NDP leader Thomas Mulcair has remortgaged home 11 times, newspaper reports
- Thread starter vancity_cowboy
- Start date
All I can say is Mulcair is an idiot of the highest order....even if you collect exotic sportscars or works of art by artists such as Renoir/Picasso etc then the single most high cost item is your home.....and if you collect stuff such as sportscars/art then your home costs exponentially more than the common person.
Anybody that takes out equity from their home is a total fucking moron unless it is a sure thing.....like buying 50,000 shares of Tech Resources at $3.35 when the stock bottomed in 2008 after Tech bought out Fording Coal.
The joke is that Mulcair wants to lead this country....given his track record of financial stupidity I can only surmise that Canada would be in worse financial shape then Greece with hm in control.
SR
The scary reality is that there are a lot of financially inept people in this country that are in the same situation that voted this loser's party into official opposition status.
Race to the bottom folks.
having a mortgage of $300,000 is not a lot of money. Most homeowners here probably have mortgages at least that amount.
The $ amount is not the issue, in 30 years he has remortgaged the home 11 times and now owes six times what he borrowed in the first place.
The issue is he wants to run Canada but can't seem to get his own finances in order so how bad is he going to screw up the economy.
ummm I personally think that matter should be private. but that aside, having a $300,000 mortgage is not that huge. perhaps he invested his equity in another investment plan?? didnt we have a rather large debate somewhere in this section about how many of you felt that a home as an "investment" was poor value?? perhaps he placed the equity into something that gives better return? his position in his job can certainly well afford the payments on a mortgage of that size, I dont think it would be fair to automatically assume that he is "mismanaging" his money regardless of how he performs at his job. He also likely has life insurance on his mortgage and will have this relieved upon his death, so why not withdraw the value of the home anyways???
Maybe he needs the money for pooning? 
Seriously, while there can be any number of reasons for this, is it any wonder that a Socialist doesn't quite understand the concept of living within one's means?
Makes one really concerned that this is a guy who thinks he and his party can manage the country's finances.
Being from Manitoba where regretfully we have a very complacent electorate, along with a very inept provincial PC party, thus ensuring the NDP of victories every 4 years, the government has mortgaged the future of an entire genertation or 2 of Manitobans with their "spend like a drunken sailor on shore leave" policies. Our last provincial budget just imposed the largest tax increase (a lot of it disguised as user fee increases) on Manitobans in history.
Seriously, while there can be any number of reasons for this, is it any wonder that a Socialist doesn't quite understand the concept of living within one's means?
Makes one really concerned that this is a guy who thinks he and his party can manage the country's finances.
Being from Manitoba where regretfully we have a very complacent electorate, along with a very inept provincial PC party, thus ensuring the NDP of victories every 4 years, the government has mortgaged the future of an entire genertation or 2 of Manitobans with their "spend like a drunken sailor on shore leave" policies. Our last provincial budget just imposed the largest tax increase (a lot of it disguised as user fee increases) on Manitobans in history.
There isn't much of a problem with this...assuming he is doing it on the advice of an accountant/investment professional. Risk is minimal since his home must be worth more than 300k if the banks (don't know how quebec works) lent him 300k. But if he can get a steady flow of cash from equity he would be unable to touch until he sold his home, and have the interest written off, why not.
As for the 11x thing, well if we look at the rise in property value since his 1987 purchase of 50k to the let's say 500k now over the course of almost 30yrs and look at how values here have changed in the 30yrs it seems high, but not crazy - esp if it's done with a watchful eye.
Paying down and being mortgage free isn't the best thing. Especially with the low rates of today
As for the 11x thing, well if we look at the rise in property value since his 1987 purchase of 50k to the let's say 500k now over the course of almost 30yrs and look at how values here have changed in the 30yrs it seems high, but not crazy - esp if it's done with a watchful eye.
Paying down and being mortgage free isn't the best thing. Especially with the low rates of today
Hello, BC Liberals, only here they disguised their huge increases in fees as tax relief. We won't even get into how the BC Hydro deferred debt is going to come crashing down on us in the future.
You sir are financially inept.
The way a mortgage is structured means that if you buy a home for say $400,000(In Calgary anyway...in Vancouver good luck) with the minimum 5% down and you take 25 years to pay off that mortgage that house is going to cost you well over $800,000 at today's low rates(which will only go up) when the interest is taken into account.....now if every couple of years you take out an equity loan against the house because it has increased in value then you are putting yourself further in the hole because the equity you have has been diminished that much more....unless you are getting a MASSIVELY huge return from something like the stock market that pays you 30 X your investment you are fucking yourself totally and to repeatedly take equity out of the house such as Mulcair has done is the dumbest thing I have ever heard of.
Personally I had to hit the reset button in life when I got divorced and get a new home....the new home cost me $132,000 with $14,000 down.....within 3 years I saved up a lump sum so as to have over 25% equity and remove me from the CMHC guidelines....in the 6 years since I have completely renovated my home to my particular tastes and have beaten down my mortgage to less than $50,000 at the same time....and during that period I hit middle age crazy early and got into a few expensive hobbies as well as pooning(had I skipped the expensive hobbies and pooning I would be mortgage free and have a better retirement fund)
Back to that idiot Mulcair...if the Canadian housing market takes as bad of a hit as the US has taken his house will be under water...in that his debt on the home will far exceed it's value.....and since he is living in Stornaway I am sure he would just default on the mortgage and let it go to bankruptcy.I sure as fuck dont want to see that guy running this country.
It does not matter if you are a blue-collar working class guy or a millionaire...the biggest debt you take on in life is your house and last fuckin thing you do is take equity out of it as it bites you in the ass.
My goal is to pay off my mortgage in the next 2 years which is not bad at all considering I bought it in 2003....11 years all told to not only pay off my home and completely renovate it(not to mention the early middle age crazy).
I will take the equity out 1 day...when I sell it for triple what I paid for it and then bugger off to Thailand or the Phillipines to retire...and I sure as hell wont pay a leaching realtor $15,000+ to sell the place.
SR
Well, I do know Mulcair lost a defamation suit. So he would know first hand what bullshit speculation is all about.
Thanks for the lesson on how mortgages and investments work. I'll be sure to print it, add it to my cv, and have it framed.
Btw, let's keep how financially inept I am a secret for now. Don't want to let the cat out of the bag just yet.
However, google works well.
Btw, let's keep how financially inept I am a secret for now. Don't want to let the cat out of the bag just yet.
PS I did write more explaining just how borrowing to invest would be profitable and possible outcomes with regards to taxes and estate planning both in doing so and not, but then decided that saving 600$/month for 3yrs to qualify you for a 25% downpayment means you'll never sit across from me as a client and so I deleted what I wrote.
However, google works well.
plus life insurance??? (or mortgage insurance for that matter??) you cant take your house with you so you may as well milk it for all its worth and leave it with whomever you will the house to mortgage free. and if you dont have anyone to leave the house to, what good is all that equity doing to you?
I agree as well. Yes their past employment history is of importance, their education, criminal records etc, those things are of importance as someone who is a public figure. what he spends his OWN money on, how he finances his OWN home, what he drives and what he eats or where he eats it on his OWN time is absolutely none of my business nor should it be anyone elses. all I care is whether he can perform at his job, follows through on his parties platform and org structure etc, and if that cant be followed, then we have an issue with that part. how many times he refinances his house is NONE OF YOUR BUSINESS. what if he has a loved one with serious health issues and is paying for it?? or any possible reason, he should not have to justify that. I understand that politicians are under the public eye, but it should only be correlated to the job he is performing. who cares if a judge likes kinky sex? who cares if the PM likes to be whipped, as long as they live within the law, they deserve some privacy just as much as anyone else.
this thread sure separates the white wine (whine) socialists from the financial conservatives, heh?
