WASHINGTON (1/13/16)--Three Troubled Asset Relief Program (TARP) housing initiatives remained active as of Oct. 31, 2015, disbursing 49% of the $37.51 billion obligated to the program from the U.S. Treasury, according to the Government Accountability Office (GAO).
The three active programs are Making Home Affordable (MHA), Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HHF) and the Federal Housing Administration's (FHA) Short Refinance program.
The MHA includes several programs intended to encourage the modification of eligible mortgages and provide other relief to distressed borrowers.
The HHF supports innovative measures developed by state housing finance agencies and approved by Treasury to help borrowers in states hit hardest by the aftermath of the housing crisis
FHA Short Refinance provides underwater borrowers--those with properties that are worth less than the principal remaining on their mortgage--whose loans are current and are not insured by FHA with the opportunity to refinance into an FHA-insured mortgage.
The report found that, as of Oct. 31, 2015:
The report did not contain any recommendations from the GAO.
The Emergency Economic Stabilization Act of 2008 provides the GAO with broad oversight authorities over TARP actions, and includes a provision that GAO report at least every 60 days on TARP activities and performance.