WASHINGTON (1/9/15)--While the U.S. Department of the Treasury continues to wind down most Troubled Asset Relief Program (TARP) categories, its housing programs are ongoing, according to a U.S. Government Accountability Office (GAO) report.
The Treasury has exited four of its nine TARP-funded non-housing programs as of Sept. 30, 2014, and manages assets totaling $2.9 billion in the other five.
According to the GAO, as of Sept. 30, 2014, the Treasury has disbursed $13.7 billion, or 36%, of the $38.5 billion in TARP housing funds.
The number of new Home Affordable Modification Program permanent modifications fell in 2014, compared with 2013 levels, to the lowest in the program's history. The Treasury cites the shrinking pool of eligible mortgages, shown by declining 60-day delinquency rates, as the primary reason for the reduction.
The Treasury recently extended the deadline for program applications for a third time until at least 2016.
The GAO made no recommendations in the report, and according to the agency, when it provided the Treasury with a draft report, the Treasury generally concurred with the report's findings.