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The bank would usually receive the funds paid on the mortgage each month. Banks would turn around and sell certificates to third parties, which were secured by the mortgage.įor example, let's say that a prospective home buyer agrees to mortgage the property to the bank and the bank gives the buyer $250,000 to help purchase the home. For the past few years we have heard of the uptick in sub-prime mortgages (think home buyers with a FICO score of around 650 or less). There are many things that probably contributed to the crisis in one way or another, but I will focus on the housing bubble. But I will relay the information I do have and convey it as accurately as I can. If you find this information useful, please let me know and I will keep blogging as events unfold.Īlso, as a disclaimer, I am not going to claim I understand what is going on. I hope that by blogging about the crisis ward members' questions can be answered. So we are back from Europe (yes, I know, it has almost been two months since then but sometimes it takes me a little bit to get started back up). Members of a well-managed family do no pay interest they earn it." We should practice and increase our habits of thrift, industry, economy, and frugality. One of the better ways to simplify our lives is to follow the counsel we have so often received to live within our income, stay out of debt, and save for a rainy day. urging the people not to run into debt and I believe that the great majority of all our troubles today is caused though the failure to carry out that counsel.' Grant once said: 'From my earliest recollections, from the days of Brigham Young until now, I have listened to men standing in the pulpit.
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Our income should determine the kind of housing we can afford, not the neighbor's big home across the street. We have been encouraged at almost every general conference of the Church I can remember not to live beyond our means. "Newspapers are filled with reports of the current housing crisis.
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The section on shelter is directly relevant to how we should conduct our lives financially and so I reproduce the entire section of the talk here: Tom Perry discussed four basic needs of life: food, clothing, shelter and fuel. In the talk, "Let Him Do It with Simplicity," Elder L. The financial affairs of the Church are being managed in this manner, for are aware that your tithing and other contributions have not come without sacrifice and are sacred funds." President Monson in his talk, "To Learn, To Do, To Be," admonished the Saints "to be prudent in their planning, to be conservative in their living, and to avoid excessive or unnecessary debt. As hopefully a helpful reminder, here a couple of points from the last General Conference concerning our finances. General Conference often provides us with the reminders to live within our means and to avoid unnecessary debt.