EESA has two parts:
(1) Short-term Treasury purchases of "troubled assets," which led to investments in banks, insurance companies and automotive companies. (This part has been largely completed, as has SIGTARP's work in this area); and
(2) Long-term programs intended to bring economic stability to the financial industry and communities by protecting home values and preserving homeownership - programs that spent $1.8 billion in fiscal year 2019, and will continue to operate until at least 2024.
Under these long-term economic stability programs, the Department of Treasury and Fannie Mae (with assistance from Freddie Mac) run a program that funds incentives to more than 150 financial institutions, including some of the largest in our nation, to lower mortgage payments to terms that are affordable and sustainable for homeowners at risk of foreclosure. Treasury also funds grant-like programs administered by housing finance agencies in 19 states, including providing foreclosure relief to homeowners unemployed or underemployed due to the COVID-19 pandemic.