Foreclosures

Commercial mortgage-backed securities delinquency rates are likely to continue to decrease for the rest of the year, as new issuances outpace maturing loans and precrisis loans continued to get resolved by special servicers, Fitch Ratings said.

While the severity of Florence was reduced prior to Friday morning's landfall, mortgage servicers are taking proactive steps in addressing the emergency situation.

The 30-day delinquency rate dropped to a low not seen in over a decade in July, but foreclosure starts also increased to a three-month high.

The new policy, meant to assist borrowers in Puerto Rico and the U.S. Virgin Islands, will let servicers evaluate borrowers using pre-disaster payment information.

Just 5.1% of the $91 million of liens backing the transaction are vacant, down from 9.2% of the prior deal; this allowed the sponsor to borrower more heavily against the value of hte collateral.

There was a modest decline in hurricane-related delinquent mortgages in February, a sign that there are lingering problems in the affected markets.

Over 40% of the collateral is from two 2016-vintage transactions that were recently "collapsed" because proceeds from liquidations had slowed. Then there's the exposure to Puerto Rico.

With few foreclosed homes left to pick up on the cheap, the biggest landlords are buying, or building, new single-family homes to pad their portfolios; mortgages on these properties could show up as collateral in rental bonds.

The council is exploring legislation to collect around $492 million in delinquent real estate taxes that could aid the city’s school district.

Early-stage mortgage delinquencies had their largest year-over-year gain during September in over eight years, a direct result of Hurricanes Harvey and Irma.