1. Lending Update September 2012

2. U.S. Commercial & Multifamily Debt Outstanding
Source: Mortgage Bankers Association ~ 4Q 2011

3. U.S. Commercial & Multifamily Debt Outstanding
MBA’s survey of loan maturity volumes covers $1.46 trillion of outstanding commercial real estate
mortgages. When compared to other estimates of commercial/multifamily mortgage debt outstanding,
the MBA survey shows strong coverage for nearly every investor group. The MBA survey captures
information on $307 billion of loans held by life insurance companies, compared to an estimate by the
Federal Reserve Board of $314 billion of life company loans outstanding and surveys by the American
Council of Life Insurers (ACLI) that track $250 billion (ACLI, The Federal Reserve and FDIC numbers cited
here are for the September , the most recent available at the time of this report. The MBA
survey numbers are as of December ) The MBA survey captures $680 billion of loans held in
CMBS, CDOs and other ABS, compared to a Fed estimate of $607 billion. The MBA survey captures $311
billion of loans held or guaranteed by Fannie Mae, Freddie Mac and FHA/Ginnie Mae, compared to Fed
estimates of $338 billion outstanding. Some of these differences are attributable to differences in
definitions between the different sources, while others are caused by differences in timing and
coverage. Across all non‐bank investor groups, MBA’s reported total is approximately 93 percent of the
total reported by the Federal Reserve Board. Banks and thrifts not covered by this report hold $793
billion in mortgages on income producing properties as of the end of the third quarter 2011.
The Federal Reserve and FDIC numbers cited here are for the September , the most recent available at the time of the MBA report. The MBA survey numbers are as of December
Source: Mortgage Bankers Association

4. 10-year Treasury vs. 30-day LIBOR

5. U.S. Commercial & Multifamily Mortgage Maturities
Of the $1.5 trillion balance of outstanding mortgages held by non‐bank investors in the survey, 10
percent of the total ($150.6 billion) will mature in 2012 and 7 percent ($107.5 billion) in 2013.
Commercial/multifamily mortgage maturities vary significantly by investor group. Fannie Mae, Freddie
Mac, FHA and Ginnie Mae will see 4 percent ($12.4 billion) of their outstanding balance of multifamily
and health care mortgages mature in Life insurance companies will see 6 percent ($19.6 billion) of
their outstanding balance come due in Among loans held in CMBS, 11 percent ($72.0 billion) will
mature in Twenty‐nine percent ($46.6 billion) of commercial mortgages held by credit companies
and other investors will mature in The $150.6 billion of loans set to mature in 2012 is three
percent smaller than the $154.7 billion that matured in 2011 and 18 percent smaller than the 2010 maturities.
Source: Mortgage Bankers Association

6. Delinquency Rates
Sources: Wells Fargo Securities, LLC and Intex Solutions, Inc., American Council of Life Insurers, Fannie Mae, Freddie Mac, OFHEO and Federal Deposit Insurance Corporation.