“Note that the total amount of Fannie and Freddie paper outstanding is about $5 trillion – so we’ve got what – about a quarter of it that’s currently subject to a fail-to-deliver?”

via The Market Ticker ®.

“Now in an entirely different sector – probably the last place you’d look – the clouds are turning black once again. Strip out the finer details, and you’ll find the very same mechanics that brought the subprime market from boom to bust…”

Son of Subprime

“The 5 and 7 Year cliff refi issue is particularly notable in a delinquency exposure chart by vintage, where it is all too visible that 10 Year paper in need of rolling is going delinquent at an alarming rate: well over a quarter of all outstanding 1999 CMBS is in delinquency as there is nobody willing to fund a roll of the underlying debt…”

Record Commercial Real Estate Deterioration In June As CMBS Investors Pray For 50% Recoveries | zero hedge.