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California Housing Finance Agency; Single Family Whole Loan May 11
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services lowered its rating and underlying rating (SPUR) to 'BBB' from 'A' on California Housing Finance Agency's (CalHFA) bonds issued under its home mortgage revenue bond (HMRB) indenture. The outlook is stable. The lowered ratings reflect our opinion of: A loan portfolio that we consider to be of moderate to high risk, with approximately 42% of loans insured through a reinsurance contract with Genworth Mortgage Insurance Corp. (BB+/Negative) with the California Housing Loan Insurance Fund (CaHLIF, 'NR'), and a significant portion of loans composed of either interest-only or 40-year loans; The weak California housing market, which has contributed to high nonperforming assets; and Financial challenges facing CalHFA resulting from the significant use of variable-rate debt and...
Companies mentioned in this report are: California Hsg Fin Agy,Genworth Mortgage Insurance Corp.
Action: Downgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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