Today’s News Synopsis:

The Mortgage Bankers Association reported a 2.9% increase in mortgage applications according to their latest survey.  Non-performing loans totaling $1 billion were just sold by Freddie Mac, most bought by private investors with whom they worked.  In light of the recent scandals with big banks, the Federal Reserve Board and the Federal Deposit Insurance Corporation just posted the new goals submitted by the banks in their revised “wills.”

In The News:

Federal Reserve Board – “Agencies Post Public Sections of “Targeted Submissions” for Eight Firms” (10-4-16)

“The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Tuesday posted the public portions of the required “targeted submissions” for the eight systemically important, domestic banking institutions. To foster transparency, the agencies required all of the firms to file a public portion of their targeted submissions.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (10-5-16)

“Mortgage applications increased 2.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 30, 2016.”

CNBC – “1 in 10 borrowers may be missing out on mortgage savings” (10-5-16)

“The average rate on the popular 30-year fixed mortgage has been so low for so long that a good chunk of borrowers can’t even contemplate the idea of it ever going higher.”

Bloomberg – “The 10 Most Unequal Cities in America” (10-5-16)

“Miami is the most unequal big city in the America, according to a Bloomberg ranking, after moving six spots in only one year”

HousingWire – “Freddie Mac sells off $1 billion in NPLs to familiar private investors” (10-5-16)

“Freddie Mac announced Wednesday that it is selling $1 billion in non-performing loans off its books to a familiar group of private investors.”

Bloomberg – “U.S. Stock Buyers Look to Growing Economy as Fed Rate Hike Looms” (10-5-16)

“Once again, it’s all about the economy.  That’s what investors in the U.S. stock market are thinking as the Federal Reserve moves closer to raising interest rates and new data shows the world’s largest economy strengthening.”