Capital
Frank Cassidy joined HUD in April 2025 and was confirmed by the Senate in December of that year, serving as FHA Commissioner and Assistant Secretary for Housing. During his tenure, he drove multifamily housing loan policy reforms, including reducing mortgage insurance premiums, streamlining environmental reviews, and working to transform the agency's culture. This article is an interview with him by Multifamily Dive, in which he discusses industry challenges, policy achievements, and future outlook.
The latest Trepp data shows that in May 2026, the non-agency CMBS multifamily loan default rate decreased by 76 basis points month-over-month to 6.95%, and the specially serviced rate decreased by 57 basis points to 8.51%, both recording the largest improvements in the commercial real estate sector for that month. The overall CMBS default rate edged up by 1 basis point to 7.55%, while the specially serviced rate decreased by 51 basis points to 10.86%.
Last week, Swapnil Agarwal reached a forbearance agreement with lenders to avoid foreclosure auctions on three North Texas apartment properties. He plans to buy time for his approximately 15,000-unit portfolio through refinancing, paying extension fees, and other measures.