MBA: Commercial Overdues Rise Slightly

Commercial and multifamily mortgage delinquencies rose slightly for most major investor groups in the second quarter, according to the Mortgage Bankers Association. The 30-plus-day delinquency rate for loans held in commercial mortgage-backed securities rose 0.05 of a percentage point to 0.53% at the end of the quarter, and the delinquency rates for multifamily loans (60 or more days delinquent) held or insured by Fannie Mae or Freddie Mac rose 0.02 of a percentage point to 0.11% for Fannie loans and 0.01 of a percentage point to 0.03% for Freddie loans. (Delinquency rates are not comparable because the MBA analysis incorporates the varying measures used by each investor group.) The delinquency rate for loans held in life insurance company portfolios (60-plus days delinquent) rose 0.02 of a percentage point to 0.03%, and the rate for loans held by banks and thrifts (90 or more days delinquent) rose 0.17 percentage points to 1.18%. "Commercial/multifamily mortgages are not seeing the same kinds of deterioration in performance that single-family mortgages, construction, and some other types of loans have seen," said Jamie Woodwell, MBA's vice president of commercial/multifamily research. The MBA can be found online at http://www.mortgagebankers.org.