15 plead guilty in prescription drug ring

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					   Other banks may follow Bank of America’s forgiveness move                                                                                                         ponent gets added to the principal.
                                                                                                                                                                           Barbara Desoer, president of Bank of america Home Loans
    BaNk of amEriCa’S move last week to forgive a portion of                        expects to launch the program in May.                                            said while the forgiveness helps homeowners in distress, it also
    the principal in home loans that are “se-                                            Bank of America said it would forgive only up to 30 per-                    helps lenders “by reducing the probability of a future default.”
    verely underwater” could encourage other                                        cent of the loan balance over three years, so long as the bor-                         The bank said it may consider interest-rate reductions in sub-
    banks to follow suit to stem defaults, said                                     rower is regular in making payments. It may extend that to five                  sequent moves to help achieve the government’s target to limit
    James Silkensen, co-president of the New                                        years after updating the home’s value, limiting forgiveness to                   mortgage repayments to 31 percent of household income while
    Jersey Bankers Association, in Cranford.                                        keep the loan-to-value at 100 percent.                                           modifying subprime and some adjustable-rate mortgages.
         Underwater loans are those in which                                             The bank said it expects to offer principal reductions to-                        Silkensen said his group has no problem with banks volun-
    the size of a mortgage is a fifth larger than                                   taling $3 billion to about 45,000 customers. The forgiveness                     tarily offering such forgiveness programs, but it would “strongly
    the home’s market value. The bank said it                                       program is limited to those who borrowed from Countrywide                        oppose any legislation that would require that.” Banks should not
    would consider forgiving the difference in      James Silkensen                 financial, an aggressive lender Bank of America bought two                       be expected to absorb any risk in home values falling, he said.
    such cases. To qualify, borrowers would have to demonstrate                     years ago. The bank said it also would modify loan balances for                  “Home prices go up, and home prices go down. A lot of people
    hardship and be delinquent for at least 60 days. The bank said it               borrowers with adjustable mortgages where the interest com-                      forgot that it is not a one-way street,” he added. - Shankar P.




Incentive program will                                  “Implementation of the recom-              across a grassy area to the riverbank.”

remain open for business
                                                 mendations within this report would
                                                 significantly
                                                                                                        An anonymous tipster told
                                                                                                   Hackensack Riverkeeper founder Bill
                                                                                                                                                        Deals around the state
                                                 change the way                                    Sheehan that the hotel was polluting                 nPrivate equity firm Energy Capital Partners, in the Short Hills section of
The Business Employment Incen-                   the state of New                                  the river, Taylor said. Sheehan for-                 Millburn, said it agreed to acquire three natural gas power plants from BG
tive Program will remain open to                 Jersey meets its                                  warded the information to the crimi-                 Group for $450 million. The plants generate a combined 1,244 megawatts,
businesses interested in moving to               affordable-hous-                                  nal justice division, which launched                 and are located in Killingly, Conn., and in Orchard and Dighton, Mass.
or adding jobs in New Jersey, state              ing obligation,                                   an investigation. – Martin C. Daks
Treasury officials said last week.               and produce a                                                                                          n Bridgewater’s Nistica, a supplier of optical modules for high-bandwidth

                                                                                                                                                        communications connections, said it closed on $6.5 million in series C fund-
      While officials have said Gov.
Chris Christie’s budget proposal
                                                 less burdensome
                                                 and more realis- Raymond J. Lesniak
                                                                                                   Christie signs series of                             ing. Investors include Battelle Ventures and Novitas Capital.
doesn’t include additional funds for             tic, reasonable and sustainable meth-             pension-reform bills
the program, they later announced                od for delivering affordable housing,”                                                                 n Curtiss-Wright Corp., in Parsippany, said it was awarded a $10.5 million con-
this will not affect the availability of         Karrow wrote in the report.                       Gov. Chris Christie signed a package                 tract from Northrop Grumman Corp. to provide an upgraded radar signal pro-
the BEIP grants.                                        Sen. Raymond J. Lesniak (D-                of pension-reform bills on March 22,                 cessing solution for use in an Air Force surveillance program. – João-Pierre Ruth
      Treasury spokesman Andrew                  Union) has sponsored legislation                  the same day
Pratt said that any business in-                 that would abolish COAH, but many                 both houses of
terested in applying for the grants              of the details in his bill, S-1, differ           the Legislature                                    network, based in Hudson County,




                                                                                                                                                                                                    Courtesy of the state of New Jersey
should continue to do so, and that               from the recommendations in the                   completed work                                     that distributed prescription pain
funds would be identified for suc-               report. – Andrew Kitchenman                       on the bills.                                      pills on the black market.
cessful applicants.                                                                                     The bills                                           Since October, more than 32
      Funding sources will include
money that becomes available
                                                 Hotel owner pleads                                include a num-
                                                                                                   ber of reform
                                                                                                                                                      people — including doctors and
                                                                                                                                                      pharmacists — have been arrested
when previously approved grants                  guilt
				
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Description: A single 30-milligram OxyContin pill typically sold for $10 to $20 on the black market, while a 10-milligram Percocet pill sold for $5 to $8, according to the office. - Evelyn Lee
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