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: Mortgage Lender Implode-o-Meter

Obtaining the Home Promised in the Marketing Materials

By Implode-Explode Heavy Industries

"Although the ?Oscar? for Outstanding Achievement in Bad Home Building could go to many entities, the culprit that is single-most deserving of the award is the New York State Legislature for enacting Article 36-B (Sections 777 et seq.) of the General Business Law, the statutory ?Housing Merchant Implied Warranty.? This statute overturned a 1988 decision, Caceci v. DiCanio Construction Corp., of the New York Court of Appeals, in which the highest court in the state rejected the age-old doctrine of caveat emptor (?buyer beware?) and provided all buyers of newly constructed homes with a common law warranty for damages arising from a builder?s failure to construct a house free from material defects and in a skillful manner."

Full post as published by Mortgage Lender Implode-o-Meter on June 29, 2009 (boomark / email).