A look at the stories across HousingWire’s desk during the weekend…with more coverage to come on bigger issues:

Delinquencies on US commercial mortgage-backed securities (CMBS) increased to 4.9% at the end of 2009, according to the rating agency Moody’s Investors Service.

Delinquencies in the commercial space began the year at 0.95%, according to Moody’s Delinquency Tracker (DQT). They’ve increased 400% since then, and Moody’s expects the rate to reach 8-to-9% by the end of 2010.

"2009 saw delinquencies on all property types and in all regions surpass previous highs seen in the history of the DQT. The delinquency rate will continue to climb in 2010 to a rate that we project will be between 8% and 9% by year-end," says Moody’s managing director Nick Levidy.

Delinquencies in CMBS reached a 0.22% low in July 2007 and haven’t stopped climbing since. The DQT rose 43bps in December 2009, just shy of November’s increase of 46bps, the largest increase of 2009. In the first six months of 2009, the DQT climbed 29bps but increased, on average, 37 bps every month since then.

The delinquency trend echoes reports by other credit-rating agencies like Fitch Ratings, which reported last week that the CMBS delinquency rate closed 2009 at 4.7% and could double by the end of 2010. An even gloomier forecast came from the data-tracker, Trepp, when it reported a record high 6% delinquency rate for CMBS loans.

The Illinois Department of Financial Professional Regulation closed Town Community Bank and Trust, naming the Federal Deposit Insurance Corp. (FDIC) as receiver. First American Bank will assume all $67.4m in total deposits and agreed to purchase nearly $67.6m of the closed bank’s $69.6m in total assets. Town Community Bank and Trust’s closing is expected to cost the FDIC’s deposit insurance fund $17.8m.

The Minnesota Department of Commerce shuttered St. Stephen State Bank and appointed the FDIC as receiver. First State Bank of St. Joseph will assume all $23.4m in deposits and agreed to purchase all of the $24.7m in assets. The FDIC expects the closing to cost the deposit insurance fund $7.2m.

The Utah Department of Financial Institutions closed Barnes Banking Company, based in Kaysville, Utah. The FDIC created the Deposit Insurance National Bank of Kaysville (DINB) to remain open until Feb. 12, 2010 to allow depositors time to access insured accounts and open new ones at other financial institutions. As of the end of September 2009, Barnes Banking Company had $827.8m in total assets and $786.5m in total deposits. The cost of the closing is expected to cost the FDIC’s deposit insurance fund $271.3m.

Colorado Governor Bill Ritter and state lawmakers plan to introduce new legislation to speed up the sale of abandoned homes. The legislation would cut the amount of time it takes lenders to sell abandoned property in half.

The bill will be co-sponsored in the state’s 2010 legislative session by Reps. Jeanne Labuda, Dianne Primavera and Sen. Mike Johnston. Under the bill, lenders are allowed to accelerate the amount of time it takes to sell an abandoned home already in foreclosure by creating a minimum four-month sale process.

The bill’s authors believe quicker sales would re-occupy the vacant homes, preventing safety hazards or a drain on nearby property values.

According to the Wall Street Journal, Sean Simon, the CEO of New York-based Ivy Asset Management stepped down from the firm over the weekend. It is one of the oldest funds of hedge funds and was founded by Simon’s father 15 years ago.

According to the article, Simon’s departed amidst plans to restructure the firm  and integrate it with its parent company, BNY Mellon Asset Management.

Write to Jon Prior.