San Antonio Foreclosure Homes – Texas Down, But Not Out

The new housing bill is set to provide relief to more home owners facing foreclosures in McLennan County, new data collected shows.

In August, there are ninety nine homes that have been scheduled for foreclosure; the McLennan County Courthouse steps to hold their auctions on Tuesday. In August of 2007, ninety one properties were posted for foreclosure. This does go to show that there has been no let down in the ongoing upward trend.

The ‘Mortgage Relief Bill’ signed by President Bush is said to have provisions to provide 400,000 home owners across the country relief from their mortgage woes. With the bill being passed local home owners bearing the brunt of the foreclosure crisis also get a glimpse of hope.

Freddie Mac and Fannie Mae, the two government supported mortgage organizations, have also been provided with assistance as part of the bill.

Central National Bank’s chairperson, Bill Nesbit, said he is happy with the help home owners are receiving by the government. In referring to Freddie Mac and Fannie Mae as nonconformist bodies, he said that with both of them being owned by the private sector, he didn’t quite agree with the extent of the bill’s relief to them.

He did go on to say that the goods of the bill definitely outweighed the bad, for if either of these organizations had collapsed, the ill effects would have to be borne by people who had made perfectly reasonable decisions in the past.

Monte Hulse, First National Bank of Central Texas’s chairperson had another outlook towards the bill. He said that the burden of the crisis should be borne by both the lenders as well as the borrowers. He did say he was concerned about people who had put in a lot of hard work and effort into buying houses and getting them done up. However, he added, that some of them could very well get off without having to clear their loans. Speaking of lenders taking advantage of unsuspecting borrowers, he said that they did not deserve the relief provided by the government.

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• Foreclosed Homes Continue to Be Part of Fannie and Freddie
• Refinancing Aid for New Jersey Homeowners Facing Foreclosure
• Senate Banking Committee Approves Foreclosure Bill