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The mission of the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) is to prevent and detect fraud, waste, and abuse in the more than $442 billion appropriated by Congress through the Emergency Economic Stabilization Act (EESA) and $2 billion appropriated through the Consolidated Appropriations Act of 2016, and to promote economy, efficiency, effectiveness, and accountability in these economic stability programs. SIGTARP conducts investigations of suspected illegal activity, and also independently audits, these EESA long-term economic stability programs.

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.

Semi-Annual Report to Congress Issued

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Features of the April 1 - September 30, 2020 Semi-Annual Report include:
  • A letter from the Special Inspector General on the Emergency Economic Stability Act and impacts as a result of COVID-19.
  • An overview of SIGTARP's oversight of Making Home Affordable, including the Home Affordable Modification Program.
  • An overview of SIGTARP's oversight of the Hardest Hit Fund.
  • An overview of SIGTARP's oversight of bank and TARP investment programs.

SIGTARP Launches Financial Institution Crimes & Fines Database and Calls for Creation of a National Financial Fraud Registry

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The Financial Institution Crimes & Fines Database lists the hundreds of defendants that have been convicted of a crime or received a fine for violations of civil laws as a result of investigations by SIGTARP. It also includes the dozens of corporate enforcement actions brought as a result of SIGTARP investigations.

To broaden the database's impact, Special Inspector General Goldsmith Romero proposes the creation of a national Financial Fraud Registry that records all crimes and fines related to financial fraud.


Two California Men Sentenced for Roles in Loan Modification Scam that Caused $3.5 Million in Losses to Distressed Homeowners

Court sentences to 12 years in prison and 5 years in prison two defendants operating a $3.5 million HAMP- related fraud that victimized 1,600 homeowners.

SIGTARP Investigations By the Numbers

SIGTARP By The Numbers Infographic

Financial Institution Enforcement Infographic
SIGTARP Audits By The Numbers

Countering the Ongoing and Evolving Threat of Financial Institution Fraud

The 2008 financial crisis laid bare one of nation's vulnerabilities: financial institution fraud. As recent scandals show, this type of fraud does not go away: it evolves and grows more harmful over time - weakening our financial institutions from the inside. To fix this problem, Special Inspector General Goldsmith Romero proposes the creation of a permanent law enforcement office with a narrow mandate to investigate financial institution fraud.

Bringing Accountability to the Insulated CEO

Goldsmith Romero Interview

Executives from medium and small banks have been successfully prosecuted and sentenced to prison for committing crimes. But not big bank executives, who are purposely insulated from knowing about wrongdoing. Special Inspector General Goldsmith Romero proposes a crime and fraud certification to help fix that problem.

Goldsmith Romero Interview

Special Inspector General Goldsmith Romero speaks with CNBC about the proposal

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The New York Times profiles SIGTARP's success investigating medium and small banks

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