NEW YORK (CNNMoney.com) -- The $700 billion Wall Street bailout may be winding down, but that doesn't mean the government's support for big banks and the economy at large is over. In fact, the top cop on the bailout beat says it's just the opposite.
In a report released Wednesday, Neil Barofsky -- the special inspector general for the Trouble Asset Relief Program -- said all-in government support for financial institutions and the still-distressed housing market is up 23% this year, at around $3.7 trillion from $3 trillion last year.
That extra spending results mainly from initiatives by the Federal Reserve, the FDIC and other agencies to support the financial and housing sectors.
Nearly $500 billion of TARP funds have been committed to projects or already paid out, and about $200 billion of that money has been paid back.
Obama mortgage rescue: Among Barofsky's other major gripes is Obama's Home Affordable Modification Program, which he said is still struggling to achieve its original goal of helping 3 million to 4 million homeowners avoid foreclosure.
The program has met only a fraction of that goal and has yet to put a dent in foreclosures, Barofsky said. (Read 'Many don't qualify for Obama's foreclosure prevention')
