FHA to Suspend Foreclosures in Areas Affected by Sandy

One of the U.S. government's largest mortgage aid programs will suspend foreclosures for 90 days in areas affected by megastorm Sandy, U.S. Housing and Urban Development Secretary Shaun Donovan said on Monday.

"I directed all FHA (Federal Housing Administration) lenders to impose a moratorium on any foreclosures for 90 days in disaster-affected areas. We don't want families to be victimized twice, once by the storm, and once by a forecloses," Donovan told reporters on a conference call.