Canadian NDP leader remortgaged home 11 times

[Toner]

Land records show that the Mulcairs' paid $64,000 for the home in 1983, with a $56,000 mortgage...

The couple then obtained loans against the home in 1984, 1987, 1988, 1990, 1996, 1997, 2001, 2003, 2006 and 2009.

Moreover, in 2010, Mulcair and his wife obtained a line of credit from the Royal Bank for an undisclosed amount.

"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," McGregor wrote, clearly implying that Mulcair is a poor financial manager.

http://ca.news.yahoo.com/blogs/canad...202058233.html

[rb.]

He's NDP...should we be surprised?

Seriously, though, we have no idea what these two professionals did with the money. Put their kids through school? Do continuous improvements? Buy recreational or investment property?

Unless there's some clear issue regarding alleged criminal activity, I don't think it's anyone's business how often they've refinanced their home. Income from PQ mob bosses would b another story.

[Sysiphus]

Uh, falling interest rates maybe?

[CanadaSue]

I'd have to check the dates - falling interest rates MIGHT have accounted for one or a few refis but it's notable that the amount owing increased after each refi.

Nevertheless, it's nobody's business but theirs.

[Sysiphus]

I'm not sure about Canada, but in the US interest rates have pretty much been going one direction since 1983 or so - down. It's just that they are so far down now, they can't really go much further.

[rb.]

Yeah, same here. Around 83 or 84 is when my parents' interest rate went up to about 21%.

[Auburn Boy]

I've refinanced my home four times? Does that make me about 1/4 as evil as Mulcair?

Each time I refinanced, I paid the principal DOWN though. And each time achieved a more favorable interest rate. So, I'd say my money managing skills are a little diferent..,