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CA 38.9% NV 49.9% FL 37.4% AZ 36.8% -Declines in Home Price- 'report on FACTORS AFFECTING IMPLEMENTATION...'Special Inspector General for TARP Report April 12 2012

CA 38.9% NV 49.9% FL 37.4% AZ 36.8% -Declines in Home Price- 'report on FACTORS AFFECTING IMPLEMENTATION...'Special Inspector General for TARP Report April 12 2012

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Published by: 83jjmack on Apr 15, 2012
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 IGTARP 12-002
actof ths AHar fectidestg IHit pleundentProg
il 12, 2012
(i1 i (I EMORAROM:UBJECT:e are provmplementathe Office oengagemenncorporates978, as ame consider omments an Appendixe appreciaontact Mr.Kurt.Hydenspector Ge
DUM FOR iding this reion of the Hf the Speciacode 022),the duties anded.ed commene addressedL.te the courturt Hyde,treasury.gneral for A
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For the Tr
: Mr. TimFinancia
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April 1othy Massal Stability,isty L. Romroubled Asffecting IP 12-002)informatiound Prograeneral for tthority of Pilities of inepartmentt, where apd to our staial Inspecto-4633), or luation (Ki
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t Secretaryof the Treasl Inspector ogramn of the Hat discusses tAsset Reli10-343, aseral under try when pr a copy of tional infor r Audit andy A. Caprieasury.gov 
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Generalrdest Hit Fuhe Factorsf Programmended, we Inspector eparing thereasury’s reation on thEvaluation, Assistant/ 202-927-8
April 12, 2
nd Programffectingonducted tich alsoGeneral Aceport. Tresponse is inis report, pleputy Spe978).
is auditt of sury’scludedaseial
ItfIs cr(( cstti
actorsf the Ha
n authorizingrogram (“TAhat one purpomeownersovernmentoreclosure crffordable Momeownersnder significebruary 19,nnounced thnnovation Fuarkets (the “nder HHF,innovative mousing finanpproved bytates that haftermath of triginally annrogram for fieclines grea7.6 billion toolumbia thrreasury appategories ofeduction; (2)3) reinstatemue amounts;nderemploy5) transitioneed-in-lieu ossistance.s part of theeneral for throgram’s (“Sf TARP andongressmaerformed a recision makissessed whonsistent anelecting thehe extent tohe programsuplicative ofentified Trerogram.
ffectingrdest Hit
the TroubledRP”), Congrse of TARPip. In earlyrograms toisis such asdification Prstill faced a hnt stress. O2010, the Ade Housing Find for the HaHardest HitARP dollarseasures” deve agencies (reasury to h
ve been hit te housing bounced as ae states witer than 20%,18 states anugh four rouoved HHF prassistance: (second-lien rent through(4) unemploent assistassistance suf foreclosure,Office of thee Troubled AIGTARP”) coin response tDarrell Issa,eview of Treng related tother Treasurtransparenttates and prhich Treasuwere innovatexisting progsury goals a
ImplemeFund Pr
Asset Reliefss explicitlywas to prese010, despiteddress theARP’s Homgram (“HAMousing markninistrationnance Agencrdest Hit Houund,” or “HHwould fundeloped by sta“HFAs”) andelp families ie hardest bybble.$1.5 billion Thome priceHHF grew tthe Districtds of fundinograms in fiv1) principaleduction or payment of pment orce; orch as a shortor relocationSpecial Inspsset Reliefntinuing overo a request frSIGTARPsury’sHHF. SIGTy appliedcriteria inograms, assery determineive and notrams, andnd metrics fo
of.eayoff;stsale,ctorsightomRPssedthatr the
A sethe idan ovhomas nebeingprogrSIGTwashovewasHarddelaysevecompdelayprogrGove(FanDecethe H$21730,6the TapprhomhelpiendsNearlhombeenreinsttypesdirectbulkhas bUnleassisthe FsuppnarrooriginandWithHit Fhomlikelyequit
ior Treasuryea of the Haerall examinforeclosuregative equityaddressedam HAMP.ARP that at teing develoring around 9nderwater.est Hit Fundin providingal factors increhensive pland limitatioam by largernment-sponie Mae andmber 31, 201ardest Hit Fu.4 million to p0 homeownARP funds alximately 7%owners whog over the lifin 2017.ly all (98%) oowners undrelated to unatement of pof assistanced servicers78%) of theeen for unes there is atance the GSederal Housiort, the Hardwer in scopeally expecteSE supportut significantnd may beowners as wto be limitedfor homeo
P Found
official told Srdest Hit Fun
ation of optioeconomic chand unemply TARP’s hohe Treasuryhe end of 20ed), unempl% and one iAfter two yeahas experienhelp to homeluding a lackanning by Trn in participaservicers andsored enterpFreddie Mac)1, the latestnd has spentrovide assistrs – approxillocated to Hof the minimm the state He of the progf the help pror the Hardesemploymentast due amoe for which tto participateHHF help toployment asrastic changEs and theirng Finance Ast Hit Fundand scale thdue to the lfor certain prchange, whible to reachas originallyin addressinners who arApril 12, 2IGTARP thatcame froms to tackleallenges sucyment notusingofficial told9 (when HHyment wasfour homesrs, theed significaowners dueofasury and ation in thetherises (“GSEs. As ofdata availablonlyance toately 3% ofF andum number oFAs estimatram, whichvided tot Hit Fund haassistance onts, the onlye GSEs. The greatomeownerssistance.e in theconservator,gency, willay be muchan what wasck of servicgrams.le the Hardeunemployedintended, it isnegativeunderwater.012Fto

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