Delinquencies pushed down by modifications

As CrabsOfSteel mentioned not long ago, delinquencies are "improving" to some degree due to modifications, but that doesn't mean the bondholder's cash flow is improving. From Fitch:

CMBS late-pays fell 14 basis points (bps) last month to 8.48% from 8.62% in June. Helping to drive the downward movement were two large loan modifications. In July, the $305 million Schron Industrial Portfolio (GCCFC 2007-GG9) and the $210 million Savoy Park (CSMC 2007-C1) were both modified.