Office of Financial Stability 

Program Summary by Budget Activity 

Dollars in Billions 

 

Cumulative 

Obligated 

(as of 

11/30/2020) 

Cumulative 

Disbursed 

(as of 

11/30/2020) 

Cumulative 

Outstanding 

(as of 

11/30/2020) 

Total 

Cumulative 

Income 

(as of 

11/30/2020) 

Total Cash 

Back (as of 

11/30/2020) 

Total 

Estimated 

Life Costs 

(as of 

11/30/2020) 

Bank Support Programs 250.5 245.5 0.0 35.7 275.6 (24.3) 

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 7.4 70.6 12.1 

Treasury Housing Programs 32.6 30.9 0.0 0.0 0.0 32.4 

Total 449.6 443.0 0.0 48.6 425.1 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 449.6 443.0 0.0 66.2 442.7 14.5 

*If all Treasury AIG Investments are combined, we currently estimate a net gain of nearly $2.4 billion on those shares. 

Administrative Account Summary 

Dollars in Thousands 

 FY 2020 FY 2021 FY 2022 FY 2021 to FY 2022 

 Actual Estimated Estimated Change % Change 

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT 

Obligations 

TARP Administrative Account 43,078 40,789 37,637 (3,152) -7.73% 

Total Obligations $43,078 $40,789 $37,637 ($3,152) -7.73% 

 Total Full-time Equivalents (FTE) 14 11 10 -1 -9.09% 

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. As of November 30, 2020, OFS has recovered more than 96 percent of the $442.7 

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). When all of Treasury’s AIG 

investments are included, the amount recovered is greater than the funds disbursed by nearly 

$0.2 billion. 

 

In FY 2021, OFS plans to obligate just over $40 million and use no more than 11 Full-Time 

Equivalent (FTE) employees. In FY 2022, OFS plans to obligate just over $38 million and use 
no more than 10 FTE employees, a reduction of over 6% and 9%, respectively, from the current 

FY 2021 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 2020, OFS continued to wind-down 

remaining CPP investments. As of November 30, 2020, CPP has generated $226.4 billion in 

recoveries for taxpayers with two institutions remaining in the program, for a total of $17 million 

in investments outstanding. 

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, 2020, 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. 

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 (P.L. 

114-113) 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, 2020, OFS had disbursed $21.4 billion out of a possible $22.9 billion under MHA. 

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, P.L. 114-113 granted Treasury authority to make an 

additional $2.0 billion in commitments through the HHF. As of November 30, 2020, OFS had 

disbursed $9.5 billion out of a possible $9.6 billion under HHF. 

 
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, 2020, the revised lifetime cost estimate for the program was $13 million for 

outstanding refinanced loans.

Other Programs 

Automotive Industry Financing Program (AIFP) 

OFS fully wound down AIFP during FY 2015, selling its remaining stake in Ally Financial. 

OFS disbursed $79.7 billion in loans and equity investments to the automotive industry through 

the AIFP. As of November 30, 2020, 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. 

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.