From the Observer:
The leading candidate in New Jersey’s gubernatorial race proposed having Wall Street banks pay for the conversion of foreclosed homes into affordable housing with millions of dollars in federal mortgage settlement funds Wednesday. Former Goldman Sachs executive and one-time U.S. Ambassador to Germany Phil Murphy said “Wall Street created the foreclosure crisis, they need to be held responsible for fixing it.”
The move could be an attempt to head off criticisms of his own Wall Street background, which has drawn harsh criticism from primary rival and progressive assemblyman John Wisniewski and unfavorable comparisons to former governor Jon Corzine in some New Jersey political circles.
“Making Wall Street pay with the billions they gave up for causing the housing crash would not only ensure fairness for New Jersey’s families, but be a measure of justice for their role in creating this crisis that has left our state pockmarked with empty homes,” Murphy said, adding that he is “mystified that Governor Christie had failed to fight for New Jersey’s share of the funds.”