And this is from ZeroHedge (Barclay's report).
----
Credit performance for CMBS worsened at an accelerated pace this month versus the recent trend. Thirty-plus day delinquencies across the fixed rate universe increased by 41bp, to 5.50%, partly owing to the deterioration of loans that were current but transferred to the special servicer last month. This compares with the trailing three month average of 34bp. We expect this trend of accelerating delinquencies to continue throughout 2009 and early 2010, given the long lag times associated with commercial real estate.
-----

Of course, Sterling doesn't hold CMBS's to my knowledge, but their CRE exposure is high. So, I would assume this trend applies to their loan portfolio as well. To what extent, who knows?


By vintage, we notice a growing divergence between more recent and seasoned vintages. The 30+ day delinquency rate on 2005+ vintages jumped 47bp to 5.63%. More seasoned pre-2005 vintages saw a 27bp pickup to 5.17%. In particular, 2007+ vintage was a notable laggard, with delinquencies surging by 69bp to 5.32%.