The Debate Over TARP
The collapse of the sub-prime lending market sent shockwaves throughout the U.S. economy and, ultimately, the global economy, as well. As the U.S. government scrambled to find a solution, the Troubled Asset Relief Program (TARP) was established to provide a cushion for lenders, in an attempt to k
However, groups like the Consumer Advocacy Group claim that TARP has been anything but successful in achieving its aim. “We believe,” says Kristy Sinsara, “that the lenders have proven that they can NOT be trusted with the Troubled Asset Relief Funds set aside by the Obama Administration.”
Kristy Sinsara and her associates with the Consumer Advocacy Group maintain that, “the lenders (Bank of America especially) have proven that they will only use the money for their own personal gain and have absolutely no individual homeowners’ needs in mind. These lenders have essentially been given a blank check by our government that we as tax payers must pay for.”
“There are specific guidelines that must be met by each participant of the TARP program and these guidelines are NOT being adhered to,” says Kristy Sinsara. “Bank of America used MILLIONS of dollars from government funding (that WE [the taxpayers] are all paying for) and gave it directly to the ‘chosen few’ they selected to receive ‘bailout’ funds. And now, if you as a homeowner call them for help, they will tell you why they ‘can’t’ help you.”
To sharpen the blow further, many of the executives of these failed institutions are receiving sizable bonuses or severance packages. These are the much discussed “golden parachutes” being handed out to the very individuals who’s poor decision making created this global economic crisis in the first place. It is this gross misuse of taxpayer money that has caused concerned groups like Kristy Sinsara and the Consumer Advocacy Group to stand up and voice their disproval.
“There are specific guidelines that must be met by each participant of the TARP program,” states Kristy Sinsara, “and these guidelines are NOT being adhered to… Bank of America used MILLIONS of dollars from government funding (that WE are all paying for) and gave it directly to the ‘chosen few’ they selected to receive ‘bailout’ funds. And now, if you as a homeowner call them for help, they will tell you why they ‘can’t’ help you.”
It is because of this seeming misuse of TARP funding that Kristy Sinsara’s Consumer Advocacy Group and other similar organizations are beginning to speak out. These homeowners advocates are lobbying in Washington in the hope of changing the Troubled Asset Relief Program so that relief is felt by those who truly need it most, the distressed homeowners.
To find out more about the Consumer Advocacty Group you can visit Our Blog . Or you can get more information about Kristy Sinsara and her work.
Comments
Tell me what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!