CMBS Reaches 4.06% Delinquent in Q309, MBA Says
Delinquency rates among most commercial and multifamily investor groups rose in Q309, according to the latest delinquency report by the Mortgage Bankers Association (MBA). “Commercial and multifamily mortgages continued to feel stress in the face of the weakened economy,” said Jamie Woodwell, MBA vice president of commercial real estate research, in a statement Monday. “The deterioration in commercial and multifamily loan performance is generally in line with what is being seen in other parts of the economy, with loans backed by commercial properties continuing to perform far better than construction and development loans.” The rate of 30-plus-day delinquencies of loans among commercial mortgage-backed securities (CMBS) rose 17bps to 4.06% in the quarter. The 60-plus-day delinquency rate on loans held in life company portfolios rose 8bps to 0.23%. Loans held or insured by mortgage giant Fannie Mae (FNM) worsened 11bps to 0.62% delinquent by 60 or more days. Freddie Mac (FRE) loans looked slightly better, remaining unchanged this quarter at 0.11% delinquent by 90 or more days. The 90-plus day delinquent/non-accrual rate of loans held by Federal Deposit Insurance Corp. (FDIC)-insured banks and thrifts worsened by 51bps to 3.43% in the quarter. Write to Diana Golobay.