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Consumer protection bills move forward


The unsafe jewelry bill follows an incident in which 55,000 children's necklaces were recalled due to high levels of toxic cadmium.

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									                                                                                            renovate one- to four-family homes        ing New Jersey residents
                          New Jersey Home Prices                                            and small mixed-use properties.           unsolicited checks that
                            4 Qtr Price Change                                                    Small residential and mixed-        enroll them in pro-
    0%        2009 Q1             2009 Q2            2009 Q3             2009 Q4            use buildings are safer bets in terms     grams requiring
   -2%                                                                                      of the time needed to renovate and        payments and
                                                                                            sell the properties, said Billy Pro-      put restrictions                                                       kS
   -4%                                                                                                                                                                                                             kP
                                                                                            cida, chief executive of Procida          on unsafe jew-                                                                  ho
   -6%                                                                                      Funding. With larger properties, “it’s    elry advanced
                                                                                            harder to predict your investment         in the Assembly.
   -8%                                                -7.4%
                                                                                            period and your value proposition.”             The mailed check law was ap-
  -10%                                                                                            The program aims to help “the       proved 75-0 on Feb. 25.
                                  -10.4%                                                    remodeling community pull the             Assemblyman
               -12%                                                                         housing stock through foreclosures        Paul Moriarty
  -14%                                                                                      and short sales, get it fixed up, and     (D-Washing-
                                                                                            get it back in the hands of qualified     ton) said he
Some positive news can be found in the trend of U.S. home prices, which essentially were    homeowners,” he said.                     drafted the bill
unchanged in the fourth quarter, recording a 0.1 percent decline. This compares to a 1.21         Under the program, loans have       after a constituent
percent decline from a year ago. Focusing on New Jersey, there’s even more reason for       terms of three months to a year —         showed him a check
optimism, as home prices ended the year being down over the past four quarters by 6.2       the same loan-to-value as a bank          for $8.25 that would en-
percent — only half as much where they stood at the start of the year.                      loan — and are “slightly more ex-         roll the person in a roadside
                                    Source: Otteau Valuation Group Inc., www.otteau.com     pensive,” he said, with the interest      assistance program costing $15.99
                                                                                            rate priced according to the asset’s      per month.
the development rights. Under cur-              sored by Assemblyman Erik Peter-            investment risk.                                The unsafe jewelry bill fol-
rent law, rights can only be trans-             son (R-Flemington). It now goes be-               Procida piloted the program last    lows an incident in which 55,000
ferred to towns in counties with                fore the Senate. – Andrew Kitchenman        year, with 16 loans totaling $4 million   children’s necklaces were recalled
Highlands land.                                                                             in Bergen, Hudson and Union coun-         due to high levels of toxic cad-         n Hudson City Savings could face

     Assemblyman John F. McKeon
(D-South Orange) said the transfer
                                                Procida launches program                    ties. It now hopes to do $50 million
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