Items available, auction rules and opening bids can be viewed at the store's Web site: www.1ifbycards.com.

But the auction rules gave the homeowners the right to reject the winning bids and hold onto their properties.

Under the auction rules, all the units in a specific line were put up for bids together.

Segovia said that was fine, but the normal auction rules applied: "The photo will go to the highest bidder."

The Treasury official said Salomon appeared to have been alone in breaking the auction rules.

But no auction rules had been broken, the FCC concluded.

Traders and analysts said the low total was at least partly a protest by primary dealers against the new auction rules.

"And when you change auction rules, the last place you want to experiment with is the refunding."

Such a move would force the board to react, despite explicit auction rules, this person said.

Under the original auction rules, the payments would have been made in full shortly after completion of the auction.