- Language: English
- Published: December 2013
- Region: California
Summary: California Housing Finance Agency; Single Family Whole Loan May 11
- ID: 1788108
- May 2011
- Region: California
- Standard & Poors
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.
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California Hsg Fin Agy,Genworth Mortgage Insurance Corp.