Representative Walt Minnick of Idaho is expected to introduce a loan guarantee program worth $15 to $25 billion to help support refinancing of underwater commercial loans. The bill would introduce a new board at the Treasury Department to prepare underwriting guidelines for the program.
According to commercial research firm Real Capital Analytics, lenders are beginning to reclaim seriously delinquent commercial loans at an accelerated pace.
According to Trepp LLC research the default rate of commercial mortgage-backed securities reached an all-time high in April. The rate of commercial mortgages 30 days or more late, in foreclosure, or being sold as REOs jumped to a record high of 8.02% in April. Fitch Ratings pegs the default rate in the commercial sector even higher at 8.14%.
After four months of increases commercial property values are once again in decline according to Moody’s Investors Services.
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