Definition
Troubled Asset Relief Program funding for housing initiatives including foreclosure prevention and principal reduction programs.
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TARP provided funding for housing stability and foreclosure prevention. Programs included loan modifications, principal reduction, and assistance to at-risk homeowners. Administered through servicers and loss mitigation programs. Helped millions avoid foreclosure and remain in homes. Programs varied by servicer and investor requirements. Some programs were controversial due to implementation issues. TARP housing funding largely concluded but lessons learned continue. Program prevented significant foreclosure volume.
Pro Tip
Review historical TARP programs for understanding of past foreclosure prevention efforts.
Example
TARP-funded programs provided loan modifications helping homeowners avoid foreclosure.