The Troubled Asset Relief Program still suffers from implementation and transparency inefficiencies, according to a report due today from the program's inspector general.

While Neil Barofsky said Treasury has complied with some of its recommendations, he said the administration still refuses to make other changes.

Treasury and the Federal Reserve Board are still too reliant on rating agencies for their Term Asset-Backed Securities Loan Facility and Treasury continues to have burdensome documentation requirements for the Home Affordable Modification Program, Barofsky said.

He said Treasury has refused to provide him with certain information on asset managers for its Public-Private Investment Program. He added that more information is needed on individual institutions' use of funds rather than just aggregate data.

Barofsky said that even though several Tarp recipients have repaid funds with a 17% profit, it is unlikely the taxpayer will see a full return. Certain programs, such as the loan modification program, will produce no taxpayer return, and other programs, such as the extraordinary assistance to certain companies, probably won't return full recovery.

The inspector said Tarp also carries longer term costs for creating moral hazard and government credibility issues.

The report generally provided a review on the program to date. It found that 47 Tarp recipients have repaid $72.9 billion in Tarp, leaving $317.3 billion, or 45.4% of Tarp funds, available for distribution.

Financial institutions have paid $9.5 billion in interest, dividends, and other income, but 46 institutions have missed dividend payments. As of the end of September, banks held $75.7 million in unpaid dividends.

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