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Commercial and multifamily mortgage delinquency rates fell across all major investor groups in the second quarter, the ""Mortgage Bankers Association"":http://mbaa.org/default.htm (MBA) reported.
[IMAGE]The group's quarterly analysis examines commercial/multifamily delinquency rates for five of the largest investor groups: commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, Fannie Mae, and Freddie Mac. Those groups together hold more than 80 percent of commercial/multifamily mortgage debt outstanding.
During the second quarter, the 60+ day delinquency rate for commercial and multifamily mortgages held in life insurance company portfolios declined 0.01 percentage points to 0.08 percent.
The 60+ day delinquency rate for multifamily loans held or insured by Freddie Mac fell 0.07 percentage points to 0.09 percent, while the delinquency rate for Fannie Mae-held loans fell 0.11 percentage points to 0.28 percent.
FDIC-insured banks and thrifts reported a 2.16 percent 90+ day delinquency rate for their commercial/multifamily loans, a drop of 0.26 percentage points.
Finally, the 30+ day delinquency rate for loans held in CMBS decreased 0.74 percentage points to 7.81 percent. According to Jamie Woodwell, MBA's VP of commercial real estate research, it was the largest quarterly decline on record for this category.
The group's analysis incorporates the same measures used by each individual investor group to track loan performance. Because each investor group tracks delinquencies in its own way, MBA noted delinquency rates are not comparable from one investor group to another.
