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Nicholas Irving, a former Special Operations Sniper, spoke with the Daily Caller’s Samantha Renck about his time in the service, what July 4th means to him and advice for future Americans.

Irving recalled his most memorable moment in the service.

“I would have to say the day I think that I should have died,” Irving said.

“The day that I consider the day that I died in Afghanistan, it was July. The day my life was saved by Corporal Benjamin Kopp [and] being pinned down by a Chechen enemy sniper for about three hours during the 19-hour firefight.”

Irving added that he “went in with 210 rounds and left with about six, and thought I was going to die that day. I contemplated death.”

He added that his favorite part of the service was “the guys, [he] loved the guys.”

Irving reflected on July 4th and what the day means for him.

“It’s the unison that we can all come to a commonality or a common ground that we can all agree on,” Irving said. “America, the place that we’re at right now being a free country that it is, I think we could all use that as a commonality, a common ground to stand on and come to an agreeance in a place and time right now where there is a certain division in this nation.”

In relation to what being an American means to him, Irving said, “I think it’s having the ability to pursue your dreams… I’ve wanted to be a sniper and join the military at the age of six. The first ghillie suit I made was in the sixth grade with my mom.” (RELATED: Honoring The Sacrifices Of American Heroes: Tim Kennedy)

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Commercial mortgage delinquencies surged at record monthly rate in June

Pedestrians walk past commercial real estate in Manhattan.Michael Nagle | Bloomberg | Getty Images

Delinquencies in commercial mortgage backed securities last month had their largest one-month surge since Fitch Ratings began tracking the metric nearly 16 years ago.

The delinquency rate hit 3.59% in June, an increase from 1.46% in May. New delinquencies totaled $10.8 billion in June.

It may not be surprising, given the massive economic impact of the coronavirus pandemic, but the numbers are still remarkable. And this is just the beginning. Fitch analysts are projecting that the impact from the coronavirus pandemic will drive the delinquency rate to between 8.25% and 8.75% by the end of third quarter of this year.

Shorter-term, 30-day delinquencies are now becoming 60-day delinquencies at a much faster rate, and that is expected to continue throughout the summer.

Some sectors are faring worse than others. Fitch breaks down the following CMBS delinquency rates:

  • Hotel: 11.49% (from 2% in May)
  • Retail: 7.86% (from 3.82%)
  • Mixed use: 4.17% (from 0.95%)
  • Office: 1.92% (from 1.39%)
  • Industrial: 0.67% (from 0.28%)
  • Multifamily: 0.59% (from 0.41%)

Hotel and retail loans made up 49% ($7.7 billion) and 34% ($5.4 billion), respectively, of the total 30-day delinquencies. If they all roll to 60-days delinquent, that would put them above their Great Recession peaks.

When commercial loans are in trouble, they are transferred to special servicing for forbearance or repayment plans.
In the three months from March through May, 439 commercial mortgage-backed securities loans, or $21 billion, went into special servicing, versus 674 loans, or $9 billion, for all of 2019, according to Fitch. As a comparison, in the two months before the pandemic hit, just 34 CMBS loans went into special servicing.

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  • Mortgages
  • Real estate
  • Housing

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