Late Payments on CMBS Jump Most in 16 Months, Wells Fargo Says
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The delinquency rate on commercial mortgages packaged into bonds recorded the largest increase since November 2010 amid a drop-off in the resolution of bad loans, according to Wells Fargo & Co.
The proportion of payments more than 30 days late rose 42 basis points to 10.04 percent last month, Wells Fargo analysts said in a March 30 report. Property owners fell behind on $4.3 billion in debt tied to everything from skyscrapers to strip malls, compared with about $3.3 billion the prior month, the analysts said.