Good news for commercial mortgage-backed securities: both the size and speed of cumulative defaults to decline, according to Fitch Ratings.

The U.S. CMBS cumulative default rate for fixed-rate CMBS increased only 10 basis points in the second-quarter of 2013, to 13.7%. This rate of increase was smaller than the 18 basis points rise at the end first-quarter 2013 from year-end 2012, said Fitch. And cumulative CMBS defaults are on track to finish lower than the 73-basis point movement from year-end 2011 to 2012.

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