Special servicers resolved more than $63.5 billion in distressed commercial mortgage-backed securities from January 2010 to June 2011, Fitch Ratings said in a report Wednesday. Since 2007, Fitch said special servicers have resolved more than $82 billion in distressed CMBS, reporting an average recovery rate of 86%. For most of the larger loan balances, servicers are using modifications to fix those situations. “Special servicers are still wading through a formidable backlog of underperforming loans that are in need of a workout,” said Stephanie Petosa, managing director at Fitch. The average modified loan is valued at $28.6 million compared to $9.6 million on liquidated loans, according to Fitch. “It is too early to determine what effect these modifications will have on final CMBS loan resolutions,” said Petosa. Write to Kerri Panchuk.
Special servicers resolve $63.5 billion of distressed CMBS
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