...CMBS special servicing volume among special servicers rated by Fitch Ratings increased to $23.7 billion as of March 31, 2009 from $4.6 billion at Dec. 31, 2007, an increase of more than 5.0x. Increasing special servicing volume and velocity of defaults places significant pressure on the resources of both special and master servicers. Fitch believes the pace of special servicing transfers will continue to grow throughout 2009. The sharp rise in special servicing raises the question of servicer preparedness. Fitch is concerned that the rapid rise in specially serviced loans will affect special and master servicers' ability to address loan-level issues with the quality CMBS market participants have come to expect. An important area of focus for Fitch's servicer reviews this year will be their preparedness. This report discusses the composition of the current population of loans in special servicing and comments on servicer preparedness. Record Transfers...
