Cash Mortgage

In 2006, when the subprime lending market began to implode, it sent shockwaves throughout the U.S. economy and eventually lead to a global economic decline. The effects of this financial catastrophe are still being felt today. In an attempt to bolster the economy and promote lending, even in the face of this disaster, the U.S. government created the Troubled Asset Relief Program to supply lenders with needed funding. "The point of TARP", says Kristy Sinsara, President of the Consumer Advocacy Group, "was to 'stimulate the economy' by giving money to 'big businesses'." But has the Troubled Asset Relief Program succeeded in its aim?

Kristy Sinsara and the Consumer Advocacy Group believe that TARP funding is not being used for its intended purpose and are lobbying for a change of approach. "We believe that the lenders have proven that they can NOT be trusted with the Troubled Asset Relief Funds set aside by the Obama Administration," states Kristy Sinsara.

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."

If this funding has not been used to the benefit of suffering homeowners, how has it been used? Kirsty Sinsara and the Consumer Advocacy Group claim that TARP funds have been used to retain stability within the financial community at the expense of homeowners and taxpayers. These financial entities, says Kristy Sinsara, are using TARP funding to bail out or buy up crumbling financiers such as Meryl Lynch and Countrywide, rather than to benefit individual homeowners.

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.

Not only are these flagging financiers being bailed out, but many of the executives of these collapsed institutions are being provided with substantial exiting packages. These much discussed "golden parachutes" are being provided at taxpayer expense via TARP funds, says Kristy Sinsara. Meanwhile, organizations like the Consumer Advocacy Group are left scrambling to try to help faltering homeowners as best they can.

Groups such as Kristy Sinsara's Consumer Advocacy Group have done much to raise public awareness of the issues surrounding the Troubled Asset Relief Program. They are also openly lobbying in Washington, pleading for change and relief on behalf of homeowners. As more and more homeowners find themselves teetering on the brink of foreclosure, Kristy Sinsara and others may find that the toughest battles are still ahead.