Stockwell Day signs up for reverse mortgage scam

Stockwell Day has signed on as a Director of HOMEQ Corporation, who are engaged in the field of reverse mortgages, where seniors strapped for cash resort to selling their homes for 40 cents (or less) on the dollar. I consider that a scam and an act of financial desperation/exploitation.

Thanks to people like Stockwell Day, Canadian seniors are more strapped for cash now than ever what with the protracted low interest rates providing them with less income from their limited retirement savings.

As a prominent member of Stephen Harper's cabinet, Stockwell Day participated in the destruction of income trusts, which had emerged as the Canadian capital market's solution to the problem of Canadians providing for themselves with sufficient income during retirement, rather than resort to means like reverse mortgages. That preferred solution was summarily taken off the table when the Harper Conservatives made the fraudulent argument that income trusts cause tax leakage, denying Canadians that choice and casuing great financial hardship.

Meanwhile here is what the duplicitous Stcokwell Day wrote while in opposition on the matter of income trusts:


November 8, 2005.

Dear Mr. Laxton

Thank you for expressing your concerns about the confusion the Minister of Finance has caused on income trusts.

Income trusts have helped numerous Canadian companies grow and flourish and enabled ordinary Canadians to generate more income for their retirement years. The federal Liberal government's reckless decision last September to cancel advance tax rulings on income trusts caused Canadian businesses to lose billions of dollars in market capitalization and Canadians to lose thousands of dollars of personal savings.

Canadians investing in good faith to save for their retirement deserve certainty, not a government review of how the Liberals can grab more taxes from them.

We know that Canadians draw regularly form their investments to supplement their retirement savings. When the value of their investments drops as a result of government indecisiveness, so does their retirement income. It is time the government stopped penalizing our citizens.

My colleagues and I in the Conservative Party are committed to maintaining income trusts as a valuable savings and investment tool for Canadians.

Thank you again for contacting me,

Yours sincerely,

[signed Stockwell Day]

Stockwell Day, M.P.
‘Okanagan-Coquihalla
Official Opposition Foreign Affairs Critic