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Tag Archives: CMBS

Weak Job Market Strong Dynamic in Commercial Mortgage Performance

The nation's poor employment picture has become one of the biggest impediments to a perceptible recovery in the mortgage markets - both for residential and commercial real estate. Job loss is now the primary trigger of default among struggling homeowners, and two separate research reports have uncovered a clear correlation between state-specific delinquency rates for commercial mortgages and unemployment levels. Nevada and Michigan rank among the highest for both, according to Fitch and Moody's.

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Scottsdale Real Estate Receivership Company Expands to Dallas

Resolute Commercial Services, a Scottsdale-based real estate receivership company, has expanded east with the launch of its new Dallas location. The company says the new office will allow it to connect with the commercial mortgage-backed securities (CMBS) marketplace in Texas. Resolute Commercial Services focuses on markets in the Southwest United States but has experience nationally, offering its services to lenders, bankruptcy attorneys, developers, investors, and operators.

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CMBS Delinquency Rate Jumps Above 9% for First Time: Trepp

There was something for everyone in September when looking at the delinquency rate for loans held in commercial mortgage-backed securities (CMBS), according to the research firm Trepp LLC. For commercial real estate bears, the fact that the rate once again set a record at 9.05 percent is a sign that the real estate crisis is not yet over in the commercial sector. The bulls, however, can point to the fact that the September increase in the delinquency rate is the second smallest for 2010.

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CMBS Delinquencies Moderate, but Rate Still Above 8%: Reports

Special servicers of commercial real estate loans are feverishly pursing workouts and liquidations. Their efforts have helped to moderate increases in past dues, but delinquency rates, nonetheless, continue to rise. Two industry reports released last week served to drive this point home. Fitch Ratings says the delinquency rate on loans held in its rated commercial mortgage-backed securities (CMBS) hit 8.48 percent in August. Moody's reported a similar increase to 8.10 percent.

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CMBS Delinquency Rate Nears 9% after August Jump: Trepp

The delinquency rate for real estate loans held in commercial mortgage-backed securities (CMBS) accelerated in August after two successive months in which delinquency increases had moderated, according to Trepp LLC. Overall, the percentage of loans 30 or more days delinquent, in foreclosure, or REO, jumped 21 basis points last month, putting the overall delinquency rate at 8.92 percent. The analysts at Trepp say the August numbers ""may give ammunition to those who argue that the commercial real estate crisis is far from over.""

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Commercial Mortgage Delinquencies Vary by Investor: MBA

Delinquency rates were mixed in the second quarter for commercial and multifamily mortgage investor groups, according to the Mortgage Bankers Association (MBA). The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) is the highest it's been since MBA began tracking the sector in 1997. Delinquency rates for other groups, on the other hand - such as Fannie Mae and Freddie Mac - remain below levels seen in the early 1990s, some by large margins.

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Securities Unit of Bankrupt Capmark Lands with MountainView

MountainView Capital Holdings recently announced that it has acquired the fixed income broker-dealer arm of the bankrupt commercial real estate lender Capmark Financial Group. Capmark sold off its North American loan origination and servicing businesses to Berkadia Commercial Mortgage at the end of last year, and its real estate equity advisory subsidiary, Capmark Investments, to Trecap Partners in March 2010.

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Trepp Reports More Maturing CMBS Loans Being Paid Off

Industry experts and regulators have been issuing dire warnings for months that the more than $1 trillion in commercial mortgages coming due over the next couple of years could be a hurdle that the real estate sector - and the entire national economy, for that matter - can't clear. But the research firm Trepp LLC says it's seeing a strong increase in the number of loans within commercial mortgage-backed securities (CMBS) that are being paid off in full at maturity. Fifty percent were paid off in July, the most since December 2008.

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CMBS Delinquencies Moderate as Servicers Step Up Modifications: Trepp

The number of modifications on commercial real estate loans held in securities trusts has accelerated dramatically in 2010, according to Trepp LLC. So far in 2010, loan modifications have already surpassed the total number of mods done in 2008 and 2009 combined, Trepp reports. At this pace, 2010 modifications are set to triple those completed last year, and with servicers stepping up resolutions of troubled commercial loans, increases in delinquency numbers are beginning to moderate.

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Fitch Says Maturing CMBS Loans Face Rocky Road Ahead

August is expected to be a challenging month for maturing commercial mortgage-backed securities (CMBS) loans. According to Fitch Ratings, eight U.S. CMBS loans with balances greater than $20 million that are scheduled to mature next month are likely to default. Two-thirds of these Fitch-rated loans were originated in 2005 and typically had five year terms, little to no amortization, and below market coupons, which will likely result in an increase in maturity defaults in today's higher mortgage rate environment with stricter underwriting standards, Fitch said.

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