Subprime-mortgage delinquencies were down in March for the first time in four years, according to Fitch Ratings. Defaults on prime home loans, however, continued to increase, the credit rating agency said. Fitch also tempered the data on subprime loans. "The improvement in subprime delinquencies may be nothing more than a seasonal anomaly of tax refunds being utilized to help borrowers catch up on late mortgage payments," said Vincent Barberio, managing director at Fitch.

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