In the October 1998 General Conference, President Hinckley said the following:
"I recognize that it may be necessary to borrow to get a home, of course. But let us buy a home that we can afford and thus ease the payments which will constantly hang over our heads without mercy or respite for as long as 30 years."Later, he continued:
"We are carrying a message of self-reliance throughout the Church. Self-reliance cannot obtain when there is serious debt hanging over a household. One has neither independence nor freedom from bondage when he is obligated to others."It's interesting to note that less than one year later, financial experts were warning of possible economic problems that could result from people purchasing homes beyond their means. An article in September 30, 1999 edition of The New York Times said the following:
"In moving, even tentatively, into this new area of lending [to subprime borrowers who could not qualify for conventional loans], Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's."I'm grateful the Lord has sent a prophet to shine light on paths of safety in a dark and troubled world. If we will follow his counsel, we will find peace and freedom from fear.
