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Maturing Mortgages Imperil CMBS

Delinquencies may rise as $19 bln of commercial mortgages starts to mature.

By Sarah Mulholland, Bloomberg | Updated on December 08, 2011

A $19 billion wave of five-year commercial mortgages originated at the height of the property-market bubble starts maturing in less than a month, sparking concern that delinquencies will accelerate.

About 43 percent of the $44 billion in loans packaged into bonds that come due next year were arranged in 2007 before property values tumbled 42 percent, according to Bank of America Corp. The largest deal ever, a $7.3 billion issue by Goldman Sachs Group Inc. and Royal Bank of Scotland Group Plc, has $586 million of loans maturing in 2012, Bloomberg data show.

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