mba q3 2011 mortgage debt outstanding

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Q3 2011 Beginning with the Q4 2010 release, MBA’s analysis o mortgage debt outstanding more accurately refects the tr ue level o mortgages backed by income-producing commercial and multiamily properties. Previous releases do not incorporate these improvements. MBA COMMERCIAL REAL EST A TE / MUL TIFAMIL Y FINANCE mortgage debt outstanding 11064

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Page 1: MBA Q3 2011 Mortgage Debt Outstanding

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Q3 2011Beginning with the Q4 2010 release, MBA’s analysis o mortgage debt

outstanding more accurately refects the true level o mortgages backed

by income-producing commercial and multiamily properties. Previous

releases do not incorporate these improvements.

MBA COMMERCIAL REAL ESTATE / MULTIFAMILY FINANCE

mortgage debtoutstanding

11064

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MBA COMMERCIAL REAL ESTATE / MULTIFAMILY FINANCE

mortgage debt

outstanding 

Q3 2011

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Commercial/ Multifamily Mortgage DebtOutstanding

Third Quarter 2011

The level of commercial/multifamilymortgage debt outstanding was essentiallyunchanged in the third quarter of 2011, asthree of the four major investor groupsincreased their holdings, according to theMortgage Bankers Association (MBA).

The $2.4 trillion in commercial/multifamilymortgage debt outstanding was just $533million lower than the second quarter 2011figure. Multifamily mortgage debt

outstanding rose to $806 billion, an increaseof $4.1 billion or 0.5 percent from thesecond quarter.

  “Three of the four leading investor groupsincreased their holdings of commercial andmultifamily mortgages during the thirdquarter,” said Jamie Woodwell, MBA’s VicePresident of Commercial Real EstateResearch. “Life insurance companies,banks, and Fannie Mae/Freddie Mac/FHAeach increased their investments incommercial/multifamily mortgages duringthe period. The CMBS market, which wassidelined during the quarter by US and

European sovereign debt struggles andother capital markets disruptions, saw $7.4billion more in loans pay-off and pay-down

Commercial Multifamily Mortgage Debt Outstanding

By Investor Group, Third Quarter 2011

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than was added. The net effect was noappreciable change in the amount of commercial/multifamily mortgage debtoutstanding.” 

The analysis summarizes the holdings of 

loans or, if the loans are securitized, theform of the security. For example, many lifeinsurance companies invest both in wholeloans for which they hold the mortgage note(and which appear in this data under LifeInsurance Companies) and in commercialmortgage-backed securities (CMBS),collateralized debt obligations (CDOs) andother asset backed securities (ABS) forwhich the security issuers and trustees holdthe note (and which appear here underCMBS, CDO and other ABS issues).

MBA recently improved its reporting of commercial and multifamily mortgage debtoutstanding. The new reporting excludestwo categories of loans that had formerlybeen included – loans for acquisition,development and construction and loanscollateralized by owner-occupiedcommercial properties. By excluding theseloan types, the analysis here moreaccurately reflects the balance of loanssupported by office buildings, retail centers,apartment buildings and other income-

producing properties that rely on rents andleases to make their payments.

Commercial banks continue to hold thelargest share of commercial/multifamilymortgages, $793 billion, or 33 percent of the total.

CMBS, CDO and other ABS issues are thesecond largest holders of commercial/multifamily mortgages, holding$607 billion, or 26 percent of the total.Agency and GSE portfolios and MBS hold

$338 billion, or 14 percent of the total, andlife insurance companies hold $310 billion,or 13 percent of the total. Many lifeinsurance companies, banks and the GSEspurchase and hold CMBS, CDO and otherABS issues. These loans appear in theCMBS, CDO and other ABS categories.

MULTIFAMILY MORTGAGE DEBTOUTSTANDINGLooking solely at multifamily mortgages,agency and GSE portfolios and MBS hold thelargest share, with $338 billion or 42percent of the total multifamily debt

outstanding. They are followed by banksand thrifts with $217 billion, or 27 percentof the total. CMBS, CDO and other ABSissues hold $94 billion, or 12 percent of thetotal; state and local governments hold $71billion, or 9 percent of the total; lifeinsurance companies hold $49 billion, or 6percent of the total; and the federalgovernment holds $14 billion, or 2 percentof the total.

CHANGES IN COMMERCIAL/MULTIFAMILYMORTGAGE DEBT OUTSTANDING

In the third quarter of 2011, agency andGSE portfolios and MBS saw the largestincrease in dollar terms in their holdings of commercial/multifamily mortgage debt – anincrease of $5.8 billion or 1.7 percent. Lifeinsurance companies increased theirholdings of commercial/multifamilymortgages by $5.7 billion or 1.9 percent.CMBS, CDO and other ABS issues saw thelargest decrease of $7.4 billion or 1.2percent.

In percentage terms, other insurancecompanies saw the largest increase in theirholdings of commercial/multifamilymortgages, an increase of 5.6 percent. Thehousehold sector saw their holdingsdecrease 7.7 percent.

CHANGES IN MULTIFAMILY MORTGAGEDEBT OUTSTANDINGThe $4.1 billion increase in multifamilymortgage debt outstanding between thesecond quarter and third quarter of 2011represents a 0.5 percent increase. In dollar

terms, agency and GSE portfolios and MBSsaw the largest increase in their holdings of multifamily mortgage debt, an increase of $5.8 billion, or 1.7 percent. Commercialbanks increased their holdings of multifamily mortgage debt by $1.0 billion,or 0.5 percent. Life insurance companiesincreased by $899 million, or 1.9 percent.CMBS, CDO, and other ABS issues saw the

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biggest decrease in their holdings of multifamily mortgage debt, by $2.2 billionor 2.3 percent.

In percentage terms, life insurancecompanies recorded the largest increase in

holdings of multifamily mortgages, at 1.9percent. Finance companies saw thebiggest decrease, at 5.2 percent.

MBA’s analysis is based on data from theFederal Reserve Board’s Flow of FundsAccount of the United States and theFederal Deposit Insurance Corporation’sQuarterly Banking Profile. More informationon the construction of this data series iscontained in Appendix A in the report.

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COMMERCIAL AND MULTIFAMILY MORTGAGE DEBT OUTSTANDING

Total Commercial and Multifamily Mortgage Debt Outstanding, by Quarter

($millions)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

     2     0     0     7      Q     1

     2     0     0     7      Q     2

     2     0     0     7      Q     3

     2     0     0     7      Q     4

     2     0     0     8      Q     1

     2     0     0     8      Q     2

     2     0     0     8      Q     3

     2     0     0     8      Q     4

     2     0     0     9      Q     1

     2     0     0     9      Q     2

     2     0     0     9      Q     3

     2     0     0     9      Q     4

     2     0     1     0      Q     1

     2     0     1     0      Q     2

     2     0     1     0      Q     3

     2     0     1     0      Q     4

     2     0     1     1      Q     1

     2     0     1     1      Q     2

     2     0     1     1      Q     3

MF Commercial

Source: MBA, Federal Reserve Board of Governors, and FDIC 

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QUARTERLY COMMERCIAL AND MULTIFAMILY MORTGAGE DEBT OUTSTANDING

Commercial and Multifamily Mortgage Debt Outstanding, by Sector

Mortgage Debt Outstanding

2011 Q3

($millions) Percent

2011 Q2Change

($millions)% oftotal ($millions)

% oftotal

Bank and Thrift 793,004 791,614 1,390 0.2%33.4% 33.4%

CMBS, CDO and other ABS issues 606,501 613,917 -7,416 -1.2%25.6% 25.9%

Agency and GSE portfolios and MBS 337,500 331,746 5,754 1.7%14.2% 14.0%

Life insurance companies 309,553 303,871 5,682 1.9%13.1% 12.8%

State and local government 85,837 86,989 -1,152 -1.3%3.6% 3.7%

Federal government 80,343 80,085 258 0.3%3.4% 3.4%Finance companies 56,547 58,085 -1,538 -2.6%2.4% 2.4%

REITs 34,067 36,252 -2,185 -6.0%1.4% 1.5%

Nonfarm noncorporate business 22,388 22,323 65 0.3%0.9% 0.9%

Household sector 13,650 14,787 -1,137 -7.7%0.6% 0.6%

Private pension funds 12,307 12,460 -153 -1.2%0.5% 0.5%

Nonfinancial corporate business 8,956 9,366 -410 -4.4%0.4% 0.4%

State and local government retirement funds 5,964 5,900 64 1.1%0.3% 0.2%

Other insurance companies 4,591 4,346 245 5.6%0.2% 0.2%

2,371,208 2,371,741TOTAL -533 0.0%

Source: Flow of Funds Accounts, Federal Reserve Board of Governors 

Note: Beginning with the Q4 2010 release, MBA's analysis of mortgage debt outstanding more accurately reflects the true level of mortgages backed by income-producing commercial and multifamily properties. Previous releases do not incorporate these improvements.

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COMMERCIAL AND MULTIFAMILY MORTGAGE DEBT OUTSTANDING

Total Commercial and Multifamily Mortgage Debt Outstanding, by Sector

($millions)

Source: MBA, Federal Reserve Board of Governors, and FDIC 

4,591

5,964

8,956

12,307

13,650

22,388

34,067

56,547

80,343

85,837

309,553

337,500

606,501

793,004

0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000

Other insurance co mpanies

State and local go vernment retirement funds

Nonf inancial corpo rate business

Private pension funds

Household sector

Nonfarm noncorporate business

REITs

Finance com panies

Federal government

State and local government

Life insurance co mpanies

Agency and GSE portfo lios and MB S

CM BS, CDO and other AB S issues

Bank and Thrift

2011Q2 2011Q3

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COMMERCIAL AND MULTIFAMILY MORTGAGE DEBT OUTSTANDING

Total Commercial and Multifamily Mortgage Debt Outstanding,by Selected Sector by Quarter

($millions)

Source: MBA, Federal Reserve Board of Governors, and FDIC 

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

     1     9     9     5      Q     1

     1     9     9     6      Q     1

     1     9     9     7      Q     1

     1     9     9     8      Q     1

     1     9     9     9      Q     1

     2     0     0     0      Q     1

     2     0     0     1      Q     1

     2     0     0     2      Q     1

     2     0     0     3      Q     1

     2     0     0     4      Q     1

     2     0     0     5      Q     1

     2     0     0     6      Q     1

     2     0     0     7      Q     1

     2     0     0     8      Q     1

     2     0     0     9      Q     1

     2     0     1     0      Q     1

     2     0     1     1      Q     1

Agency and GSE portfolios and MBS Bank and Thrif t

CMBS, CDO and other ABS issues Life insurance companies

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COMMERCIAL AND MULTIFAMILY MORTGAGE FLOWS

Net Change in Commercial and Multifamily Mortgage Debt Outstanding, by Quarter

($millions)

Source: MBA, Federal Reserve Board of Governors, and FDIC 

(40,000)

(20,000)

0

20,000

40,000

60,000

80,000

100,000

     2     0     0     7      Q     2

     2     0     0     7      Q     3

     2     0     0     7      Q     4

     2     0     0     8      Q     1

     2     0     0     8      Q     2

     2     0     0     8      Q     3

     2     0     0     8      Q     4

     2     0     0     9      Q     1

     2     0     0     9      Q     2

     2     0     0     9      Q     3

     2     0     0     9      Q     4

     2     0     1     0      Q     1

     2     0     1     0      Q     2

     2     0     1     0      Q     3

     2     0     1     0      Q     4

     2     0     1     1      Q     1

     2     0     1     1      Q     2

     2     0     1     1      Q     3

MF Commercial TOTAL

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COMMERCIAL AND MULTIFAMILY MORTGAGE FLOWS

Net Change in Commercial and Multifamily Mortgage Debt Outstanding, by Sector

($millions)

Source: MBA, Federal Reserve Board of Governors, and FDIC 

(7,416)

(2,185)

(1,538)

(1,152)

(1,137)

(410)

(153)

64

65

245

258

1,391

5,682

5,754

(12,000) (10,000) (8,000) (6,000) (4,000) (2,000) 0 2,000 4,000 6,000 8,000

CM BS, CDO and other AB S issues

REITs

Finance com panies

State and local government

Household sector

Nonf inancial corpo rate business

Private pension funds

State and local go vernment retirement funds

Nonfarm noncorporate business

Other insurance co mpanies

Federal government

Bank and Thrift

Life insurance co mpanies

Agency and GSE portfo lios and MB S

2011Q2 2011Q3

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MULTIFAMILY MORTGAGE DEBT OUTSTANDING

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MULTIFAMILY MORTGAGE DEBT OUTSTANDING

Total Multifamily Mortgage Debt Outstanding, by Quarter

($millions)

Source: MBA, Federal Reserve Board of Governors, and FDIC 

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

     2     0     0     7      Q     1

     2     0     0     7      Q     2

     2     0     0     7      Q     3

     2     0     0     7      Q     4

     2     0     0     8      Q     1

     2     0     0     8      Q     2

     2     0     0     8      Q     3

     2     0     0     8      Q     4

     2     0     0     9      Q     1

     2     0     0     9      Q     2

     2     0     0     9      Q     3

     2     0     0     9      Q     4

     2     0     1     0      Q     1

     2     0     1     0      Q     2

     2     0     1     0      Q     3

     2     0     1     0      Q     4

     2     0     1     1      Q     1

     2     0     1     1      Q     2

     2     0     1     1      Q     3

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QUARTERLY MULTIFAMILY MORTGAGE DEBT OUTSTANDING

Multifamily Mortgage Debt Outstanding, by Sector

Mortgage Debt Outstanding

2011 Q3

($millions) Percent

2011 Q2Change

($millions)% oftotal ($millions)

% oftotal

Sector Shareof $ Change

Agency and GSE portfolios and MBS 337,500 331,746 5,754 1.7%41.9% 41.4% 138.7%

Bank and Thrift 216,802 215,802 1,000 0.5%26.9% 26.9% 24.1%

CMBS, CDO and other ABS issues 94,110 96,286 -2,176 -2.3%11.7% 12.0% -52.5%

State and local government 71,181 72,141 -960 -1.3%8.8% 9.0% -23.1%

Life insurance companies 48,986 48,087 899 1.9%6.1% 6.0% 21.7%

Federal government 14,089 14,116 -27 -0.2%1.7% 1.8% -0.7%Nonfarm noncorporate business 12,384 12,348 36 0.3%1.5% 1.5% 0.9%

Finance companies 3,440 3,630 -190 -5.2%0.4% 0.5% -4.6%

Private pension funds 2,801 2,930 -129 -4.4%0.3% 0.4% -3.1%

State and local government retirement funds 2,795 2,765 30 1.1%0.3% 0.3% 0.7%

REITs 1,716 1,790 -74 -4.1%0.2% 0.2% -1.8%

Nonfinancial corporate business 345 360 -15 -4.2%0.0% 0.0% -0.4%

806,149 802,001TOTAL 4,148 0.5%

Source: MBA, Federal Reserve Board of Governors, and FDIC 

Note: Beginning with the Q4 2010 release, MBA's analysis of mortgage debt outstanding more accurately reflects the true level of mortgages backed by income-producing commercial and multifamily properties. Previous releases do not incorporate these improvements.

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MULTIFAMILY MORTGAGE DEBT OUTSTANDING

Total Multifamily Mortgage Debt Outstanding, by Sector

($millions)

Source: MBA, Federal Reserve Board of Governors, and FDIC 

345

1,716

2,795

2,801

3,440

12,384

14,089

48,986

71,181

94,110

216,802

337,500

0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000

Nonf inancial corpo rate business

REITs

State and local go vernment retirement funds

Private pension funds

Finance com panies

Nonfarm noncorporate business

Federal government

Life insurance co mpanies

State and local government

CM BS, CDO and other AB S issues

Bank and Thrift

Agency and GSE portfo lios and MB S

2011Q2 2011Q3

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MULTIFAMILY MORTGAGE DEBT OUTSTANDING

Total Multifamily Mortgage Debt Outstanding, by Selected Sector by Quarter

($millions)

Source: MBA, Federal Reserve Board of Governors, and FDIC 

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

     1     9     8     0      Q     1

     1     9     8     1      Q     1

     1     9     8     2      Q     1

     1     9     8     3      Q     1

     1     9     8     4      Q     1

     1     9     8     5      Q     1

     1     9     8     6      Q     1

     1     9     8     7      Q     1

     1     9     8     8      Q     1

     1     9     8     9      Q     1

     1     9     9     0      Q     1

     1     9     9     1      Q     1

     1     9     9     2      Q     1

     1     9     9     3      Q     1

     1     9     9     4      Q     1

     1     9     9     5      Q     1

     1     9     9     6      Q     1

     1     9     9     7      Q     1

     1     9     9     8      Q     1

     1     9     9     9      Q     1

     2     0     0     0      Q     1

     2     0     0     1      Q     1

     2     0     0     2      Q     1

     2     0     0     3      Q     1

     2     0     0     4      Q     1

     2     0     0     5      Q     1

     2     0     0     6      Q     1

     2     0     0     7      Q     1

     2     0     0     8      Q     1

     2     0     0     9      Q     1

     2     0     1     0      Q     1

     2     0     1     1      Q     1

Agency and GSE portfolios and MBS Bank and Thrif t

CMBS, CDO and other ABS issues Life insurance companies

State and local government

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MULTIFAMILY MORTGAGE FLOWS

Net Change in Multifamily Mortgage Debt Outstanding, by Quarter

($millions)

Source: MBA. Federal Reserve Board of Governors, and FDIC 

(5,000)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

     2     0     0     7      Q     2

     2     0     0     7      Q     3

     2     0     0     7      Q     4

     2     0     0     8      Q     1

     2     0     0     8      Q     2

     2     0     0     8      Q     3

     2     0     0     8      Q     4

     2     0     0     9      Q     1

     2     0     0     9      Q     2

     2     0     0     9      Q     3

     2     0     0     9      Q     4

     2     0     1     0      Q     1

     2     0     1     0      Q     2

     2     0     1     0      Q     3

     2     0     1     0      Q     4

     2     0     1     1      Q     1

     2     0     1     1      Q     2

     2     0     1     1      Q     3

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MULTIFAMILY MORTGAGE FLOWS

Net Change in Multifamily Mortgage Debt Outstanding, by Sector

($millions)

Source: MBA, Federal Reserve Board of Governors, and FDIC 

-2,176

-960

-190

-129

-74

-27

-15

30

36

899

1,000

5,754

(3,000) (2,000) (1,000) 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000

CM BS, CDO and other AB S issues

State and local government

Finance com panies

Private pension funds

REITs

Federal government

Nonf inancial corpo rate business

State and local go vernment retirement funds

Nonfarm noncorporate business

Life insurance co mpanies

Bank and Thrift

Agency and GSE portfo lios and MB S

2011Q2 2011Q3

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APPENDIX A

MBA’s analysis is based on data from theFederal Reserve Board’s Flow of Funds

Account of the United States and theFederal Deposit Insurance Corporation’s

Quarterly Banking Profile 

MBA’s analysis of commercial andmultifamily mortgage debt outstanding waschanged in the fourth quarter of 2010 toexclude two categories of loans that hadpreviously been included;

a.  loans for acquisition, developmentand construction and

b.  loans collateralized by owner-occupied commercial properties.

By excluding these loan types, MBA’sanalysis more accurately reflects the

balance of loans supported by officebuildings, retail centers, apartmentbuildings and other income-producingproperties that rely on rents and leases tomake their payments.

For the third quarter 2011, the FederalReserve Board’s Flow of Funds Accountsdata attributed $1.5 trillion of outstandingcommercial and multifamily mortgages tobanks and thrifts. Comparing this numberto the FDIC’s Quarterly Banking Profile for

the same period, one sees that banks andthrifts held $216.8 billion of multifamilymortgages and $1,055.5 billion of non-farmnonresidential mortgages, of which 51percent or $576 billion were income-producing. The combined $793 billion of mortgages backed by multifamily and otherincome-producing properties is included inthis analysis. The $1.5 trillion total reportedby the Federal Reserve also includes $479billion of loans collateralized by owner-occupied commercial properties and another$239 billion of loans backed by acquisition,

development and construction projects(including those for single-familydevelopment), which are excluded in fromthis analysis.

Estimated Components of FederalReserve’s Flow of Funds “Commercial

and Multifamily Mortgages” Held byBanks and Thrifts

($Billions)

Constructionloans, $239.3

Ownoccup

commemortga

$479

Income-producing

commercialmortgages,

$576.0

Multifamilymortgages,

$216.8

Source: MBA, Federal Reserve Board of Governors, and FDIC

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