,
    With the size of the Obama government and huge federal debt, these folks just might stand a better chance collecting from the Chinese government than the US government. Possibly they can garnish some of the money which should be paid back to the US by AIG, GM or Chrysler.

  • April 9, 2010 at 1:07 am
    youngin' says:
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    Jim, your comment appears to have nothing to do with this article. Would you please clarify your comment?

  • April 9, 2010 at 1:32 am
    Clarification to youngin' says:
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    Youngin’: Jim is saying that Obama’s ruination of society even includes the Chinese Drywall issue. I don’t expect a clarification from someone on Jim’s faulty logic. It’s a great ruling. I doubt they will see a penny, however unless our government steps in. Either way, it’s probably all Obama’s fault:).

  • April 9, 2010 at 2:12 am
    Good one, Clarifiication says:
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    Now we just need to wait for Rosie to check in.

  • April 9, 2010 at 4:30 am
    Alex says:
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    This judgement makes sense, unlike the earlier LA ruling asking the HO policy to cover the loss. However, in the end there will be more to this story. There is no way anyone is going to collect on this judgement. Even though the drywall company may be “owned” by China, proving it will be impossible and the company does not have any assets in the USA. The reality is that the owners will likely walk away from the mortgages since they can not sell the home and its value a fraction of the mortgage value. But guess who has been buying up mortgage securities? The Fed. Where did they get the money? Sold securities to China (and others too). Who likely insures the loan? Freddy? Fannie? FHA? So if the homeowner defaults there is a high probability that the Government will own a large portion of the loss. So what is the solution? Another bailout. What is another $25B to $35B when you are already in the hole by trillions!

    Wait I had one last thought!! If the USA keeps on borrowing and spending we will go into default. Then China will own us and then they will have the problem of what to do with the “Chinese Drywall”. But they will just probably tell us to suck it up and stop complaining comrade!

  • April 10, 2010 at 7:11 am
    genyyus says:
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    Import companies must be held liable also . They make a profit and owe the public due diligence to ensure they are not importing defective goods.

  • April 12, 2010 at 8:48 am
    John says:
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    American’s are stupid! We don’t learn any lessons from past history. NOTHING GOOD COMES OUT OF CHINA.



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