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S&P Credit Research6994 word report
published May 12, 2009
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$500.00 available for immediate download
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S&P Credit Research
| Abstract: | Standard&Poor's Ratings Services believes that housing finance agencies' (HFAs) conservative loan underwriting and appropriate financial management have helped them maintain their current issuer credit ratings (ICRs) despite the turbulent real estate and credit markets. While we believe HFA loan collateral is performing well, agencies that rely more heavily on bank and mortgage insurance support are experiencing more stress than those with more basic structures. Contributing to this are risks from non-loan assets and supports as well as the uncertainty associated with HFA intermediaries such as mortgage insurance providers, liquidity banks, and swap counterparties. We have recently revised the outlook on seven of the 24 state HFAs we rate and changed the ratings on two ICRs. These rating actions
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| Brief Excerpt: | RESEARCH Ratings Definitions U.S. Public Finance Report Card: Actions On Housing Finance Agency Ratings Increase In A Challenging Environment Publication date: 12-May-2009 Primary Credit Analyst: Lawrence Witte, San Francisco (1)...
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| Report Type: | Commentary
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
