Who: Homeowners facing foreclosure, through mortgage servicers and state housing agencies. What: Payments to servicers and borrowers to modify mortgages (Making Home Affordable / HAMP) and grants to hard-hit states (the Hardest Hit Fund).
$32.5B
committed or authorized
$31.8B
paid out
$330M
recovered (repayments, dividends, fees)
$32.4B
net cost (grants (not repaid))
Outcome
Closed 2023. These were designed as spending, not investments.
Legal authority: Emergency Economic Stabilization Act of 2008 (TARP).
Who got it: Programs
Making Home Affordable / HAMP$22.3B
Hardest Hit Fund (states)$9.50B
Worth knowing
Among servicers, Ocwen/PHH received about $5.0B and Wells Fargo about $3.4B in incentive payments (ProPublica).