The level of commercial/multifamily mortgage debt outstanding surpassed $2.7 trillion in the first quarter, growing 2.9 percent over the past three months, according to the Mortgage Bankers Association 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). At the end of the first quarter 2006, $2.7 trillion in comm...
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