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LOCAL EDITION ANALYTICS a set of rules and a regime of inflation-targeting. The prize-winning team was made up of Bootle, managing director; Julian Jessop, chief global economist; Andrew Kenningham, senior global econ- omist; Jonathan Loynes, chief European economist; Ben May, European economist; Jennifer McKeown, senior European economist; and Mark Pragnell, head of commissioned projects. Capital Economics said its strong mortgage activity so far in 2012, with Massachusetts showing the strongest numbers. Activity in the state is up more than 28 percent, rising to 99,097 in the first four months of the year—a pickup from 76,930 dur- ing the same period in 2011. Purchase mortgages increased almost 13 percent year-over-year 3.8 percent from last year (1,783 compared with 2011's 1,854). Total mortgage originations through April 2012 were 12,974, up from 10,416 in 2011. "The housing market has rebounded recently with single-family home sales volume increasing in nine of the last 10 months," Timothy M. Warren HomeStreet Bank Extends Hometown Home Loan Program THROUGH ITS PLANNED EXPANSION, HOMESTREET WILL GIVE COMPANIES IN SPOKANE THE OPPORTUNITY TO TAKE PART IN THE BANK'S HOMEOWNERSHIP INITIATIVE. motivation for entering the competition was to contribute to the debate on how a eurozone breakup could best be managed and to continue the quality of its research. The company specu- lated in 2010 that the chances of some form of breakup had risen above 50 percent. Bootle said the praise his team's submission received showed that the solution outlined in their es- say could be done. "I am absolutely delighted to WASHINGTON // HomeStreet Bank is expanding its employer- assisted benefit options to a new region of Washington state. The community bank has announced the extension of its Hometown Home Loan Program to the Spokane area. Established in 1994, the Hometown Home Loan Program offers participating companies the chance to make the dream of homeownership more accessible for their workers. The program gives potential win the Wolfson Prize," he said. "It has been a team effort, and I would like to pay tribute to my colleagues at Capital Economics who collaborated with me. People may disagree on whether leaving the euro is a good thing, but the contribution of the Wolfson Prize has been to dem- onstrate that it can be done." Homeowners Driving More Mortgage Purchases in New England AN INDUSTRY STUDY INDICATES THE CONTINUED ESCALATION OF REGIONAL MORTGAGE LOAN VOLUME BASED ON DATA FROM THE FIRST HALF OF THE YEAR. MASSACHUSETTS // Record- breaking low mortgage rates and rising home sales are leading to increased mortgage activity in New England, according to the Warren Group's Mortgage MarketShare Module. According to the data, Massachusetts, Connecticut, and Rhode Island have all seen to 13,376, while non-purchase (refinance) mortgages slid up 32 percent to 85,721. March had the most activity, with 22,877 purchase and non-purchase mortgages filed statewide. Mortgage activity in Connecticut vaulted more than 16 percent in the first four months of 2012, with 43,179 mortgages being originated (an increase from 37,074 during the same period last year). Purchase mortgages rose 11.5 per- cent, while refinance mortgages increased 17 percent. Rhode Island's mortgage activity increased as well, but only in the refinance sector. Non-purchase mortgages rose to 11,191 over 8,562 in 2011. However, purchase mortgages actually fell increased volume of refinance mortgages," he added. "Low interest rates and a revamped federal program called Home Affordable Refinance Program are making lower monthly pay- ments possible for many more homeowners." More than 86 percent of total mortgages so far this year were refinances (compared with 84.5 percent during the same period in 2011). The refinance share of applications nationally is about 78 percent, according to the Mortgage Bankers Association. Jr., CEO of the Warren Group, said in a statement. "More home sales translate to more purchase mortgages. "But the real story is the homebuyers free education, significant savings on purchases and refinancing, and access to down-payment assistance. According to a statement from HomeStreet Bank, which operates as a subsidiary of HomeStreet, Inc., nearly 10,000 individuals and families have used the employer-provided assistance to buy homes. The bank also estimates those using the program have collectively saved more than $12 million in closing costs and fees. "The Hometown Home Loan Program was originally developed to help employees qualify for home loans in neighborhoods closer to their work, with the goal of reducing traffic and retaining valuable employees," said Andy Slipper, Spokane-area relationship manager for HomeStreet Bank's Affinity Lending program. "Homeownership is important to the health of our city. Through employer-assisted housing, we can help make homeownership more affordable for working people, as well as provide educational resources to help them prepare for homeownership," added Slipper. THE M REPORT | 67 ORIGINATION SERVICING ANALYTICS SECONDARY MARKET