The June remittance reports offered no surprises, as usual. The reports did not show any notable change in the direction of subprime delinquencies as well as losses, UBS analysts said.

"Overall 30- and 60-day delinquencies were roughly unchanged with the 30-days not yet showing the seasonal increase we expected," they wrote. Over the last few months the current-to-30 roll rate reflected a steep seasonal rise that is expected to ultimately appear in the 30-day delinquency bucket, UBS reported.

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