February remittance reports showed that default rates reversed their course after rising the previous month, according to Bank of America Merrill Lynch analysts.

The month's reports reported CDRs dipped back in line with levels seen at the end of last year. All of the series now have default rates at around 10% CDR. The 06-1 series had the largest drop, dipping 6.4 points to 9.3% CDR.

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