If you want to see the history of the CMBS volume, spreads and defaults, we have complied three charts that really tell the story-
Even the excesses were excessive. Forecasts are that the defaults on CMBS Loans in 2010 will exceed 11% of the total $700 billion outstanding - and even a huge percentage of those still performing are not worth the loan amount.
The volume collapsed - the spreads soared - and the defaults began their rise. The charts show a pretty clear picture.
But rest assured - CMBS will come back (and that's a good thing - really - we need the capital).
see the charts