The number of loans in European commercial mortgage-backed securities in default more than doubled in 2010, according to Fitch Ratings. Fitch reported that while loan defaults and transfers to special servicing slowed in the fourth quarter, last year the proportion of loans in outright default was 12.6%, compared with 5.4% in 2009. Fitch also noted that four loans securitized in European CMBS transactions that it rates recorded a loss allocation in the fourth quarter for a total of six in 2010, compared with none a year earlier.

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