Late CMBS Loan Payments Exceed 11%, Morgan Stanley Says
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The delinquency rate on U.S. commercial mortgages packaged and sold as bonds surpassed 11 percent in May as borrowers struggle to pay off maturing loans, according to Morgan Stanley.
Payments on the debt at least 30 days late jumped 0.22 percentage point to 11.91 percent, Morgan Stanley analysts said in a report today. The surge marks “the third sizable consecutive month-over-month increase,” said the analysts led by Richard Parkus in New York.