Page 1 GAO-23-106099 Troubled Asset Relief Program
December 14, 2022
Congressional Committees
Troubled Asset Relief Program: Status of Remaining Housing Programs
The 2008 housing crisis led to unprecedented home price declines, foreclosures, and housing
market downturns in certain parts of the country. In response, under the authority granted to it
by the Emergency Economic Stabilization Act of 2008, the Department of the Treasury
established the Troubled Asset Relief Program (TARP).
1
Through TARP, Treasury provided
about $33 billion for three housing programs to help prevent avoidable foreclosures and
preserve homeownership: the Making Home Affordable (MHA), Housing Finance Agency
Innovation Fund for the Hardest Hit Housing Markets (Hardest Hit Fund), and the Department of
Housing and Urban Development’s Federal Housing Administration (FHA) Short Refinance
programs. The MHA and FHA Short Refinance programs are in the process of winding down
and all assistance provided through the Hardest Hit Fund ended, as of March 31, 2022.
The Emergency Economic Stabilization Act provided GAO with broad oversight authorities for
actions taken under TARP and included a provision that we report on TARP activities.
2
We have
continued to provide updates on TARP programs.
3
This report focuses on the status of the two
remaining TARP-funded housing programs.
To conduct this work, we reviewed Congressional Budget Office and Congressional Research
Service reports on TARP and Office of the Special Inspector General for the Troubled Asset
Relief Program (SIGTARP) semiannual reports to Congress.
4
We reviewed and analyzed
Treasury funding transaction reports and other documents to provide an update on the status of
1
Pub. L. No. 110-343, Div. A, tit. I, 122 Stat. 3765, 3767-3800 (codified as amended at 12 U.S.C. §§ 5211-5241).
2
The Emergency Economic Stabilization Act included a provision that GAO report at least every 60 days on TARP
activities and performance. The GAO Mandates Revision Act of 2016 revised GAO’s reporting requirement to
annually. Pub. L. No. 114-301, § 3(a), 130 Stat. 1514 (codified at 12 U.S.C. § 5226(a)(3)).
3
See, for example, our recent reports on TARP programs: GAO, Financial Audit: Office of Financial Stability’s
(Troubled Asset Relief Program) FY 2022 and FY 2021 Financial Statements, GAO-23-106015, (Washington, D.C.:
Nov. 10, 2022); Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2021 and
2020 Financial Statements, GAO-22-105173 (Washington, D.C.: Nov. 10, 2021); Troubled Asset Relief Program:
Treasury Continues Winding Down Housing Programs, GAO-21-39 (Washington, D.C.: Dec. 8, 2020); Troubled Asset
Relief Program: Monitoring of the Hardest Hit Fund Program Could Be Strengthened, GAO-19-100 (Washington,
D.C.: Dec. 21, 2018); Troubled Asset Relief Program: Status of Housing Programs, GAO-17-236 (Washington, D.C.:
Jan. 9, 2017); and Troubled Asset Relief Program: Treasury Should Estimate Future Expenditures for the Making
Home Affordable Program; GAO-16-351 (Washington, D.C.: Mar. 8, 2016).
4
See, for example, Congressional Budget Office, Report on Troubled Asset Relief Program—May 2022 and Report
on Troubled Asset Relief Program—July 2021; Congressional Research Service, Preserving Homeownership:
Foreclosure Prevention Initiatives, R40210 (Mar. 28, 2017); and Office of the Special Inspector General for the
Troubled Asset Relief Program, Semiannual Report to Congress, October 1, 2021–March 31, 2022 and Semiannual
Report to Congress, April 1, 2021–September 30, 2021.
