California Housing Finance Agency; Single Family Whole Loan Apr 10
- ID: 1828775
- April 2010
- Region: California
- Standard & Poors
Standard & Poor's Ratings Services lowered its rating and underlying rating (SPUR) to 'A' from 'AA-' on California Housing Finance Agency's (CalHFA) bonds issued under its home mortgage revenue bond (HMRB) indenture. The ratings remain on CreditWatch with negative implications. 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 by the California Housing Loan Insurance Fund (CaHLIF), whose rating was lowered to 'CCC-/Watch Negative' in January 2010, 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...
Companies mentioned in this report are: California Hsg Fin Agy
Action: New Rating
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Research Type: Full Analysis