ABSTRACT

Treasury Has Been Effective at Shifting the Hardest Hit Fund to Assist Homeowners Suffering Pandemic-Related Hardships, Efforts That Could Be Further Enhanced   [open pdf - 1MB]

From the Document: "There has been a ramp up in activity in the Hardest Hit Fund ('HHF') in response to the economic crisis caused by the coronavirus disease 2019 ('COVID-19') pandemic, including high unemployment, underemployment, and mortgage delinquencies. SIGTARP [Office of the Special Inspector General for the Troubled Asset Relief Program] recommended on April 8, 2020, that Treasury take urgent action to put to better use all remaining unspent HHF funds and funds estimated to be unspent in the Home Affordable Mortgage Program ('HAMP') for HHF's traditional form of assistance--unemployment mortgage assistance. State agencies in HHF also sought Treasury approval to ramp back up unemployment mortgage assistance. SIGTARP found that Treasury has been effective in shifting the Hardest Hit Fund to help homeowners suffering from unemployment a loss of income or other hardships related to the pandemic. As a result, an additional 12,000 homeowners are estimated to use HHF to stay in their home."

Report Number:
U.S. Office of the Special Inspector General for the Troubled Asset Relief Program, Report No. SIGTARP-21-001
Publisher:
Date:
2021-06-08
Series:
Copyright:
Public Domain
Retrieved From:
Oversight.gov: https://www.oversight.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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