Growing Resources

(commercial and multi-family mortgage debt outstanding; $ in millions)

Sources: MBA, Federal Reserve Board of Governors and FDIC

 

The level of commercial and multi-family mortgage debt outstanding grew by $6.6 billion, or 0.3 percent, in the third quarter of 2012 as three of the four major investor groups increased their holdings. Multi-family mortgage debt outstanding alone rose to $825 billion, an increase of $12.1 billion, or 1.5 percent, from the second quarter of 2012.

Commercial banks continue to hold the largest share of commercial and multi-family mortgages, with $819 billion, or 34 percent of the total.

CMBS, CDO and other ABS issues are the second-largest holders of the mortgages, with $562 billion, or 24 percent of the total. Agency/GSE portfolios and MBS hold $369 billion, or 16 percent of the total, and life insurance companies hold $323 billion, or 14 percent of the total. Many life insurance companies, banks and the GSEs purchase and hold CMBS, CDO and other ABS issues.

Looking solely at multi-family mortgages, agency and GSE portfolios and MBS hold the largest share, with $369 billion, or 45 percent of the total debt outstanding. They are followed by banks and thrifts with $228 billion, or 28 percent of the total.
CMBS, CDO and other ABS issues hold $74 billion, or 9 percent of the total; state and local governments hold $65 billion, or 8 percent of the total; life insurance companies hold $51 billion, or 6 percent of the total; and the federal government holds $14 billion, or 2 percent of the total.