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Realized losses for asset managers of U.S. commercial real estate loan collateralized debt obligations more than doubled in April, according to Fitch Ratings. Analysts said CREL CDO asset managers saw $164 million in realized losses from the disposal of defaulted and credit impaired assets in April, up from losses of $73 million a month earlier. "Many of the realized losses stemmed from foreclosure or deed-in-lieu of foreclosure actions that wiped out subordinate positions held by some CREL CDOs," said Fitch director Stacey McGovern. "The highest single loss occurred when the senior lender took a deed in lieu on land located near the Las Vegas Strip; two overleveraged B-notes, which were contributed to two related CDOs, were then written down to zero by the asset managers." During April, CREL CDO delinquencies rose to 14.8%, up from 14.1%. Write to: Kerri Panchuk.

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