Realpoint: CMBS UPB Jumps 583% Year Over Year

The delinquent unpaid balance for commercial mortgage-backed securities (CMBS) increased to $31.73 billion in September, a year-over-year increase of 583%, according to a report from rating agency Realpoint.

In August, the delinquent unpaid balance for CMBS stood at $28.16 billion. Last September, it was a mild $4.64 billion.

Realpoint says four of five delinquent loan categories grew in September, with only the real estate owned (REO) category declining (a result of increased liquidations during the month).

Despite the REO decline, the distressed 90+ day, foreclosure and REO buckets grew in aggregate for the 22nd consecutive month – up by $1.48 billion from the previous month and over $16.65 billion in the past year.

The unpaid balance for the 30-day bucket was $7.08 billion in September (up from $6.99 billion in August). For the 60-day bucket, the unpaid balance grew from $2.96 billion in August to $4.96 billion in September.

The total unpaid balance for CMBS pools reviewed by Realpoint for the September 2009 remittance was $805.3 billion, down from $811.4 billion in August (affected by amortization, repayments, liquidations and some servicer or trustee reporting delays).

SOURCE: Realpoint


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