Trouble Asset Relief Program, Home Affordable Modification Progr
Schedules
TAFS: 020-4329 /X - Trouble Asset Relief Program, Home Affordable Modification Progr
| Line # | Split | Description | Amount | Footnotes |
|---|---|---|---|---|
| 1000 | Unob Bal: Brought forward, Oct 1 | $680,865.00 | ||
| 1920 | Total budgetary resources avail (disc. and mand.) | $680,865.00 | ||
| 6012 | Default Claim Payments | $79,465.00 | ||
| 6182 | Budgetary Resources: Unappor bal, revolving fnd | $601,400.00 | ||
| 6190 | Total budgetary resources available | $680,865.00 | See footnotes below | |
| Footnotes for line 6190: | A1: The Short FHA Refinance program is a joint Treasury and Federal Housing Administration program (FHA). Pursuant to the Economic Stabilization Act of 2008, Treasury, via the TARP, provides loss-share coverage on all FHA Refinance loans up to $100 million through a Letter of Credit Agreement with Citigroup. The Treasury Coverage Rate (TCR) was set at 13.32% of defaults for mortgages endorsed from October 1, 2010 through April 17, 2011. On April 18, 2011, FHA increased the upfront fees for mortgage insurance charged to homeowners lowering the TCR to 4.38% for mortgages endorsed on April 1 through September 30, 2011. For loans endorsed in fiscal year 2012, the TCR was set at 18.85% for mortgages guaranteed through April 8, 2012, and 11.49% for loans endorsed through the remainder of the year. In fiscal year 2013 The TCR was set at 9.82% for fiscal year 2013 and 0.00% for fiscal year 2014. In fiscal year 2015, the FHA LOC was extended to December 2022 and Treasury agreed to an expansion to all claim types, resulting in a TCR of 7.56% for cohort 2015 mortgages. The TCR was is set at 0.00% for fiscal year 2016. On December 31, 2016, the FHA Short Refinance program ended. The TCR for loans endorsed between October 1, 2016 and December 31, 2016 is 7.71%. OFS's coverage of potential losses for this program ends on Dec 31, 2022. | |||
Footnotes
Footnotes provide further information about, or establish further legal requirements related to the use of, the funds in a given line or set of lines in an apportionment. If footnotes appear on lines 1920 or 6190, they apply to all the lines in the 1xxx and 6xxx sections, respectively. The following are all the footnotes associated with this file.
| Number | Text |
|---|---|
| A1 | The Short FHA Refinance program is a joint Treasury and Federal Housing Administration program (FHA). Pursuant to the Economic Stabilization Act of 2008, Treasury, via the TARP, provides loss-share coverage on all FHA Refinance loans up to $100 million through a Letter of Credit Agreement with Citigroup. The Treasury Coverage Rate (TCR) was set at 13.32% of defaults for mortgages endorsed from October 1, 2010 through April 17, 2011. On April 18, 2011, FHA increased the upfront fees for mortgage insurance charged to homeowners lowering the TCR to 4.38% for mortgages endorsed on April 1 through September 30, 2011. For loans endorsed in fiscal year 2012, the TCR was set at 18.85% for mortgages guaranteed through April 8, 2012, and 11.49% for loans endorsed through the remainder of the year. In fiscal year 2013 The TCR was set at 9.82% for fiscal year 2013 and 0.00% for fiscal year 2014. In fiscal year 2015, the FHA LOC was extended to December 2022 and Treasury agreed to an expansion to all claim types, resulting in a TCR of 7.56% for cohort 2015 mortgages. The TCR was is set at 0.00% for fiscal year 2016. On December 31, 2016, the FHA Short Refinance program ended. The TCR for loans endorsed between October 1, 2016 and December 31, 2016 is 7.71%. OFS's coverage of potential losses for this program ends on Dec 31, 2022. |
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