The delinquency rate for loans held on bank balance sheets set a new series low, and delinquency rates for loans held by life companies or guaranteed by Fannie Mae and Freddie Mac are all below 10 basis points," said Jamie Woodwell, MBA's Vice President for Commercial Real Estate Research. "Loans held in commercial mortgage-backed securities (CMBS) have a higher 'headline' delinquency rate because of the way the industry reports on those loans. However, when excluding loans in foreclosure or real estate owned (REO) – which are generally omitted from the calculations for the other groups – the CMBS delinquency rate is just 45 basis points, the same level as December 2005." MBA's quarterly analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups: commercial banks and thrifts, CMBS, life insurance companies, Fannie Mae and Freddie Mac.