The U.S. Treasury averaged a 9.6% return on fully repaid investments through the Troubled Asset Relief Program, according to analysis from investment bank Keefe, Bruyette & Woods. According to the KBW report, 707 banking institutions received $205 billion through Capital Purchase Program investments under TARP. Of those, 82 banks paid back $153 billion, but still has roughly $50 billion in outstanding investments. Eight CPP investments yielded returns of greater than or equal to 20%, according to KBW. The highest was a 29% return on $4.9 million invested in First ULB Corp., an Oakland, Calif.-based bank. Treasury earned a 20% return on the $10 billion invested in Goldman Sachs (GS), according to KBW. Commentators said Thursday the Treasury should profit from its investments in automaker General Motors and its former lender Ally Financial (GJM). But while the Treasury's CPP initiative is bearing fruit, the Special Inspector General for TARP said the bailout has fallen "woefully short" for homeowners and called out the Treasury for how it is valuing still outstanding investments in AIG (AIG), which the White House disputed. The Treasury said its homeownership preservation efforts such as the Home Affordable Modification Program has set a standard for how banks have set up their private programs, which are experiencing higher numbers. Write to Jon Prior.