[20200619]IN11427_2019冠状病毒疾病对商业房地产和商业抵押贷款支持证券的影响.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i COVID-19 Impact on Commercial Real Estate and Commercial Mortgage-Backed Securities June 19, 2020 The economic turmoil resulting from Coronavirus Disease 2019 (COVID-19)particularly business interruptions and the decline in consumer activityhas negatively affected commercial real estate in numerous ways, leading to a sharp increase in delinquencies among commercial mortgage-backed securities (CMBS) borrowers in the past month. This Insight provides a brief overview of the commercial real estate (CRE) market, as well as some policy issues that may be of interest to Congress. Overview of Commercial Real Estate Financing The CRE market is large and complex. Because private companies own or lease most of the properties, valuing the market is difficultbut industry analysis suggests that outstanding CRE debt is around $3 trillion. As seen in Figure 1, banks are the largest lenders of CRE mortgages, but nonbank financial institutions, such as life insurance companies and CMBS lenders, also play a significant role. The general distinction between CRE mortgages and residential mortgages is the commercial use of CR