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Modifications lead to another drop in U.S. CMBS delinquencies
Increased loan workouts have led to a second consecutive month of declines for U.S. CMBS delinquencies, according to the latest index results from Fitch Ratings.
CMBS late-pays fell 14 basis points (bps) last month to 8.48% from 8.62% in June. Helping to drive the downward movement were two large loan modifications. In July, the $305 million Schron Industrial Portfolio (GCCFC 2007-GG9) and the $210 million Savoy Park (CSMC 2007-C1) were both modified.
A closer look at the numbers shows that office CMBS delinquencies, increasing for much of this year, took a step back this past month with a 15-bp drop. In contrast, hotel CMBS delinquencies, falling for much of the last several months, stumbled in July with a 24-bp increase.
Read the full article here.
Increased loan workouts have led to a second consecutive month of declines for U.S. CMBS delinquencies, according to the latest index results from Fitch Ratings.
CMBS late-pays fell 14 basis points (bps) last month to 8.48% from 8.62% in June. Helping to drive the downward movement were two large loan modifications. In July, the $305 million Schron Industrial Portfolio (GCCFC 2007-GG9) and the $210 million Savoy Park (CSMC 2007-C1) were both modified.
A closer look at the numbers shows that office CMBS delinquencies, increasing for much of this year, took a step back this past month with a 15-bp drop. In contrast, hotel CMBS delinquencies, falling for much of the last several months, stumbled in July with a 24-bp increase.
Read the full article here.