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Troubled Asset Relief Program: Treasury Continues Winding Down Housing Programs

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Report Type Reports and Testimonies
Report Date Dec. 8, 2020
Release Date Dec. 8, 2020
Report No. GAO-21-39
Summary:

In response to the 2008 housing crisis, the Treasury Department used Troubled Asset Relief Program funding to establish 3 housing programs to help struggling homeowners avoid foreclosure and preserve homeownership. Since 2009, Treasury has obligated $32.56 billion for such housing programs.

As of Sept. 30, 2020, it had disbursed $30.85 billion (95%) of the funding. Treasury continues to wind down the programs.

A program that targeted the hardest hit housing markets has been extended through June 2021 because of the economic impact of the COVID-19 pandemic on some participants.

The Hardest Hit Fund is one of three TARP-funded programs designed to help homeowners. Little of its funding remains.

pie chart showing 1% of funds remain

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