IDD Magazine (04/21/08); Rozens, Aleksandrs
Fitch Ratings reports a three-basis-point jump in delinquency rates for U.S. commercial mortgage-backed securities to 0.33 percent in March, accounting for $650 billion in debt. Fitch Ratings managing director Susan Merrick attributes some of the increase to aging loans and the absence of new loans due to stricter underwriting standards and decreased capital. The firm indicates a year-over-year surge in non-performing matured loans to 11.6 percent from 2.9 percent. Additionally, the report shows the highest delinquency rates among multifamily loans--particularly in Texas, where there is an oversupply of such properties. The next highest delinquency rate was tied to offices, followed by retail properties, hotels, manufactured homes and mixed-use properties.
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