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CRIIMI Servicing Portfolio Shrinking

CRIIMI Servicing Portfolio Shrinking

Special servicing growing

May 13, 2003

By staff

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.

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