Wall Street Journal (10/01/08) P. C14; Karp, Jonathan; Wei, Lingling; Hudson, Kris
The Mortgage Bankers Association reports that, despite a squeeze in the credit markets, the amount of commercial mortgage and multifamily debt outstanding actually rose by 1.5 percent in this year's second quarter to $3.44 trillion. This is due to contributions from such balance-sheet lenders as life insurers, pension funds and well-capitalized regional banks. In the April-through-June period, banks recorded the biggest increase--3 percent--in their holdings of commercial/multifamily mortgage debt; while life insurance firms increased their holdings of such debt by 8 percent. Jamie Woodwell, vice president of commercial real-estate research at the Mortgage Bankers Association, states, "Given that there is not much competition in the market . . . those who can lend now can get higher returns."
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