The Thing With the Troubled Asset Relief Program - Kristy Sinsara
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By :
Kristy Sinsara
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In an attempt to stabilize the market and stimulate the economy after the subprime mortgage fiasco, the government established the Troubled Asset Relief Program (TARP) in the hopes that providing a cushion for lenders would promote a resumption of lending. Unfortunately, this plan placed a very large portion of the planned solution into the hands of the very same lenders who caused the crisis in the first place. Fortunately, people like Kristy Sinsara and the Consumer Advocacy Group see this as an imperfect solution and are lobbying for change. However, without a stronger public voice, there is little hope for positive change.
The Truth About TARP
The very essential purpose of TARP was to stimulate the economy by providing lenders like Bank of America with the funding to continue to provide loans and thereby keep the economy moving. The problem arises from the fact that many of these lenders have demonstrated a willingness to accept this money, but only to use it for the financial benefit of their institutions and executives. They have shown very little interest in actually providing for the needs of individual homeowners. As Kristy Sinsara and the Consumer Advocacy Group phrase it, "these lenders have essentially been given a blank check by our government that we as tax payers must pay for."
How is this blank check being utilized? The answer is somewhat disturbing. Many of these financial institutions, such as Bank of America, have simply turned around to buy up or bail out other financial entities, such as Meryl Lynch and Countrywide. The executives of these purchased companies were let go with substantial bonuses funded by the very money intended to repair the damage they had helped to cause. This has given individuals like Kristy Sinsara cause to stand up and take notice.
A Break in Trust
The Consumer Advocacy Group, lead by Kristy Sinsara, believes that TARP must be put to an end. Big business has already shown that they cannot be trusted to consider the needs of homeowners. The government has already demonstrated a lack of wisdom in their approach to finding a solution, and it has since shown an inability to regulate these financial institutions in their use of Troubled Asset Relief Program funding. Though very stringent guidelines were established for TARP recipients, those guidelines are simply not being enforced or adhered to. This is why people like Kristy Sinsara and the Consumer Advocacy Group are lobbying for a better way.
As it stands, hundreds of thousands are still at risk of losing their homes, and more and more are facing foreclosure and, ultimately, displacement every day. The nation's unemployment and homelessness rates are at an all time high. Lenders continue to line their coffers while there is still no solution for the common citizen facing the very real likelihood of losing his or her home.
Kristy Sinsara believes that there is a better way. This is not only why she and the Consumer Advocacy Group lobbies, but why they have made it a mission to educate the public. They provide valuable workshops and counseling for homeowners facing foreclosure to help them find real solutions and to keep their homes.
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Author Resource:-
KristySinsara
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2009-11-24 02:55:11
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