Office of Financial Stability

Program Summary by Budget Activity

Dollars in Billions

 

Cumulative 

Obligated 

(as of 

11/30/2022)

Cumulative 

Disbursed

(as of 

11/30/2022)

Cumulative 

Outstanding 

(as of 

11/30/2022)

Total 

Cumulative 

Income 

(as of 

11/30/2022)

Total Cash 

Back (as of 

11/30/2022)

Total 

Estimated 

Life Costs 

(as of 

11/30/2022)

Bank Support Programs 250.5 245.1 0.0 35.7 275.6 (24.2)

Credit Market Programs 19.1 19.1 0.0 4.5 23.6 (3.3)

AIG Investment Program (AIG) 67.8 67.8 0.0 1.0 55.3 15.2 

Automotive Industry Financing 

Program 79.7 79.7 0.0 7.5 70.6 12.1 

Treasury Housing Programs 32.6 31.7 0.0 0.0 0.0 32.4 

Total 449.6 443.4 0.0 48.7 425.1 32.1 

Additional AIG Common Shares 

Held by Treasury 0.0 0.0 0.0 17.6 17.6 (17.6)

Total for Programs and Shares 449.6 443.4 0.0 66.3 442.7 14.5 

*Includes Realized Losses

Administrative Account Summary

Dollars in Thousands

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Actual Estimated Estimated Change % Change

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT

Obligations

TARP Administrative Account 35,614 34,412 9,916 (24,496) -71.2%

Total Obligations $35,614 $34,412 $9,916 ($24,496) -71.2%

Total Full-time Equivalents (FTE) 7 5 1 -4 -80.0%

Summary

A central part of the response to the 2008 financial crisis was the implementation of the Troubled 

Asset Relief Program (TARP), which was established in the fall of 2008 under the Emergency 

Economic Stabilization Act of 2008 (EESA) (P.L. 110-343) within the Office of Domestic 

Finance at the U.S. Department of the Treasury (Treasury). TARP was created to restore the 

liquidity and stability of the financial system, and it is administered by the Office of Financial 

Stability (OFS). Since late 2010, OFS has made significant progress in winding down TARP 

investment programs and in recovering OFS’s outstanding investments. 

 

OFS continues to operate a housing program to help homeowners prevent avoidable 

foreclosures. However, in 2016, OFS began the wind-down of the largest TARP housing 

program, the Marking Home Affordable Program, pursuant to the Consolidated Appropriations 

Act, 2016 (P.L. 114-113). As of November 30, 2022, OFS has recovered more than 96 percent 

of the $443.4 billion in total program funds disbursed under TARP, as well as an additional 

$17.6 billion from Treasury’s equity in American International Group, Inc. (AIG). 

 

In FY 2023, OFS plans to obligate just over $31 million and use no more than 5 Full-Time 

Equivalent (FTE) employees. In FY 2024, OFS plans to obligate $10 million and use no more 

than 1 FTE employee, a reduction of over 68% and 80%, respectively, from the current FY 2023 
estimates, to fund the management, maintenance and continued wind-down of the TARP housing 

programs and the disposition of OFS’s remaining investments. OFS is expected to complete its 

wind-down in FY 2024. 

Description of Performance

Bank Support Programs 

Capital Purchase Program (CPP) 

OFS created CPP, its largest program, in October 2008. OFS provided a total of $204.9 billion 

in capital to 707 institutions in 48 states. During FY 2023, OFS sold the last CPP investment. 

As of November 30, 2022, CPP has generated $226.4 billion in recoveries for taxpayers. 

Community Development Capital Initiative (CDCI)

OFS created CDCI on February 3, 2010, to provide investments of capital to certified 

Community Development Financial Institutions (CDFI) banks, thrifts, and credit unions. OFS 

invested $570 million in 84 CDFIs, of which 28 institutions converted $363 million (including 

warrants) from CPP to CDCI. As of November 30, 2022, CDCI has generated $592 million in 

recoveries for taxpayers with two institutions remaining in the program, for a total of $1 million 

in investments outstanding. OFS plans to exit the last two CDCI institutions in FY 2023. 

Housing Programs 

OFS established several TARP housing programs, assisting millions of homeowners and 

introducing reforms for the mortgage servicing industry to facilitate mortgage modifications. 

Making Home Affordable Program (MHA) 

In 2009, OFS launched MHA to help homeowners prevent avoidable foreclosures and strengthen 

the housing market. The cornerstone of MHA is the Home Affordable Modification Program 

(HAMP), which provides eligible homeowners the opportunity to reduce their monthly mortgage 

payments. In accordance with provisions of the Consolidated Appropriations Act, 2016, MHA 

terminated on December 31, 2016, except with respect to certain applications made before such 

date. MHA servicers were required to design policies and procedures to reasonably ensure that 

all MHA transactions were completed by December 1, 2017. As of November 30, 2022, OFS 

had disbursed $22.2 billion out of a possible $22.9 billion under MHA. The MHA program end 

date was accelerated from December 29, 2023 to April 28, 2023, with a final disbursement date 

of March 27, 2023. 

Housing Finance Agency (HFA) Hardest Hit (HHF) Fund

Established in 2010 to provide aid to homeowners in states hit hardest by the economic and 

housing market downturn. The $7.6 billion initiative encompassed 18 states and the District of 

Columbia (DC). In December 2015, the Consolidated Appropriations Act, 2016 granted 

Treasury authority to make an additional $2.0 billion in commitments through the HHF. OFS 

disbursed $9.5 billion out of a possible $9.6 billion under HHF. As of March 31, 2022, the HHF 

program has ended. 

Federal Housing Administration (FHA) - Short Refinance Program

OFS continues to support the FHA Short-Refinance Program, which was intended to assist 

borrowers with negative equity. The program has seen limited participation. As such, OFS has 
incrementally reduced the LOC Facility supporting this program from an initial $8.0 billion to 

$27 million in FY 2017, which matches OFS’s maximum liability for loans covered by the 

program as of December 31, 2016, when the program ended for new refinances. As of 

November 30, 2022, the revised lifetime cost estimate for the program was $13 million for 

outstanding refinanced loans. The FHA program will end on December 31, 2022. 

Other Programs

Automotive Industry Financing Program (AIFP) 

OFS fully wound down AIFP during FY 2015. OFS disbursed $79.7 billion in loans and equity 

investments to the automotive industry through the AIFP. As of November 30, 2021, OFS had 

collected $70.6 billion through sales, repayments, dividends, interest, recoveries, and other 

income. Recoveries from the bankruptcy liquidation of Old Chrysler and Old GM remain 

possible, but are not anticipated. 

All other TARP programs closed prior to FY 2016, including the Targeted Investment Program, 

Asset Guarantee Program, Public-Private Investment Program, Term Asset-Backed Securities 

Loan Facility, Small Business Administration 7(a) Securities Purchase Program, and AIG 

Investment Program.