Mass. foreclosure filings set record for 2d month

Foreclosure filings hit a Massachusetts record high in February for the second straight month, according to a report by ForeclosuresMass.com. The Framingham provider of foreclosure data said 2,227 foreclosures were initiated statewide last month, 85 percent more than the 1,201 recorded in February 2006. In January, 2,207 foreclosure filings were submitted, at the time the highest number since 1986, the earliest year for which such data are available, the firm said. (Chris Reidy)

Boston-based State Street Corp., a provider of financial services to institutional investors, said it has been appointed to jointly service the foreign currency insurance funds of China Life Insurance Company Ltd. From its Hong Kong office, State Street will provide global custody, fund accounting, foreign exchange, performance measurement, and compliance reporting services for China Life's foreign currency insurance assets. State Street was appointed by the Bank of China. Terms were not disclosed. (AP)

The US defense market probably will stay strong for the next few years, even though the Pentagon eventually may have to rein in spending, Raytheon Co.'s chairman and chief executive William Swanson said. Swanson said a combination of big defense budgets and supplemental war funds have staved off cutbacks for the time being. He declined to predict when the market might crest, but said any retreat in Defense Department spending will take time to make its way into the marketplace. (Dow Jones)

Diomed Holdings Inc., an Andover maker of treatments for vascular disorders, said a federal jury in Massachusetts found that competitors AngioDynamics Inc. and Vascular Solutions infringed on its patent for laser treatment procedures. Diomed said the jury found both companies liable and awarded combined damages of just under $12.5 million. AngioDynamics said it will file a motion to overturn the verdict within the next 10 days. Vascular Solutions could not be reached for comment. (AP)

CVS/Caremark Corp., the newly combined drug store operator and pharmacy benefits manager, began its tender offer for up to 150 million of its common shares at $35 each. The buyback, which represents about 10 percent of outstanding shares, was one of the terms of Woonsocket, R.I.-based CVS's offer to acquire Caremark. The $26.5 billion acquisition closed a week ago. . Lehman Brothers and Morgan Stanley will act as dealer managers for the tender offer, which expires April 24. (AP)

THE NATION

New Century Financial Corp., short on cash and battling a wave of defaults by borrowers, said it won't sell any mortgages to Freddie Mac, the second-biggest provider of money for US home loans. The company also said it signed consent agreements with Idaho, Iowa, Michigan, and Wyoming, according to a regulatory filing. California-based New Century has been told by more than a dozen states to halt operations after consumers complained their loans weren't funded. (Bloomberg)

Exxon Mobil Corp., the world's biggest publicly traded oil company, and four other US gas retailers must face a lawsuit accusing them of conspiring to drive up the price of gasoline, a federal judge ruled. Exxon, Marathon Oil Corp., Citgo Petroleum Corp., and US affiliates of Royal Dutch Shell PLC and BP PLC are accused of intentionally limiting the available gasoline supply, driving up prices to boost profits, US District Judge Amy St. Eve in Chicago said Monday. (Bloomberg)

Google Inc. will pay top executives performance bonuses of as much as $4.5 million each this year. The amount will be based on a formula tied to Google's operating income, the company said in a regulatory filing. All executive officers are eligible for the bonus, except for chief executive Eric Schmidt and cofounders Larry Page and Sergey Brin, Google said. The bonus plan needs to be approved by stockholders at their annual meeting. (Bloomberg)