Fitch: CMBS Overdues Creep Up

Delinquencies on mortgages supporting commercial mortgage-backed securities rose slightly to 0.33% in February, largely as a result of higher delinquencies on multifamily loans, according to a Fitch Ratings loan delinquency index. Office properties were the only major property type whose loans had lower delinquencies as of Feb. 29, the rating agency reported. Susan Merrick, a Fitch managing director, said $130 million in newly delinquent multifamily loans "were the major contributor to the slight rise in the delinquency index. Multifamily delinquencies continue to be overrepresented in the index, now comprising 60% of all delinquent loans, though they only represent 14.6% of the Fitch-rated universe." Fitch can be found online at http://www.fitchratings.com.