A $19 billion wave of five-year commercial mortgages originatedat the height of the property-market bubble starts maturing in lessthan a month, sparking concern that delinquencies willaccelerate.

About 43 percent of the $44 billion in loans packaged into bondsthat come due next year were arranged in 2007 before propertyvalues tumbled 42 percent, according to Bank of America Corp. Thelargest deal ever, a $7.3 billion issue by Goldman Sachs Group Inc.and Royal Bank of Scotland Group Plc, has $586 million of loansmaturing in 2012, Bloomberg data show.

Owners of everything from strip malls to Manhattan skyscrapersmay find it harder to refinance after Europe's fiscal crisis sentrelative yields on commercial-mortgage securities to the highestlevel since February 2010, roiled credit markets and forced apullback in lending. Late payments, which declined to 9 percentfrom a record 9.1 percent in October, are likely to rise in partbecause of the 2007 class of maturing debt, according to BarclaysCapital.

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