Summary: California Housing Finance Agency; Insured Liquidity; Single Family Whole Loan May 09

Standard & Poors, May 2009

Abstract
Standard & Poor's Ratings Services revised the outlook on the underlying ratings (SPURs) on California Housing Finance Agency (CalHFA)'s home mortgage revenue bonds (HMRB), series 1999F, 2000Z, 2001O, 2002C, and 2004B to negative. We also affirmed our 'AA-' SPURs on the bonds. The rating reflects our opinion of: The high credit quality of the single-family mortgage loans and mortgage insurance, and Support of the resolution from CalHFA. The outlook change reflects our opinion of the following factors: Some cash flow projections that encompass our 'AA' stress scenarios with demonstrated shortfalls expected to begin in August 2010; Deteriorating strength of the real estate portfolio, which is experiencing some effects from the California housing market; Increasing counterparty risk, as evidenced by downgrades...

Companies mentioned in this report are: California Hsg Fin Agy
Action: Affirmed
Action: Downgraded
Action: Outlook: Negative

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

California Hsg Fin Agy

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