TARP Bailout Money Fails To Reach Neediest Homeowners After Two Years: ReportQuicklink submitted By Amanda Lang Permalink
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|A federal housing program funded with taxpayer money left over from the government's bailout of the banks and auto companies is failing to deliver on its promised relief to struggling homeowners.
The Hardest Hit Fund, a $7.6 billion initiative established by the federal government in February 2010 to help families in states most crippled by the collapsed housing market, has distributed just 3 percent of its money -- or $217.4 million -- to help homeowners, according to a report released Thursday by the Office of the Special Inspector General for the Troubled Asset Relief Fund, or SIGTARP.
"Look at the TARP money that goes out to the banks," said Special Inspector General Christy Romero in an interview with The Huffington Post. "That goes out in a matter of days. This has been two years and only 3 percent of these funds have trickled out to homeowners."