This story appeared in Bank Digest.
The Treasury Department's Office of Financial Stability has issued its "Citizens' Report for Fiscal Year 2016," which describes financial and performance results for the eighth year of the Troubled Asset Relief Program. The report contains the comparative fiscal years 2016 and 2015 financial statements for TARP, the Government Accountability Office's auditor's report with the audit opinion on these financial statements, an opinion from the GAO on the OFS's internal control over financial reporting for TARP, and the results of the GAO's tests of the OFS's compliance with selected provisions of laws, regulations, contracts, and grant agreements applicable to the OFS.
The report also includes information on the status of TARP programs and on the structure and operational goals of the OFS, which was created to help implement TARP.
According to an introductory message from the Deputy Assistant Secretary for Financial Stability, the OFS has made significant progress towards winding down TARP investments and is preparing to retire the largest TARP housing program, Making Home Affordable. He also said that more than 2.7 million homeowner assistance actions have taken place through the MHA program and that the Hardest Hit Fund has assisted approximately a quarter of a million American homeowners in preventing avoidable foreclosures. But in spite of these accomplishments and recent improvements in the economy, he said the recovery of the housing market remains uneven.