At the end of 2005, $2.64 trillion in commercial/multifamily mortgage debt outstanding was recorded by the Federal Reserve, an increase of $328 billion, or 14.2 percent, from the end of 2004, according to the Mortgage Bankers Association's analysis of Federal Reserve Board Flow of Funds data. The Federal Reserve data summarizes the holding of loans, or, if the loans are securitized, the form of the security. For example, many life insurance companies invest both in whole loans for which they hold the mortgage note (and which appear in the Federal Reserve data under Life Insurance Companies) and in commercial mortgage-backed securities (CMBS) for which the security issuers and trustees hold the note (and which appear in the Federal Reserve data under CMBS issuers). In the fourth quarter a...
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