TARP Funds for Housing Relief 90 Percent Unspent, Auditor Says - Bloomberg

TARP Funds for Housing Relief 90 Percent Unspent, Auditor Says - Bloomberg

Distressed homeowners have received only 10 percent of nearly $46 billion in federal aid since the money was allocated in 2009 under the Troubled Asset Relief Program, a U.S. auditor’s report said today.
Spending on one of President Obama’s main efforts to avert foreclosures, the Home Affordable Modification Program, totaled $3 billion -- about 10 percent of the $22.7 billion originally obligated at the end of June, the Special Inspector General for the TARP program said in a quarterly report to Congress. HAMP pays lenders to restructure loans so borrowers can afford them.