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Robert F. Kennedy Jr. on Welfare & Poverty |
KENNEDY: You change the tax code to make it more difficult for large corporations to accumulate thousands of houses. Here's a direct program: If you have a rich uncle who will co-sign your mortgage, you can get a much lower rate because the bank's basing it on his his credit rating rather than yours. So I'm going to give everybody a rich uncle, which is Uncle Sam, who will guarantee mortgages for single family first time single family home buyers at 3% interest. That will reduce the average price of mortgage by $1,000 a month. I will finance that not by increasing our debt, which I'm not going to do, but rather by selling tax free 3% bonds to finance it.
Q: I'm hearing shades of Fannie Mae and Freddie Mac in my head
KENNEDY: We have now surpluses in Fannie Mae and Freddie Mac, and those institutions could tie into this program, but we need this program.