Mulcair re-mortgages Hse 11 times, wtf ?
- Thread starter Durry
- Start date
They don't hold elections every 1 and a half years. Second, the riding association will pay those expenses from he riding treasury for the incumbent (which Mulcair was for many years), it's the challengers that generally have to finance their runs on their own nickle.
We're not talking about you here, but since you bring it up, did the adults in your household draw 2 professional salaries for 30+ years? Not knowing what your occupation is/was, I can't comment, but in Mulcair's case, both he and his wife were/did have that kind of income.
BTW - Investments can be either amazing or heartbreaking... It goes both ways.
That's the $64,000 question... Ironic though as there is a good chance that $64k was one of the refinancings for Mulcair
Interesting comment when considered with the dodge above relative to your children. Can I take it that you deem it's normal for someone to refinance their home 11 times in a couple of decades simply because you don't know the reason?
I don't know the exact ramifications of something like this, but beyond the abnormality of it all, is it really a bad idea, financially?
I wouldn't do it. But I have friends who do. Their portfolios are a lot bigger than mine, but, they also have rich parents as safety nets... hubby and I don't. We stick with investing cash in hand, but, we also make more percentage in investments than we pay on our mortgage, so we don't rush to pay down our mortgage (which some find a bad financial stategy.... "pay down all debt dammit!").
Thanks Karrie.
I agree with the consensus that he isn't doing something dastardly wrong, or that it should even matter when it comes to public policy.
I wouldn't do it - simply because I can't afford the loss should (sh)it happen. He wrung something like 300 grand out of 65 thou and the bankers aren't worried. Doesn't sound like a bad idea in personal financing....
You're dead right, but doing so as often as Mulcair has puts him into an entirely different risk profile relative to the investments he seeks to acquire. The banks will definitely look at the frequency along with the nature of the investments.
In the end, there is too much that doesn't make sense in comparison to the suggestions made.
Remortgaging your primary residence to buy an income property eliminates the ability to write-down the financing and take full advantage of the tax benefits. Further, the rental income will not be offset by the financing expense and the owner pays more in income tax than they needed to. Factor in the mortgage's interest rate is on the primary residence and the economics are negatively impacted on that basis as well.
The point I'm driving at here is that the household has 2 high income earners and they would (should) have enough disposable income to to finance the down payment through a numbered ltd company and get full exposure to all of the available write-downs and shelter themselves from the direct liabilities.
I would think it would be safe to assume he did it to improve his financial position.
The formula that I spelled-out is pretty standard practice. If the bank sought additional collateral then there is a reason that the banks wanted additional security
Or finance a life style or possibly to finance new investments to make up for losses in the past. There are a raft of reasons why he made that choice, but ask yourself this JLM; who do you know that have refinanced their home that many times in a (relatively) short period of time?
It is not something I'd be the least interested in knowing, actually of all the people I do know, I know very little of their private financial business. However I think you've answered your own question......................."their are a raft of reasons why he made that choice", so why not just let it go at that?
MF speculated on the possibility
Have you ever taken an interest in the qualifications of an electrician you've hired? The ability of a surgeon you (or family) has needed? How about the truck you bought recently, any interest into looking at the track record of the company, or was that of no interest?
My mortgage is 2.25%, my LOC is prime plus 1. Mortgage is much cheaper.
We need to know how our elected leaders handle money.
It's public now.
We're always scared.
You're right; go find out.
He most certainly could be loaded, although it would be unusual for him to secure so many refinancings for what is relatively small amounts for a guy that is supposed to be wealthy