CRIIMI Mae's servicing portfolio shrank slightly during first quarter 2003, according to its latest earnings statement.
The commercial-loan provider and servicer reported carrying a servicing portfolio valued at $16.9 billion as of March 31, 2002. Comparatively, the company reported a portfolio of $17.4 billion at the end of the fourth quarter 2002.
Special servicing accounted for $1.2 billion of the portfolio total for first quarter 2003, with hotel loans responsible for almost two-thirds of defaults, the report said. In the previous quarter, special servicing totaled $810 million.
The company's latest financial statement includes information regarding its recapitalization and emergence from Chapter 11, filed two years ago.