Department of the Treasury 

Office of the Special Inspector 

General for TARP 

(SIGTARP) 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2023 
SIGTARP - 2 

Table of Contents

Section I – Budget Request........................................................................................................... 3

A – Mission Statement ................................................................................................................ 3

B – Summary of the Request ...................................................................................................... 3

1.1 – Appropriations Detail Table .......................................................................................... 5

1.2 – Budget Adjustments Table ................................................................................................. 5

C – Budget Increases and Decreases Description ....................................................................... 6

1.3 – Object Classification (Schedule O) Obligations ................................................................ 6

D – Appropriations Language and Explanation of Changes ...................................................... 7

E – Hiring Authority Proposal .................................................................................................... 7

Section II – Annual Performance Plan and Report ................................................................... 8

A – Strategic Alignment ............................................................................................................. 8

B – Budget and Performance by Budget Activity ...................................................................... 9

2.1.1 – Investigations Resources and Measures .......................................................................... 9

Investigations Budget and Performance ................................................................................... 10

2.1.2 – Audit Resources and Measures ..................................................................................... 10

Audit Budget and Performance ................................................................................................. 10

Section III – Additional Information ........................................................................................ 10

A – Summary of Capital Investments ....................................................................................... 10

 
SIGTARP - 3 

Section I – Budget Request 

A – Mission Statement 

The mission of the Office of the Special Inspector General for the Troubled Asset Relief 

Program (SIGTARP) is to prevent and detect fraud, waste, and abuse in the more than $442 

billion appropriated by Congress in the Emergency Economic Stabilization Act of 2008 (EESA) 

(P.L. 110-343) and $2 billion appropriated through the Consolidated Appropriations Act of 2016, 

and to promote economy, efficiency, effectiveness, and accountability in these economic stability 

programs. 

SIGTARP received an initial appropriation of $50 million in permanent, indefinite budget 

authority in EESA. The Public-Private Investment Program Improvement and Oversight Act of 

2009 (12 U.S.C. 5231a) provided $15 million in supplemental funding. Since 2010, SIGTARP 

has received annual appropriations to fund its operations. 

B – Summary of the Request 

The Fiscal Year (FY) 2023 Budget requests $9 million, a reduction of 47 percent from the 

FY 2022 President’s budget and a 53 percent reduction from SIGTARP’s FY 2021 enacted level. 

The proposed budget is intended to fund Congressionally mandated independent oversight of 

EESA programs through SIGTARP investigations (85 percent of request) and audits (15 

percent). 

SIGTARP prioritizes oversight of the ongoing EESA’s Home Affordable Modification Program 

(HAMP) which provides foreclosure relief to more than 600,000 homeowners and will remain 

open beyond FY 2023. Treasury remains obligated/committed to pay $1.0 billion in HAMP to 

keep these homeowners in their homes. In FY 2020 - 2021, Treasury distributed $919.5 million 

under HAMP to bank and non-bank mortgage servicers for the benefit of servicers, investors, 

and borrowers including large banks (i.e., $91.7 million to Wells Fargo, $51.4 million to JP 

Morgan Chase, $49.4 million to Bank of America, and $17.7 million to Citigroup), and large 

non-banks (i.e., $233.6 million to Ocwen Financial, $117.7 million to Nationstar). 

Despite HAMP’s existence since 2009, mortgage servicers continue to be the subject of 

enforcement actions related to HAMP. On September 9, 2021, the Office of the Comptroller of 

the Currency (OCC) fined Wells Fargo $250 million and issued a cease-and-desist order for 

engaging in unsafe and unsound practices related to material deficiencies in decisions related to 

loss mitigation, including HAMP. The OCC found the bank’s inadequate controls, insufficient 

independent oversight, and ineffective governance related to loss mitigation activities have 

caused the bank’s failure to timely detect, prevent, and quantify inaccurate loan modification 

decisions and impaired the bank’s ability to fully and timely remediate harmed customers. On 

December 

7, 2020, Nationstar was the subject of an $86 million enforcement action brought by 51 attorneys 

general and the Consumer Finance Protection Bureau for violating consumer protections laws 

and harming 40,000 homeowners, including HAMP homeowners. 

SIGTARP’s work has led to recoveries for the government and other victims of $11.3 billion – a 

29 times total return on investment (ROI) from SIGTARP’s cumulative annual budgets. 
SIGTARP - 4 

In FY 2021, $222 million was recovered as a result of SIGTARP investigations, exceeding 

SIGTARP’s FY 2021 $19 million enacted budget by nearly 12 times. 

SIGTARP Investigations: $7.85 million (85 percent of FY 2023 budget request)

SIGTARP’s law enforcement work has resulted in: (1) criminal prosecutions of 465 defendants 

(315 sentenced to prison, including 74 bankers); and (2) civil actions against 25 large Wall Street 

institutions and other entities. 

SIGTARP’s top law enforcement priority is to investigate and bring justice to unlawful conduct 

by financial institutions in HAMP. Our nation cannot have a resilient housing market run by 

financial institutions that violate the law. SIGTARP caught and investigated 121 foreclosure 

rescue scammers who were convicted after DOJ prosecutions. These scammers victimized 

nearly 31,000 homeowners seeking foreclosure relief through HAMP. For example, in 2021, 

three men were sentenced to prison, each for multimillion dollar scams against homeowners 

related to HAMP. A California man was sentenced to more than four years in prison in a 

nationwide $2.3 million fraud scam, under the names HOPE Services and HAMP Services, that 

victimized more than 400 homeowners related to HAMP. He was the fifth defendant sentenced 

to prison for this scam. The owner of Homesafe America was convicted for a $2.3 million scam 

against 500 homeowners related to HAMP. Additionally, a New York man was sentenced to six 

months in prison in a $9.4 million HAMP-related scam of New York homeowners. SIGTARP 

has additional open, confidential cases related to HAMP, including cases being worked in 

partnership with the Department of Justice. 

SIGTARP also has open investigations in the Hardest Hit Fund, which we are actively working 

with prosecutors. This includes investigations of fraud and environmental/safety crimes such as 

illegal dumping, asbestos exposure, or contaminated dirt used in demolitions of blighted 

properties. SIGTARP has a long-standing record of finding fraud, environmental/safety crimes, 

and corruption in this program. For example, in FY 2021, an Illinois-based demolition 

contractor was sentenced and ordered to pay restitution for defrauding HHF in connection with 

demolitions in Hammond, Indiana. SIGTARP’s investigation revealed that the contractor had 

improperly disposed of demolition debris, and had submitted false disposal, dumping, and fill 

dirt documentation to the City of Hammond. In addition, several individuals were prosecuted for 

defrauding HHF programs for unemployed homeowners. 

SIGTARP also continues to support the Department of Justice in long-standing prosecutions 

related to TARP banks. For example, in 2021, the former Chief Executive Officer (CEO) of a 

TARP-recipient credit union was criminally charged and convicted of making a false statement 

to Treasury in connection with TARP. The CEO did not disclose to Treasury that the credit 

union had filed false call reports that reported millions of dollars of fictitious income to its 

federal regulator. SIGTARP’s investigations have resulted in criminal prosecutions of 108 

bankers and 100 of their co-conspirators. Courts sentenced 74 of the bankers to prison, along 

with 69 of their co-conspirators. 

SIGTARP Audit: $1.15 million (15 percent of FY 2023 budget request)

SIGTARP’s audits ensure that EESA programs are operating effectively and efficiently, that 

federal dollars are used as Congress intended, and that the government does not pay more for 

EESA than is necessary. In FY 2023, SIGTARP will prioritize identifying risk or vulnerabilities 
SIGTARP - 5 

in HAMP that could hurt homeowners and Treasury’s goal for HAMP to provide affordable and 

sustainable housing. In August 2021, SIGTARP found that Treasury reduced its oversight of 

financial institutions that are HAMP servicers, and that servicers have violated HAMP rules by 

wrongfully cancelling homeowners out of HAMP, labelling homeowners as delinquent, and 

setting mortgage payments too high, along with other violations harming homeowners. In FY 

2021, SIGTARP also questioned $13 million in the HHF blight program paid to contractors in 

Michigan despite missing required supporting cost documentation for clean backfill dirt to fill 

the demolition hole. SIGTARP recommended that Treasury recoup any excessive payments. 

1.1 – Appropriations Detail Table 

Dollars in Thousands 

Appropriated 

Resources 

FY 2021 

Operating Plan 

FY 2022 FY 2023 FY 2022 to FY 2023 

Annualized CR Request % Change 

New Appropriated 

Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

Investigations 65 $16,550 59 $16,150 40 $7,850 (19) ($8,300) -32.2% -51.4% 

Audits 9 $2,450 9 $2,850 5 $1,150 (4) ($1,700) -44.4% -59.6% 

Subtotal New 

Appropriated 

Resources 

74 $19,000 68 $19,000 45 $9,000 (23) ($10,000) -33.8% -52.6% 

Other Resources* Resources from No 

Year Account 0 $3,000 0 $3,000 0 $7,500 0 $4,500 0 150.0% 

Subtotal Other 

Resources 0 $3,000 0 $3,000 0 $7,500 0 $4,500 0.0% 150.0% 

Total Budgetary 

Resources 74 $22,000 68 $22,000 45 $16,500 (23) ($5,500) NA -25.0% 

FY 2021 Other Resources and Full-time Equivalents (FTE) reflect actuals. 

•Other Resources: Amounts assume SIGTARP’s full ability to use no-year funds. 

1.2 – Budget Adjustments Table 

Dollars in Thousands 

Special Inspector General for TARP FTE Amount 

FY 2022 Annualized CR 68 $19,000 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 

 

537 

Pay Annualization (2.7% average pay raise) 62 

Pay Raise (2023 4.6% average pay raise) 

 

319 

Non-Pay 156 

Subtotal Changes to Base 0 

 

537 

FY 2023 Current Services 68 $19,537 

Program Changes: 

Program Decreases: 0 (10,537) 

Reduction in FTE (23) (2,677) 

Efficiency Savings 0 (360) 

Realignment from Annual to No-Year Funding 0 (7,500) 

Subtotal Program Changes 0 ($10,537) 

FY 2023 President's Budget Request 45 $9,000 
SIGTARP - 6 

C – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) .......................................................... +$537,000 / +0 FTE 

Pay Annualization (2.7%) +$62,000 / +0 FTE 

Funds are requested for annualization of the January 2022 2.7% average pay raise. 

Pay Raise (4.6%) +$319,000 / +0 FTE 

Funds are requested for a 4.6% average pay raise for January 2023. 

Non-Pay +$156,000 / +0 FTE 

Funds are requested for non-labor expenses such as travel, contracts rent, supplies, and 

equipment. 

Program Decreases ................................................................................... -$10,537,000 /-23 FTE 

Staff Reduction -$2,677,000 / -23 FTE 

Reduction in SIGTARP staff levels to 45 FTE. The reduction of FTE is part of the orderly wind 

down of SIGTARP. 

Efficiency Savings -$360,000/ -0 FTE 

Savings of $360,000 is the effect of reduction of FTE on Non-Personnel costs (training, travel, 

support services, etc.) 

Realignment from Annual to No-Year Funding -$7,500,000/ -0 FTE 

SIGTARP will fund a portion of its operations from its no-year account. 

1.3 – Object Classification (Schedule O) Obligations

 

Dollars in Thousands

Object Classification

FY 2021

Actual Obligations

FY 2022

Estimated 

Obligations

FY 2023

Estimated Obligations

11.1 - Full-time permanent 6,867 7,250 4,250

11.3 - Other than full-time permanent 2,390 2,250 1,450

11.5 - Other personnel compensation 2,657 3,000 1,700

11.9 - Personnel Compensation (Total) 11,914 12,500 7,400

12.0 - Personnel benefits 2,596 2,450 1,700

Total Personnel and Compensation Benefits $14,510 $14,950 $9,100

21.0 - Travel and transportation of persons 40 30 25

23.1 - Rental payments to GSA 1,250 800 800

23.3 - Communication, utilities, and misc charges 83 40 25

25.1 - Advisory and assistance services 146 20 10

25.2 - Other services 65 5

25.3 - Other goods and services from Federal sources 4,849 3,079 6,496

25.6 - Medical care 44 2

25.7 - Operation and maintenance of equip 2 2 2

26.0 - Supplies and materials 90 60 30

31.0 - Equipment 20 10 5

Total Non-Personnel $6,490 $4,050 $7,400

Budgetary Resources $21,000 $19,000 $16,500

FTE 70 68 45
SIGTARP - 7 

D – Appropriations Language and Explanation of Changes 

Appropriations Language Explanation of Changes 

DEPARTMENT OF THE TREASURY 

SPECIAL INSPECTOR GENERAL FOR THE 

TROUBLED ASSET RELIEF PROGRAM 

Federal funds 

SALARIES AND EXPENSES 

For necessary expenses of the Office of the Special 

Inspector General in carrying out the provisions of 

the Emergency Economic Stabilization Act of 2008 

(Public law 110-343), $9,000,000. 

Note.--A full-year 2022 appropriation for this 

account was not enacted at the time the budget was 

prepared; therefore, the budget assumes this 

account is operating under the Continuing 

Appropriations Act, 2022 (Division A of P.L. 117-

43, as amended). The amounts included for 2022 

reflect the annualized level provided by the 

continuing resolution.

E – Hiring Authority Proposal 

Hiring Authority Similar to Other Special IGs 

While SIGTARP is reducing its staffing, sometimes it suffers attrition in a critical role. 

SIGTARP is requesting additional special hiring authority to enable SIGTARP to backfill critical 

vacancies with qualified personnel. This authority is similar to the special authority available to 

the Office of the Special Inspector General for Afghanistan Reconstruction (SIGAR), pursuant to 

5 U.S.C. 3161. 

Proposed Language 

‘Sec. _________ 

Section 121 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5231) is amended 

in subsection (e)(1)(B)(ii) by striking “subparagraph” and all that follows through the period at 

the end and inserting “subparagraph, the Special Inspector General may not make any 

appointment that exceeds 18 months or that extends beyond the date on which the Special 

Inspector General terminates under subsection (k).”.’
SIGTARP - 8 

Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

This year, SIGTARP is working to align budget activities and performance measures to the new 

objectives in the Treasury FY 2022 – 2026 Strategic Plan. This work will include benchmarking 

performance and may result in changes to performance measures in the FY 2024 budget.

In accordance with the Government Performance and Results Act Modernization Act 

(GPRAMA) of 2010, SIGTARP’s Alignment with Treasury’s Strategic Goals and Objectives are 

as follows: 

Goal 1: Promote Equitable Economic Growth and Recovery 

Objective 1.3 Economically Resilient Communities: Promote equable financial recovery and 

growth through support and flow of capital to small business, household, and underserved 

communities. 

 SIGTARP investigates environmental/safety crimes (e.g., asbestos/lead exposure, 

contaminated dirt, illegal dumping), corruption, and fraud in HHF blight that hurts 

Treasury’s goal of economically resilient communities as the blight program operated in 

underserved communities. 

 SIGTARP’s HAMP investigations and audits combats scams against homeowners and 

identifies violations of the law and/or HAMP rules that hurt homeowners. 

Objective 1.4 Resilient Housing Market: Promote a stable and resilient housing market that 

expands fair and equable access to homeownership and affordable rental opportunities and 

protects taxpayers. 

 HAMP remains critical to the economic growth and recovery of more than 600,000 

Americans. HAMP provides fair access to homeownership through loss mitigation by 

modifying mortgages to be affordable and sustainable. 

 SIGTARP’s top law enforcement priority is to investigate and bring justice to unlawful 

conduct related to HAMP. Our nation cannot have a resilient housing market run by financial 

institutions that violate the law. SIGTARP also continues to support prosecution of HAMPrelated scams. 

 SIGTARP’s top audit priority is to identify risk/vulnerabilities in HAMP that would hurt 

homeowners and Treasury’s goal for HAMP to provide affordable and sustainable 

homeownership. 

Goal 2: Enhance National Security 

SIGTARP aligns with Objective 2.4: Transparency in the Financial System. 

 Money laundering is a financial system vulnerability and can threaten national security. 

SIGTARP has ongoing criminal investigations of money laundering, including in the HHF 

blight program and TARP banks (i.e., Operation Phantom Bank, which led to 25 individuals 

being indicted for money laundering, including through TARP recipient, Saigon Bank, to 

finance international narcotics trafficking for the Sinaloa Drug Cartel). 

 
SIGTARP - 9 

Goal 3: Promote Financial Stability 

SIGTARP aligns with Objective 3.1: Financial System Vulnerabilities. 

 SIGTARP’s investigations of bank and non-bank financial institutions in HAMP as well as 

TARP banks uncover financial system vulnerabilities. 

Goal 4: Combating Climate Change 

 SIGTARP’s investigations of environmental crimes in HHF blight are related to Treasury’s 

goal of combating climate change. 

Goal 5: Modernize Treasury Operations 

SIGTARP aligns with Objectives 5.1: Recruit/Retain Diverse & Inclusive Workforce, Objective 

5.2: Future Work Routines, Objective 5.3: Better Use of Data and Objective 5.4: Customer 

Experience Practices. 

 SIGTARP has a proven record of recruiting, retaining, and promoting a diverse and inclusive 

workforce. 

 SIGTARP has decreased its workforce, footprint and non-government spending, while 

maximizing telework for future work. 

 SIGTARP uses data to prioritize resources and determine which cases to pursue that will 

bring recoveries for the government and other victims. SIGTARP developed an intelligence 

and data-based method to find crime. 

 SIGTARP leverages task forces and other partnerships. SIGTARP has achieved a lifetime 

return on investment (ROI) of 29 times its cumulative annual budgets. Every year, recoveries 

have exceeded SIGTARP’s enacted budget. 

B – Budget and Performance by Budget Activity 

2.1.1 – Investigations Resources and Measures 

Dollars in Thousands 

 Resource Level 

FY 2017 

Actual 

FY 2018 

Actual 

FY 2019 

Actual 

FY 2020 

Actual 

FY 2021 

Actual 

FY 2022 

Annualized 

CR 

FY 2023 

Request 

Appropriated Resources $32,103 $28,855 $19,550 $18,920 $16,550 $16,150 $7,850 

Resources from No Year 

Account $82 $1,311 $1,000 $1,000 $3,000 $3,000 $7,500 

Budget Activity Total $32,185 $30,166 $20,550 $19,920 $19,550 $19,150 $15,350 

Full-time Equivalents (FTE) 114 106 87 72 65 59 40 

 

Performance Measure 

FY 2017 

Actual 

FY 2018 

Actual 

FY 2019 

Actual 

FY 2020 

Actual 

FY 2021 

Actual 

FY 2021 

Target 

FY 2022 

Target 

FY 2023 

Target 

% of Cases Accepted for 

Consideration by Civil or 

Criminal Authorities 

Resulting in a Positive Final 

Outcome 

81 79 77 77 77 77 70 50 

% of Cases Presented to 

Civil or Criminal 

Authorities within Eight 

Months of Being Opened 

80 85 75 75 71 71 65 50 

% of Cases That are Joint 

Agency/Task Force 

Investigations 

75 78 76 86 90 90 70 60 

Key: Disc - Discontinue; B - Baseline 
SIGTARP - 10 

Investigations Budget and Performance

($7,850,000 from discretionary appropriations, $7,500,000 from other resources) 

SIGTARP met all metric targets in FY 2021. The “Percentage of Cases Accepted for 

Consideration by Civil or Criminal Authorities Resulting in a Positive Final Outcome” in 

FY 2021 was 77 percent; the “Percentage of Cases Presented to Civil or Criminal Authorities 

within Eight Months of the Case Being Opened” was 71 percent; the “Percentage of Cases that 

are Joint Agency/Task Force Investigations” with other law enforcement agencies was 90 

percent. 

2.1.2 – Audit Resources and Measures 

Dollars in Thousands 

 Resource Level 

FY 2017 

Actual 

FY 2018 

Actual 

FY 2019 

Actual 

FY 2020 

Actual 

FY 2021 

Actual 

FY 2022 

Annualized 

CR 

FY 2023 

Request 

Appropriated Resources $7,530 $5,092 $3,450 $3,080 $2,450 $2,850 $1,150 

Resources from No Year Account 0 $231 0 0 0 0 0 

Budget Activity Total $7,530 $5,323 $3,450 $3,080 $2,450 $2,850 $1,150 

Full-time Equivalents (FTE) 27 25 9 8 9 9 5 

 

Performance Measure 

FY 2017 

Actual 

FY 2018 

Actual 

FY 2019 

Actual 

FY 2020 

Actual 

FY 2021 

Actual 

FY 2021 

Target 

FY 2022 

Target 

FY 2023 

Target 

Number of Completed Audit Products 

Identifying Waste, Abuse, Mismanagement, 

Inefficiencies, or Referrals to Investigations 

Division (units) 

N/A 6 4 4 3 3 3 2 

Key: Disc - Discontinue; B - Baseline 

Audit Budget and Performance

($1,150,000 from discretionary appropriations) 

SIGTARP met its FY 2021 audit performance target with three products. 

C – Changes in Performance Measures 

SIGTARP has no changes in performance measures. 

Section III – Additional Information 

A – Summary of Capital Investments 

SIGTARP has no capital investments. Capital investments that support SIGTARP are included in 

the Departmental Offices’ plan. A summary of capital investments, including major information 

technology and non-technology investments, can be accessed at: 

https://www.treasury.gov/about/budget-performance/Pages/summary-of-capitalinvestments.aspx. This website also contains a digital copy of this document.