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U.S. commercial, multifamily mortgage debt hits new high in Q3
Last Updated: 2018-12-14 11:14 | Xinhua
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U.S. Mortgage Bankers Association (MBA) said on Thursday that commercial and multifamily mortgage debt outstanding rose 1.4 percent in the third quarter to an all-time high.

Commercial and multifamily debt outstanding in the United States reached 3.32 trillion U.S. dollars in the third quarter, surpassing the previous record of 3.27 trillion dollar in the second quarter, said the MBA.

Meanwhile, multifamily mortgage debt increased 26.1 billion dollars to 1.3 trillion dollars over the same period.

Jamie Woodwell, vice president of commercial real estate research of the MBA, noted that all the major lender groups in the United States increased their balance of loans.

The largest group of holders were commercial banks, which held 1.3 trillion dollars of commercial and multifamily mortgages, according to the MBA. Their holdings accounted for 40 percent of total.

Another 20 percent of the total was held by the second largest group of holders, including federal agency and government sponsored enterprise portfolios, along with mortgage backed securities.

The rest of commercial and multifamily mortgages was held by life insurance companies, commercial mortgage backed securities, collateralized debt obligation, and other asset backed securities issues.

"Favorable commercial real estate fundamentals and strong lender demand pulled commercial and multifamily mortgage debt outstanding to a new high," said Woodwell.

"Multifamily mortgage debt continues to lead the pack - accounting for more than half of the total increase - and Fannie Mae, Freddie Mac and FHA remain the key drivers of multifamily mortgage growth," said Woodwell.

Fannie Mae and Freddie Mac are both government sponsored enterprises in the U.S. housing market, while the FHA stands for U.S. Federal Housing Administration.

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