First 2.0 CMBS Delinquency

First! JPMCC 2010-C2 has experienced the first 2.0 delinquency in CMBS. The owner is effectively 60 days delinquent now and it is because the tenant failed to make their payments due to a "technical issue". Guess who the tenant is? The US Government!

JPMCC 2010-C2 $1.1bln

Class	S&P/Fitch	Size ($MM)	WAL	Subordination
A-1	AAA/AAA	$266.70	4.27	18.25%
A-2	AAA/AAA	$243.10	7.18	18.25%
A-3	AAA/AAA	$390.50	9.79	18.25%
B	AA/AA	$37.20	9.89	14.88%
C	A/A	$53.70	9.91	10.00%
D	BBB+/BBB+	$33.00	9.97	7.00%