HUD to Delay Foreclosures in Loan-Sales to Aid Homeowners

The U.S. Department of Housing and Urban Development will revise its auctions of nonperforming mortgages to address concerns that the sales aren’t doing enough to help homeowners in communities hurt by foreclosures.

After winning a bid, buyers will be barred from seizing properties for at least a year and HUD will begin designating some small loan pools for purchase by nonprofit groups under a set of changes announced by the agency on Friday.