Defaults on bank-owned commercial mortgages double to 3.4%

12/1/2009 | Bloomberg · Reuters

In the third quarter, defaults on commercial loans owned by U.S. banks hit 3.4%, more than twice the 1.37% rate in the same quarter last year, Real Estate Econometrics said. "Mortgages originated in 2006 and 2007 are experiencing the most significant shortfalls in current cash flow relative to current debt-service obligations," said Sam Chandan, the firm's chief economist.

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