CWCAM Sales Drive Down CMBS Late-Pays

NEW YORK CITY—As was expected, CWCapital Asset Management‘s massive selloff of non-performing assets has had a positive effect on the CMBS delinquency rate. A sizable portion of the assets were resolved in time to make February reports from Trepp LLC and Fitch Ratings, and both companies have reported drops of more than 45 basis points from the month prior.

Trepp has stated the late-pay rate for securitized commercial mortgage loans at 6.78% for February, a 47-bps drop and the ninth consecutive month this rate has declined. It marked the first time the delinuency rate had fallen below 7% since February 2010. Among Fitch-rated CMBS, the delinquency rate fell 46 bps to 5.43%, its lowest level in five-and-a-half years.