Commercial and multifamily mortgage debt fell 0.3%, to $3.47 trillion, in the second quarter from the first quarter, the Mortgage Bankers Association said Thursday, citing an analysis of Federal Reserve Board fund-flow data.

"Most major investor groups, including the … [commercial mortgage-backed securities] market, life insurance companies and banks and thrifts, saw reductions in their holdings of commercial/multifamily mortgages, while Fannie Mae and Freddie Mac increased their holdings of multifamily mortgages," said Jamie Woodwell, a vice president at the trade group.

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