what happens to tenants if a building is foreclosed

Reading about the pending foreclosures of several multi-family buildings in NYC, I wonder what can happen to the rent stabilized or normal tenants if their building is foreclosed. Can they be evicted? I recall reading a story in the NYT of someone who bought a fairly large building in the LES and was evicting people claiming they were using the entire building as a personal residence, and had some floors beautifully renovated while some intermediate floors were grungy and occupied by tenants facing eviction. My guess is that if the building is sold at a foreclosure auction, rent stabilized tenants are protected, but in this scenario who will buy this building? Probably doesnt even make financial sense -- so does the bank end up owning a bunch of rent stabilized apts?