Fitch Says CMBS Defaults Could Double but Affirms WaMu’s Commercial Mortgage Securities Trust at AAA

Reuters is reporting that Fitch is reporting that commercial mortgage backed securities (CMBS) defaults could double in 2009. That sounds bad, and if it happens it is not good. But as I posted in this space recently commercial mortgage defaults are relatively minuscule and Fitch is simply saying that CMBS defaults might reach 150 basis points (that’s 1.5%)

In any event Fitch had no problem giving the thumbs up to WaMu’s Commercial Mortgage Securities Trust, so how bad could it be?

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