Commercial mortgage-backed security delinquencies surged in May, ending the month at 7.15% delinquent, a major leap from the 2.66% rate recorded during the same period last year.
That is also up 486 basis points compared to the end of April, according to a new report by Trepp. The jump was the largest since Trepp started tracking the metric in 2009, the report said. The rate would have been higher, perhaps as much as 10%, except that some loans have received forbearance from lenders for now.
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