The House Oversight Committee held its first hearing under new Chairman Rep. Darrell Issa (R-CA). The focus was on the Troubled Asset Relief Program (TARP) and the foreclosure crisis. Acting Assistant Secretary Tim Massad, who has direct responsibility for TARP, testified on the program. alongside Neil Barofsky, special inspector general for TARP. Barofsky also delivered to the committee his quarterly report to congress on the status of TARP.
The Committee delved into transparency issues surrounding TARP, including the Treasury department's attempt to help ailing homeowners via the Home Affordable Mortgage Program (HAMP), and the department's "deceptive public statements" about the bailout of the American International Group (AIG).