...During the first quarter of 2009, the balance of specially serviced CMBS loans increased 48% from year-end 2008 to $23.7 billion due to the transfer of an additional 497 loans. This dramatic increase in just three months illustrates the rapidly declining performance of commercial mortgage-backed securities (CMBS) transactions. The recent bankruptcy filling of General Growth Properties (GGP) and inclusion of more than 150 properties in the bankruptcy will result in additional loans transferring to special servicing. This report is the third edition of Fitch Ratings's "What's in Special Servicing?" reports and details the 10 largest delinquent specially serviced loans, the 10 largest performing specially serviced loans, and the 10 largest Fitch loans of concern that are currently still with the master servicer. As loans are constantly being transferred to the special servicer, data in this report is as of March 31, 2009, consistent with Fitch's April 2009 loan delinquency index. There were...
