HousingWire reports the cost of the Troubled Asset Relief Program (TARP) has risen $10 billion in one year, to $28 billion, according to the Government Accountability Office (GAO). The $28 billion does not include the $29 billion committed to housing initiatives such as HAMP (Home Affordable Modification Program). Housing programs so far have cost $2.8 billion through the third quarter. The GAO says the increase in TARP costs is due to the decrease in the value of the investments the Tresury has in GM, AIG, and Ally Financial. The Treasury Department invested $245 billion in banks and $80 billion in the automobile industry from 2008 through Oct. 3, 2010.
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