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Troubled CMBS Loans Skyrocket as Special Servicers Wrestle with Backlog

Published Friday, October 23, 2009

Since January, the volume of troubled commercial mortgage-backed securities (CMBS) loans sent to special servicers for resolution has risen a startling 300%, and more losses are expected, according to a new report by New York-based Fitch Ratings. Because of market conditions, defaulted loans are being resolved more slowly than in the past, and less traditional loan workouts are becoming more common. By the end of the third quarter of 2009, only 10% of loans dispatched to special servicing following delinquencies or defaults had been returned to the loans’ master servicers and categorized as current. In a ...

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