1 minute readDelinquency rates on commercial and multifamily mortgages held by the five largest investor groups are now at levels higher than those seen following the 2001 recession, the Mortgage Bankers Association said this week. The increase is attributed to the weakening economy and continued credit crisis. Between Q408 and Q109, the number of loans at least thirty days delinquent held in CMBS rose 0.68 percentage points to 1.85%, according to the MBA’s Commerical/Multifamily Delinquency Report. The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae (FNM) climbed to .12%, while the 90+ day delinquency rate on Freddie Mac’s (FRE) multifamily loans rose to .09%. Leading the sector in delinquent loans are banks and thrifts, which posted a collective 2.28% delinquency rate on loans at least 90 days delinquent. Commercial properties aren’t the only ones plagued by the current economy, as Credit-reporter provider TransUnion.com said this week the number of borrowers at least two months behind on their mortgages jumped for the ninth consecutive quarter, hitting 5.22%. Write to Kelly Curran.
Kelly Curran was one of HousingWire's first reporters, providing coverage of the U.S. financial crisis until mid-2009. She currently works outside of journalism.see full bio
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Kelly Curran was one of HousingWire's first reporters, providing coverage of the U.S. financial crisis until mid-2009. She currently works outside of journalism.see full bio
