GAO: Half of TARP Homeowner Assistance Funds Now Spent

The federal government has spent just under half of the Troubled Asset Relief Program funds authorized in 2008 to assist troubled home borrowers, according to a report Friday from the Government Accountability Office.

As of Oct. 15, the Treasury Department has disbursed $18.34 billion, or 49 percent of the $37.51 billion set aside in TARP for homeowner assistance. An additional $9.3 billion has been committed but not spent through the Making Home Affordable program, which accounts for the lion’s share of the TARP homeowner funds.

Treasury has spent 42 percent of the Making Home Affordable allocation. It has spent 75 percent of funds allocated to the Hardest Hit Fund and just 15 percent of the funds committed to short refinances of Federal Housing Administration mortgages.