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Most of the $9.6 Billion Hardest Hit Fund Has No Federal Competition Requirements for Contract Awards

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Full and open competition for contracts involving federal dollars plays a critical role in protecting taxpayers against fraud waste and abuse. But a SIGTARP audit has found that most of the HHF lacks standard federal competition requirements.

SIGTARP identifies wasteful spending to help the government recover taxpayer funds. We identify abuse and vulnerabilities that put federal dollars at risk of fraud.

- Special Inspector General Goldsmith Romero

SIGTARP audits TARP programs to prevent fraud and abuse, identify wasteful spending, and drive improvements. Anticipating the need for long-term support, TARP foreclosure prevention programs extend into the next decade. SIGTARP acts as a watchdog to ensure these programs are effective and efficient at helping struggling homeowners avoid foreclosure.

When our team of forensic auditors and evaluators find a program may be at risk, they get to work reviewing documents, interviewing and analyzing. After an audit confirms waste, abuse, or fraud, SIGTARP looks for ways to recover taxpayer dollars and mitigate the risk by leveraging best practices and our extensive knowledge of TARP. We then issue recommendations to the U.S. Treasury Department, which we share with Congress and the public.

TARP programs include:

The Hardest Hit Fund
  • Unemployment assistance in the rust belt and southern states
  • Demolition of abandoned homes to stabilize neighborhoods

Home Affordable Modification Program
  • Lower homeowner interest rates through contracts to pay mortgage servicers

SIGTARP Audits By the Numbers

SIGTARP Audits By The Numbers