The performance of Portuguese residential mortgage-backed securities was mixed in April, according to a report from Moody's Investors Service.

Outstanding defaults, a category that ranges from loans 360-plus days overdue to those written off, increased to 1.7% in April from 1.4% in January and 1.1% in April 2009. But an index that tracks delinquencies of 60-plus days dropped to 1.5% during the month compared to 2.2% in April 2009.

Yuezhen Wang, a Moody's senior associate, said the weighted-average cumulative loss trend rose to 0.8% of original balance during April, up 0.3% over the previous 12 months, with the highest losses seen in the 2004 vintage.

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