CDOs, MBSs, CMBS, CMOs

Default Stats Update March 2010

Posted on Sunday, April 25, 2010

New CMBS defaults are up more than five times last year (1464 $1.75 billion), 34$ took place during 4th quarter. Large loans defaults also increased. 56 loans over $50 million verses only 5 in 2008, most from 2006 to 2008 vintages. 207 deals are 35.6% based on principal balance due to aggressive underwriting and higher leverage. Rates on 2007 vintage are predicted to reach 27%.

Up until now multi family has been highest, but now it is retail at 32.3%. Multifamily is next 22.1%. Then office 20.2% and hotel 17.8%. Office and hotel are predicted to increase the most. The most hotel impact is expected in luxury, resort and group/convention.


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