ProPublica

Journalism in the Public Interest

FHA Refinance Program Fund

Washington, D.C. | See all recipients in District of Columbia

Entities in this category received subsidies through one of TARP’s housing programs and aren’t expected to return the money

$20M Disbursed
$125M Committed
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In September of 2010, the Treasury Department committed $8 billion (plus $117 million in fees to Citigroup for providing a letter of credit for that amount) to its FHA Refinance program. The program is aimed at helping underwater homeowners refinance into mortgages with a reduced principal. See our description of the program for more info.

Events

  • $125M Bailout

    Sep. 3, 2010 FHA Refinance Program Incentive Payments

    In March 2013, Treasury extended the letter of credit facility to provide coverage for loans refinanced throughout the eligibility period, which had
    been extended to December 2014, but reduced the amount from $8 billion to $1 billion. Treasury believes this lower amount will be sufficient to
    accommodate any increased usage that could result through the close of the program.

    On March 31, 2015, the U.S. Department of the Treasury and Citibank, N.A. entered into Amendment No. 2 to the L/C Facility Agreement. Amendments included reducing the maximum amount of the L/C from $1 billion to $100 million; extending by
    approximately two years the term of the L/C and the period of time Treasury has to increase the L/C to cover new loans entered into the program; and modifying the structure of administrative fees associated with the facility.

    More info from www.treasury.gov

    $20M has actually been disbursed.
    Nov. 30, 2016: $20M

    In March 2015, Treasury extended the letter of credit facility to provide coverage for loans refinanced throughout the eligibility period, which has been extended to December 2016, but
    reduced the amount from $1 billion to $100 million. Treasury believes this lower amount will be sufficient to accommodate any increased usage that could result through the close of the
    program. The figures in this line include administrative expenses associated with the letter of credit facility.

Date Type Amount Program Description
09/03/2010 Subsidy $125,000,000 FHA-Re FHA Refinance Program Incentive Payments

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