[Newsbot]

Title: Thomas Mulcair has remortgaged his home 11 times since 1980s
Category: Political
Posted By: martin14
Date: 2012-05-28 14:31:55
Canadian

[martin14]

Just in case anyone is wondering what the NDP plan is for the next election..

wonder what he is doing with the money, certainly not paying down his mortgage.

[Brenda]

Is it illegal? No.
Would you care if your neighbour did the same? Probably not.

Who cares.
Guess it is a slow news day today.

[sandorski]

meh, hardly a criticism. Why might be a legit criticism, but so far we don't know the answer to that.

[Tricks]

My neighbour isn't in charge of my country's finances. Nor would I want him to be if he did this.

[OnTheIce]

Brenda Brenda:

Is it illegal? No.
Would you care if your neighbour did the same? Probably not.

Who cares.
Guess it is a slow news day today.

You don't think this has any significance?

Would you trust a financial advisor that mortgaged his house 11 times in 32 years; despite making a handsome salary during that time (as a lawyer, professor and politician)?

Would you trust the same man to then run the Country?

Asking a man who appears to have some sort of financial issues to run a Country with a money problem is like asking a fat man to run a weight loss clinic.

[Brenda]

You are making assumptions now. You don't know he has "some sort of financial issues". You THINK he does, but who knows, maybe he sponsors 350 children in Africa.

My guess is as good as yours.

[Tricks]

Brenda Brenda:

You are making assumptions now. You don't know he has "some sort of financial issues". You THINK he does, but who knows, maybe he sponsors 350 children in Africa.

My guess is as good as yours.

Why is he mortgaging his house to do that? That's stupid. Hence issue.


While there may be one, I can't fathom why someone would mortgage their house 11 times in that amount of time.

[Brenda]

Well, you could get a variable mortgage rate (like I have) and fix it at a certain time, then when the interest goes down, re-amortize, start a college fund for your kid, re-amortize, renovate, re-amortize. I can think of numerous reasons. If you want to take out the cash that is in the value of your house, why not?
I am on my 4th year of a variable rate mortgage, and if interest had gone up, I would have fixed in within 5 years. Now I didn't. I think I pay 2.25%. Could be 1.75% too. Try that with a fixed rate.

[sandorski]

Brenda Brenda:

Well, you could get a variable mortgage rate (like I have) and fix it at a certain time, then when the interest goes down, re-amortize, start a college fund for your kid, re-amortize, renovate, re-amortize. I can think of numerous reasons. If you want to take out the cash that is in the value of your house, why not?
I am on my 4th year of a variable rate mortgage, and if interest had gone up, I would have fixed in within 5 years. Now I didn't. I think I pay 2.25%. Could be 1.75% too. Try that with a fixed rate.

Could be a combination of things. IIRC, Interest Rates were ridiculous in the early 80's, 15-20%. So getting lower Rates makes sense. Some could be for College, others for many other possible reasons. We simply don't know.

[Curtman]

Ok.. So tweeting about Vic Toews being a liar and a cheat is grounds for an inquiry, but Thomas Mulcair's mortage is fair game?

Parliament: Very confusing....

[Tricks]

Brenda Brenda:

Well, you could get a variable mortgage rate (like I have) and fix it at a certain time, then when the interest goes down, re-amortize, start a college fund for your kid, re-amortize, renovate, re-amortize. I can think of numerous reasons. If you want to take out the cash that is in the value of your house, why not?
I am on my 4th year of a variable rate mortgage, and if interest had gone up, I would have fixed in within 5 years. Now I didn't. I think I pay 2.25%. Could be 1.75% too. Try that with a fixed rate.

If you re-amortize that many times and bring your debt up to 300,000 dollars, you are doing it wrong.

"It is unclear why Mulcair would need to refinance the modest two-garage home in Beaconsfield so many times, bumping the value of the mortgage from $58,000 to $300,000."

[Brenda]

Tricks Tricks:

Brenda Brenda:

Well, you could get a variable mortgage rate (like I have) and fix it at a certain time, then when the interest goes down, re-amortize, start a college fund for your kid, re-amortize, renovate, re-amortize. I can think of numerous reasons. If you want to take out the cash that is in the value of your house, why not?
I am on my 4th year of a variable rate mortgage, and if interest had gone up, I would have fixed in within 5 years. Now I didn't. I think I pay 2.25%. Could be 1.75% too. Try that with a fixed rate.

If you re-amortize that many times and bring your debt up to 300,000 dollars, you are doing it wrong.

"It is unclear why Mulcair would need to refinance the modest two-garage home in Beaconsfield so many times, bumping the value of the mortgage from $58,000 to $300,000."

The house is apparently worth it, or you cannot do that.
Most people like to pay off their mortgage. They obviously don't. I don't know why. Maybe they have a sick kid in the US.
I don't think their private matter is any of our business. It is not illegal. They are not stealing from anyone.

[Curtman]

Tricks Tricks:

Brenda Brenda:

Well, you could get a variable mortgage rate (like I have) and fix it at a certain time, then when the interest goes down, re-amortize, start a college fund for your kid, re-amortize, renovate, re-amortize. I can think of numerous reasons. If you want to take out the cash that is in the value of your house, why not?
I am on my 4th year of a variable rate mortgage, and if interest had gone up, I would have fixed in within 5 years. Now I didn't. I think I pay 2.25%. Could be 1.75% too. Try that with a fixed rate.

If you re-amortize that many times and bring your debt up to 300,000 dollars, you are doing it wrong.

"It is unclear why Mulcair would need to refinance the modest two-garage home in Beaconsfield so many times, bumping the value of the mortgage from $58,000 to $300,000."

Maybe he had a campaign to finance? It's not cheap from what I hear unless you've got big oil bucks paying your way.

[Caelon]

Tricks Tricks:

If you re-amortize that many times and bring your debt up to 300,000 dollars, you are doing it wrong.

"It is unclear why Mulcair would need to refinance the modest two-garage home in Beaconsfield so many times, bumping the value of the mortgage from $58,000 to $300,000."

I can think of a valid reason and that is using his home to leverage an investment. The interest on the mortgage as Brenda has pointed out could be less than 3%. He could take the funds and invest them at say 6% and be net better off.

Better still is instead of wrapping the money up in the mortgage use the house as collateral to borrow the money for investment and then the interest on the loan is a tax deduction.

So unless we had a complete financial statement show assets and liabilities it is hard to determine if he has been accumulating wealth or just digging a deeper hole. Just seeing the financing on the house is like determining your net worth from seeing your chequing account.