Financial Times FT.com

Commercial mortgages at risk

By Saskia Scholtes in New York

Published: April 28 2009 23:31 | Last updated: April 28 2009 23:31

The volume of commercial mortgages at risk of default has quintupled since the beginning of 2008 as a deteriorating economy has made it increasingly difficult for shops and businesses to keep up with their payments.

Special servicers, companies that collect payments from borrowers in distress on behalf of mortgage bond investors, reported $23.7bn of mortgages under their care at the end of the first quarter, according to Fitch Ratings.

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