Summary: Southern California Home Fin Auth; Housing, Single Family Multiple MBS Sep 01

  • ID: 2029247
  • September 2001
  • Region: California
  • Standard & Poors
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The 'AAA' rating on Southern California Home Financing Authority's single-family mortgage revenue bonds reflects: The extremely high credit quality of the Ginnie Mae, Fannie Mae, and FHLMC MBS; 'AAA' rated investments; and Cash flow projections demonstrating sufficient revenues to fully meet debt service. The authority is issuing the bonds under a closed-lien indenture to purchase 30 year, fixed-rate MBS backed by single-family mortgages originated to low- and moderate-income residents of Los Angeles and Orange Counties. It is anticipated that a portion of the issue will finance mortgages for certain eligible public school teachers and administrators under the issuer's Teacher Home Mortgage Program. The bond issue, named series 2001A-1A and 2001A-1B, consists of $40 million of tax-exempt bonds. There are no...

Companies mentioned in this report are: Southern California Home Fin Auth
Action: New Rating

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Southern California Home Fin Auth

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