Commercial mortgages

The coworking giant's spiral hit landlords along the way as it renegotiated and sought to exit many leases.

WeWork may file its Chapter 11 petition in New Jersey as early as next week, the Wall Street Journal reported, citing people familiar with the matter who it didn't name. 

Credit ratings were cut on the highest number of commercial mortgage-backed securities in "recent memory" last week, according to strategists at Bank of America Corp.

Fewer of these mortgages are paying off, adding to the amount of credit on investors' books, the Mortgage Bankers Association said.

The work-from-home era has wrecked old assumptions about the need for office space, leaving an unprofitable glut in the market, Willy Walker said.

Lenders including Goldman Sachs Group Inc. and JPMorgan Chase & Co. have been trying to sell debt backed by offices, hotels and even apartments in recent months, but many are finding that tidying up loan books is no easy feat when concerns about commercial real estate have surged.

The companies have requested an extension of the floating-rate loan, which matured in July, according to a servicer report.

While multifamily late payments were flat, hotel properties continued to improve but office performance deteriorated significantly from the first quarter, the Mortgage Bankers Association said.

The amount of distressed assets rose 10% in the first three months of the year, according to a new report from MSCI Real Assets.

But when compared past periods of upheaval, those rates remain relatively low, the Mortgage Bankers Association report showed.