The Real Deal Miami

Delinquency rate for CMBS loans reaches highest level since MBA figures began

June 08, 2011 10:37AM

In the first quarter of 2011, the delinquency rate for loans held in commercial mortgage-backed securities reached the highest level since Mortgage Bankers Association figures began in 1997, the association said today, but the climb was slower than in recent quarters.

Delinquency rates among different commercial, multifamily mortgage investor groups were mixed for the quarter and rates for other groups remain below levels seen in the last major real estate downturn during the early 1990s — some by large margins.

Between the fourth quarter of 2010 and first quarter of 2011, the 90 or more day delinquency rate on loans held by FDIC-insured banks and thrifts remained the steady at 4.18 percent.

The delinquency rate for commercial and multifamily mortgages held in life insurance company portfolios was 7.23 percentage points lower than the series high of 7.37 percent, reached during the fourth quarter of 1993; the rate for multifamily loans held by Fannie Mae was 2.98 percentage points lower than the series high of 3.62 percent, reached during the fourth quarter of 1991; and the rate for multifamily loans held by Freddie Mac was 6.45 percentage points lower than the series high, 6.81 percent, reached in 1992. TRD