Brockton, lenders strike deal on foreclosed homes

Seeking new occupants for a growing number of foreclosed homes, the City of Brockton has organized area lenders to offer 100 percent financing at below-market interest rates to buyers of bank-owned homes. The offer also applies to "short sales," properties marketed with a bank's permission in a final bid to avoid foreclosure. More than 400 Brockton homes sit vacant. The "Buy Brockton" initiative includes seven area banks, which have pledged to loan at least $35 million at a discounted interest rate, currently 5.62 percent. The loans will be insured by the Massachusetts Housing Finance Agency. Prospective buyers can contact the office of Mayor James Harrington at 508-580-7123. (Binyamin Appelbaum)

The organization that oversees New England's power grid says electricity supplies appear to be adequate to meet spiking demand this summer. An annual update from Holyoke-based ISO New England Inc. says grid operators should have enough flexibility to handle sharply higher electricity use, even in a prolonged heat wave. The organization forecasts this summer's peak demand could reach 28,000 megawatts under 90-degree temperatures. The region's record peak power use was set Aug. 2, 2006, at 28,130 megawatts. One megawatt serves as many as 1,000 homes. (AP)

As it pursues the caffeine equivalent of manifest destiny, Dunkin' Donuts disclosed plans by three franchisees to open 150 coffee-and-baked-goods cafes in the Phoenix area. Phoenix is "now sold out," said the chain, a subsidiary of Dunkin' Brands Inc., of Canton. Dunkin' Donuts has embarked on an aggressive national expansion strategy; two years ago, it said it planned to triple its US stores to 15,000 by 2020. (Chris Reidy)

British drug maker Shire PLC said the dean of Tufts University's medical school has joined its board of directors. Dr. Michael Rosenblatt will join the board effective immediately, the company said. Rosenblatt was previously director of the Harvard-MIT division of health sciences and technology and an executive with Merck Sharp & Dohme Research Laboratories, where he led drug-discovery efforts. (AP)

United Airlines, the second-largest US carrier, raised nearly all its domestic fares 3 to 5 percent as it struggles to cope with soaring fuel costs. The increase is the third by United in just over two weeks, and will likely lead other carriers to follow suit. United spokeswoman Robin Urbanski said that the increase, which applies everywhere in the United States except to and from Hawaii, is "part of our effort to pass on increases in our commodity costs that will help offset the significant and rapid rise in fuel." (AP)

No finished vaccine containing contaminants left a Merck & Co. Pennsylvania manufacturing plant, a spokeswoman said in response to a report that US regulators had concerns about the facility. A story in the Philadelphia Inquirer, citing documents gained through the Freedom of Information Act, said the Food and Drug Administration noted 49 areas of concern after inspecting the plant. The FDA visit was called routine by a Merck spokeswoman. (Bloomberg)

US brokerages may be required to report more about employees accused of sales violations under a proposed regulation, the industry's main watchdog said. The Financial Industry Regulatory Authority, which oversees about 5,100 firms, is seeking comments on whether brokerages should disclose all allegations against employees mentioned in lawsuits or in arbitration cases. Current rules require only that firms disclose complaints submitted outside legal proceedings, or when brokers are specifically named as defendants. (Bloomberg)

British drug maker Shire PLC, which has nearly 700 employees in Massachusetts, has agreed to pay $135 million to acquire global rights to an orphan drug candidate from Denmark-based Zymenex A/S. Shire said the enzyme replacement therapy, Metazym, aims to treat metachromatic leukodystrophy, a progressive neurodegenerative disease that affects an estimated 2,000 patients in developed world markets. (Chris Reidy)