The level of commercial/multifamily mortgage debt outstanding in 2010 fell by 2.7 percent, a $67 billion decrease from 2009, according to a report from the Mortgage Bankers Association (MBA).

During the fourth quarter 2010, commercial/multifamily mortgage debt decreased by 0.5 percent, or $12 billion, to $2.4 trillion from the same time in 2009. Compared to the previous quarter, debt rose to $798 billion, an increase of $3 billion, or 0.3 percent.

"The change in the balance of commercial and multifamily mortgage debt outstanding was driven by a decline in the amount of CMBS loans outstanding," said Jamie Woodwell, MBA vice president of commercial real estate research. "The $50 billion dollars of CMBS loans that paid-off, paid down or were resolved during the year represented 75 percent of the total decline. Strong originations by FHA, Fannie Mae and Freddie Mac led to an increase in the level of multifamily mortgages outstanding."

Commercial banks hold the largest share of commercial/multifamily mortgages with $802 billion, or 34 percent, of the total, according to a statement. Commercial mortgage backed securities, collateralized debt obligations and other asset backed securities issues are the second largest holders of commercial/multifamily mortgages, holding $621 billion, or 26 percent of the total.