SIGTARP FY2024 First Quarter Report to Congress

Ever since Congress created the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) under the Emergency Economic Stabilization Act (EESA), SIGTARP has delivered for American taxpayers by performing both law enforcement and oversight functions. As a law enforcement office, SIGTARP has a proven record of identifying and investigating fraud and other crime. SIGTARP investigations have resulted in the recovery of over $11.4 billion, criminal prosecutions by the Department of Justice and others of 476 defendants—328 of them sentenced to prison, including 75 bankers. Our investigations have also resulted in enforcement actions against 25 corporations/entities, including enforcement actions against many of the largest U.S. financial institutions. As an independent watchdog, SIGTARP’s audits and evaluations consistently identified fraud, waste, abuse, ineffectiveness, inefficiency, and risk in EESA programs, and brought transparency to EESA. The Home Affordable Modification Program (HAMP) ended on April 28, 2023. According to April 2023 data, HAMP is still providing much needed foreclosure relief to more than 550,000 participating homeowners in all 50 states. The Department of the Treasury paid $124.7 million in fiscal year 2023, including a $1.8 million true-up payment made before the program closed. SIGTARP's investigations into the HAMP program have protected consumers seeking access to HAMP and who subsequently became the victims of scams. To date, SIGTARP has brought to justice 121 convicted scammers.