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GAO-16-279R 1 (2016-01-08)

handle is hein.gao/gaobaajns0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 January 8, 2016 Congressional Committees Troubled Asset Relief Program: Status of Housing Programs The Emergency Economic Stabilization Act of 2008 (EESA) initially authorized $700 billion to assist financial institutions and markets, businesses, homeowners, and consumers affected by the developing financial crisis.1 The Department of the Treasury (Treasury) established the Troubled Asset Relief Program (TARP) to help stabilize the U.S. financial system, promote economic growth, and prevent avoidable foreclosures. Treasury established a variety of TARP programs that injected capital into key financial institutions, addressed problems in the securitization markets, provided assistance to the automobile industry, and offered incentives for modifying residential mortgages. As the severity and immediacy of the 2008 financial crisis began to diminish, Congress reduced the authorized amount to a maximum of $475 billion as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.2 TARP costs were not expected to reach the authorized amounts, and over time the projected costs had declined as financial institutions repaid some assistance and the government exited programs. As of October 2015, only programs aimed at the residential housing markets remained active, although Treasury continued to manage investments from two bank investment programs. EESA provided GAO with broad oversight authorities for actions taken under TARP and included a provision that GAO report at least every 60 days on TARP activities and performance.4 As a result, we have continued to monitor and provide updates on TARP programs.5 This 60-day report provides an update on the status of Treasury's disbursements and participation for TARP housing programs as of October 31, 2015. Specifically, this report looks at: 1Pub. L. No. 110-343, tit. 1, 122 Stat. 3765, 3767-3800 (codified as amended at 12 U.S.C. §§ 5211-5241). 2Pub. L. No. 111-203, § 1302, 124 Stat. 1376, 2133 (2010) (codified at 12 U.S.C. §5225(a)). 3The two programs are the Capital Purchase Program and the Community Development Capital Initiative. For more information about these programs, please see GAO, Troubled Asset Relief Program: Status of Remaining Investment Programs, GAO-16-91 R (Washington, D.C.: Nov.3, 2015). 4Pub. L. No. 110-343, § 116, 122 Stat. at 3765, 3783 (codified at 12 U.S.C. § 5226). 5See, for example, our recent reports on TARP programs: GAO, Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2015 and 2014 Financial Statements, GAO-16-147R (Washington, D.C.: Nov. 10, 2015); Troubled Asset Relief Program: Status of Remaining Investment Programs, GAO-16-91 R (Washington, D.C.: Nov.3, 2015); Troubled Asset Relief Program: Status of GAO Recommendations, GAO-1 5-813 (Washington, D.C.: Sept. 4, 2015); Troubled Asset Relief Program: Treasury Could More Consistently Analyze Potential Benefits and Costs of Housing Program Changes, GAO-1 5-670 (Washington, D.C.: July 6, 2015); Community Development Capital Initiative: Status of the Program Investments and Participants, GAO-1 5-542 (Washington, D.C.: May 5, 2015); Troubled Asset Relief Program: Treasury Continues to Wind down Most Programs, but Housing Programs Remain Active, GAO-15-197 (Washington, D.C.: Jan. 6, 2015); and Troubled Asset Relief Program: Treasury Could Better Analyze Data to Improve Oversight of Servicers' Practices, GAO-1 5-5 (Washington, D.C.: Oct. 6, 2014). GAO-16-279R TARP: Status of Housing Programs Page 1

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