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Tag Archives: CMBS

DBRS Structured Finance Group Hires New SVP

DBRS, a provider of credit rating opinions across a range of financial institutions, corporate entities, government bodies, and various structured finance product groups, has hired Richard Carlson as an SVP within the commercial mortgage-backed securities (CMBS) group. Carlson will focus on operational risk reviews for CMBS ratings, including servicer evaluations and originator reviews globally.

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Fitch: $23 Billion in Commercial Mortgages Coming Due in 2011

Fitch Ratings says approximately 2,000 commercial mortgage loans are due to mature over the next 12 months, representing an outstanding balance of $22.5 billion. According to a new report released Friday by the ratings agency, the maturing loans were originated between 1996 and 2007 and are predominantly secured by retail, office, and multifamily properties. Fitch says 30 percent are not expected to pass its refinancing test.

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Moody’s: CMBS Loan Delinquencies Soar 79% in 2010

The delinquency rate on loans included in conduit and fusion U.S. commercial mortgage-backed securities (CMBS) deals skyrocketed 79 percent over the past 12 months, according to Moody's Investors Service. Delinquencies started 2010 at 4.90 percent. By the end of December, the rate of past-due loans had hit 8.79 percent. The firm's analysts are expecting the delinquency rate to continue rising in 2011, but at a slower pace than it has over the past two years.

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Trepp: CMBS Delinquencies Hit Record High Despite Market Optimism

The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) rose again in December with the percentage of loans 30 or more days delinquent, in foreclosure, or REO climbing 27 basis points to 9.20 percent, according to data released this week by Trepp LLC. The tracking firm says it's the highest delinquency rate in history for U.S. commercial real estate loans in CMBS. The value of delinquent loans now exceeds $61.5 billion.

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Veteran of CRE Liquidations Launches Florida Asset Management Firm

Peter Monroe was president of the oversight board of the Resolution Trust Corporation (RTC) in the early 1990s. During his tenure there, he lent his expertise to unwinding hundreds of billions of commercial mortgages from insolvent savings and loan (S&L) institutions. With the current real estate downturn, such skills are in demand again, and Monroe has his sights set on the Florida commercial property market.

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Trepp Reports a Jump in CMBS Delinquencies as Rate Nears 9% Again

The recent optimism surrounding delinquencies on commercial real estate loans bundled into investment bonds has been hit with a blast of cold water. The rate of past due loans suddenly jumped in November after a big decline the month before. According to data from Trepp LLC, the percentage of loans held in U.S. commercial mortgage-backed securities (CMBS) that were 30 or more days delinquent, in foreclosure, or REO rose 35 basis points in November to 8.93 percent, putting the value of delinquent loans at $60.3 billion.

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Berkadia Adds CMBS Loans to Commercial Real Estate Financing

Berkadia Commercial Mortgage is expanding its commercial real estate financing options offered through its nationwide mortgage banking network. The addition of fixed-rate loans for inclusion in the new generation of commercial mortgage-backed securities (CMBS) is expected to be available in early 2011. Also under development is a short-term floating-rate loan program, which will provide temporary financing to select multifamily borrowers with pending Fannie Mae or Freddie Mac executions.

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Trepp, Fitch Report Drop in CMBS Delinquencies, Moody’s Sees Increase

Reports from three different agencies paint distinct pictures of the rate at which loans held in commercial mortgage-backed securities (CMBS) are going bad. Two tracked declines in the CMBS delinquency rate for during October - one says it's the first drop in over a year, the other says it's the first in nearly three years - and the third claims delinquencies are still rising on commercial mortgages. Hotels and multifamily complexes claim the highest delinquency rate among property types in all three reports.

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Commercial Mortgage Originations Rise but Demand Remains Weak

Commercial and multifamily mortgage loan originations during the third quarter jumped 15 percent from the previous quarter and were 32 percent higher than during the same period last year, according to data released by the Mortgage Bankers Association (MBA) Thursday. Origination volumes for Fannie Mae, Freddie Mac, and life insurance companies were relatively strong, MBA says, but commercial mortgage borrowing at banks fell on both a quarter-over-quarter and year-over-year basis.

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Default Not Always Imminent For CMBS Transfers to Special Servicing

While most loans held in commercial mortgage-backed securities (CMBS) that transfer to special servicing are driven by borrowers looking to prevent future defaults, some recent transfers are showing something else entirely - opportunistic borrowers looking to capitalize on current market conditions, according to Fitch Ratings. The majority of special servicing transfers are classified as imminent default, but this is a ""catch-all"" label. Fitch has been monitoring the market in light of this fact and says some of the results are surprising.

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