The dollar number of U.S. fixed-rate loans that were liquidated in March rose by 49% from the levels in February, according to Trepp. However, the majority of loans with losses have losses of less than 2%.

In total, 105 loans totaling $1.2 billion were liquidated in March, according to Trepp. The losses on those loans were approximately $216 million, which had an average 17.8% loss severity. That is the lowest loss severity tally that Trepp has seen since it began releasing the Trepp Loss Analysis report in January 2010. 

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