Can someone please help identify the type of hard board I have posted and if any suits are currently in progress because of it. Thank you.
Weird…looks like OSB or Fiberboard.
-Carl
edit
I like that rusty nail in the flashing too! 
You’ll need to post better photos that how the grain patterns, as that is how most composite wood siding is identified without removing it from the wall.
Dom.
Looks like LP siding to me. (Don’t quote me on that).
I agree Jeff, it is one of those, and the installation is far from acceptable.
They could have at least install the friggin crap 1&1/2" above the roof and would have lasted longer.
Does not matter. Write it up, move on.
Its masonite, and it’s failing because it A. has not been maintained, and B. its touching the roof.
Just a quick comment for newer inspectors…
Masonite, LP, Celotex, Cladwood, and others… are BRAND NAMES of various companies such as Georgia Pacific (Masonite) and Louisiana Pacific (LP). They are all similarly manufactured hardboard sidings. It is rare for the average inspector to be able to distinguish between them in the field, unless a spare piece was found laying around with legible markings on the back.
In your reports, it should be reported as “Hardboard siding”, not as Masonite, LP, etc…
Hope that helps avoid further confusion.
There may be on the contractor that installed it! 
Thanks everyone for advice and quick response.
What I find most interesting is how many people are quick to condemn this stuff. Some of the crap in the 80’s and 90’s yes. We have “hardboard” or siding that says masonite (reading the back inside the attic gable) that has been on homes for over 40 years.
Stuff has been on the home since the 50’s 60’s and 70’s I think they got their money worth.
It doesn’t matter what “brand” it is, it’s mulch (crap).
Hardboard siding has done an admiable job in many cases, when maintained. Some brands fell apart but like anything else there was hardboard at 42 cents a square foor and $1.00 a sf, you get what you pay for.
Right now I would side my home with LP Smartside as a great choice, I am no fan of cement sidings like Hardie Plank.
Every siding has been in a class action lawsuit except for natural wood.
Vinyl siding is a lawsuit waiting to happen, what’s that going to look like after 50 years?
I have clear cedar on my home, I paint every 7 years or so and my siding will outlast me and probably be good for another 50 years at least. My home will get torn down before then and the hew home will probably have Smartside or cement.
Wood when maintained is still the longest lasting.
I am excluding brick, stone and stucco which also have their issues.
I’d take Hardi siding over Masonite any day. How can a cement fiber product not be better than a glorified cardboard product?
I don’t like the way cement siding looks up close. Joints are obvoius, corners bulky, too muck caulk all over.
The cement siding industry is experiencing failures, just a matter of time before we read about it.
Now asbsetos shakes, man that stuff will last 1000 years.
Thanks for the link Jeff and the great write up info
LOL about the asbestos siding Paul, have you been inhaling that stuff ? 
you won’t for long.
There have been problems about cement fiber siding products that you can already read about, but most appear to be due installation problems. http://www.startribune.com/local/yourvoices/140127943.html
Quite frankly, I feel that it is a very good product.