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CMBS Delinquency Leaps

CMBS 30-days 4.06% in Q4

Dec. 7, 2009

By Mortgage Daily staff

Late payments on securitized commercial mortgages have shot up more than 300 basis points during the past year -- more than on commercial real estate loans owned or managed by banks, life insurers or government sponsored enterprises.

Third-quarter delinquency of at least 30 days, including real estate owned, on loans in commercial mortgage-backed securities rose to 4.06 percent from 3.89 percent the prior quarter, the Mortgage Bankers Association reported today.

CMBS delinquency was just 0.63 percent a year earlier.

Delinquency of at least 90 days on commercial mortgages owned by banks and thrifts climbed to 3.43 percent from the second quarter's 2.92 percent and the third-quarter 2008's 1.38 percent.

Life insurance companies saw commercial mortgage late payments of at least 60 days rise to 0.23 percent from 0.15 percent in the previous quarter and 0.06 percent the previous year.

Delinquency of at least 60 days on multifamily loans owned or managed by Fannie Mae was 0.62 percent in the third quarter, up from 0.51 percent the prior period and 0.16 percent in the same period during 2008.

Over at Freddie Mac, multifamily delinquency of at least 90 days was only 0.11 percent in the latest quarter, the same as the second quarter but up from 0.01 percent a year earlier.

In October, Freddie's multifamily lates rose to 0.12 percent.

MBA executive Jamie Woodwell said commercial mortgage delinquency was in line with the overall economy.

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