Patrick aides say he can pay debts

Democratic gubernatorial hopeful Deval L. Patrick has seen a significant drop in the income that helped him and his wife pay an estimated $400,000 a year for their $5.9 million in mortgages. Still, their accountant maintains that they can continue to meet their financial obligations.

John F. Mulligan Sr., a Newton accountant who prepares their income tax filings, said the couple has "managed their resources wisely" and that Diane Patrick "continues to be well compensated through her law practice."

"There is no basis for concern that they will not be able to maintain themselves and their family if Deval is elected governor," Mulligan said in a statement released to the Globe by the Patrick campaign. If elected, Patrick would be paid $135,000 a year.

Patrick, as he enters the final days of the gubernatorial campaign with a commanding lead in the polls over Republican nominee Kerry Healey, indicated through a spokesman that he has no intention of making public some of the details to verify their financial position, including his tax returns, the value of his 250-stock portfolio, and his wife's salary at a Boston law firm.

Their current mortgage payments -- based on interest, principal, and property taxes -- are expected to be about $400,000 a year for loans on their Milton residence and their second home in the Berkshires. The interest rates for the bulk of the loans are based on adjustable rates that are relatively low for the first five years, but are thereafter adjusted to market rates. His monthly payments could increase significantly over the next few years if interest rates rise.

At least $3.8 million of their income from last year will not be available to help make those loan payments. Most of that came from the $3.1 million severance agreement at Coca-Cola, where he served as general counsel from 2001-2004. His other major sources of income -- the $360,000-a-year fee he received as director of the holding company for Ameriquest Mortgage Co., and $295,266 as a director at Reebok International -- also ended when he resigned from those boards.

Doug Rubin, Patrick's senior campaign strategist, said that the candidate would have no comment and that Patrick went beyond what is required in several cases last month in disclosing his income on state financial disclosure forms.