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CMBS Delinquency Leaps

Q2 CMBS delinquency worse than other investor types

Sept. 2, 2010

By staff

Delinquency on securitized commercial mortgages soared more than a hundred basis points in the second quarter. But performance improved on loans owned by life insurance companies.

Among all investor types, second-quarter performance on commercial real estate loans was worst on commercial mortgage-backed securities, the Mortgage Bankers Association reported in its Commercial/Multifamily Delinquency Report.

CMBS delinquency of at least 30 days jumped 139 BPS from the first quarter to 8.22 percent. It was the worst showing for securitized commercial mortgages since MBA started tracking the rate in 1997.

The CMBS rate was just 3.91 percent during the same quarter last year.

On multifamily loans, 60-day delinquency at Fannie Mae was 0.8 percent, edging up from 0.79 percent the prior quarter but significantly higher than 0.51 percent at the end of June 2009. Freddie climbed to 0.28 percent from 0.25 percent three months earlier and 0.15 percent a year earlier.

Commercial mortgage delinquency on loans owned by banks was 4.26 percent during the entire first half of 2010 and 2.93 percent as of June 30, 2009.

Life insurers were the only group to show a quarter-over-quarter improvement. MBA said delinquency of at least 60 days on loans owned by life insurance companies was down 2 BPS in the second quarter to 0.29 percent. Commercial mortgage delinquency in the sector was 0.15 percent in the second-quarter 2009.

"Different investor groups lend in different ways and on different types of properties," MBA Vice President of Commercial Real Estate Research Jamie Woodwell said in the statement. "Those differences are becoming more evident as the economy continues to struggle to work its way out of the recession."

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