In addition to prohibiting bulk sales of foreclosed properties, individuals and other entities will have a 45 day window after a foreclosure auction to beat the highest bid.
Rep. Andy Barr of Kentucky: “Important sectors of our economy, including hospitality, conventions, entertainment, retail and commercial real estate, remain in stress."
Fannie and Freddie said borrowers can qualify for a reduction or suspension of mortgage payments for up to 12 months. During this time, homeowners will not incur late fees and foreclosure will be suspended.