February remittance data offered almost no surprises, which, given the state of the struggling economy, means more bad news. The increase in delinquencies and foreclosures came with a slowdown in prepayments, although the rate of some losses has tailed off from the previous month.

Barclays Capital analysts reported a month-over-month 60+ day slowdown in serious delinquencies for Series 06-1, 06-2, 07-1 and 07-2. The delinquencies increased by 7% (down from 9%), 9% (down from 11%), 8% (down from 9%) and 14% (down from 17%) respectively.

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