Summary: California Housing Finance Agency; Other; Single Family Whole Loan May 10

Standard & Poors, May 2010

Abstract
Standard & Poor's Ratings Services removed its 'A' rating and underlying rating (SPUR) on California Housing Finance Agency's (CalHFA) bonds issued under its home mortgage revenue bond (HMRB) indenture from CreditWatch with negative implications, where they had been placed on July 8, 2009. Standard & Poor's affirmed its 'A' rating and SPUR on the bonds. The outlook is negative. The 'A' 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 we 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...

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

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.

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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