The delinquency rate on commercial loans packaged into MBS reached 9.18% in the first quarter, the highest reading ever recorded, according to figures compiled by the Mortgage Bankers Association.
MBA began tracking such figures back in 1997. Although the late payment figure marks a new high, the increase from 4Q was just 23 basis points.
The trade group tracks delinquencies through different investor groups, including FDIC-insured banks and thrifts, life insurance companies, and the GSEs.
The 90-day delinquency rate on loans held by FDIC-insured banks and thrifts remained the same from 4Q to 1Q at 4.18%. This figure is 2.4 basis points below its high of 6.58% reached in 2Q 1991, a period when commercial real estate values were nearing their worst performance ever.
