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Fitch Ratings, New York, reported further evidence of declining commercial mortgage-backed securities (CMBS) performance, with investors shifting loan portfolios to special servicing. The report, What's in Special Servicing?, found specially serviced CMBS loans increased 48 percent to $23.7 billion during the first quarter of 2009 from year-end 2008. "The recent bankruptcy filing of General Growth Properties and inclusion of more than 150 properties in the filing is expected to contribute to record volume of specially serviced loans in the second quarter," said Adam Fox, senior director at Fitch.