loanDepot officially files for IPO

loanDepot officially files for IPO

Number of shares, price range to be determined

Did Sen. Corker violate SEC rules, Senate ethics by telling investors to short GSEs?

Made questionable remarks on CNBC regarding stocks

House passes bipartisan TRID grace period bill 303-121

Next comes Senate, then looming threat of veto from White House

Multifamily delinquency rate in CMBS climbs to 17.4%, highest ever recorded by Fitch

A rise in late payments within the large multifamily sector has spawned a 36-basis-point jump in delinquencies within commercial mortgage-backed securities, according to Fitch Ratings. The agency's latest loan delinquency index showed the sudden rise in CMBS delinquencies is attributable to not only to late-pays, but to high-profile multifamily defaults. The delinquency rate in the multifamily sector rose to 17.4%  in January, up from 15.63% the prior month and at the highest level since Fitch began tracking CMBS delinquencies. Meanwhile, the overall CMBS delinquency rate in the U.S. is currently at 8.59%, according to Fitch. Fitch has 955 multifamily properties in its ratings portfolio classified as delinquent. Fifteen of the loans range in size from $54 million to $2.8 billion, making up half of the delinquent payments within the portfolio. Three multifamily loans -- valued at $915 million total -- represent the majority of the loans in default. "More defaults are likely for collateral with cash flow that was not stabilized at issuance and cash-strapped borrowers that over-leveraged their properties at the height of the market," said  Mary MacNeill, managing director of Fitch Inc. Fitch said the delinquency rates by property type are as follows:
  • Multifamily: 17.40% (from 15.63%)
  • Hotel: 14.43% (from 13.99%)
  • Industrial: 8.53% (from 6.24%)
  • Retail: 6.88% (from 7.20%)
  • Office: 5.50% (from 5.69%)
Write to Kerri Panchuk

Recent Articles by Kerri Panchuk

Comments powered by Disqus