Delinquency rate on commercial mortgages on the rise
October 12, 2009 03:30PM
The delinquency rate on commercial mortgages jumped 33 basis points to 3.34 percent last month, according to Credit Suisse Group AG. Payments on $22.4 billion of mortgages were at least 60 days late in September, the report from the financial services firm said, a sharp increase from the same time period a year ago, when $3.2 billion in mortgages were delinquent. Credit Suisse analysts attributed the uptick in delinquencies to poor underwriting on recent loans, as borrowers expected rents on space -- particularly retail -- to keep rising. [Bloomberg]
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