...Fitch Ratings' January 2015 state housing finance agencies (SHFAs) statistical report contains fiscal 2014 financial statements for 34 SHFAs. Fitch includes information on mortgage-backed securities (MBS) held by SHFAs as part of their programmatic functions. Fiscal 2014 results showed that 23 of the 34 SHFAs held MBS in their portfolios. Comparing fiscal 2014 results with those from fiscal 2013 for the same 34 SHFAs, total assets decreased by 8.1%, while total debt fell by 11.4%. This marks the fourth straight year of across-the-board declines, reflective of the lower levels of new bond issuance and program loan originations. Fiscal 2010 remains the only year total assets and total debt increased since the housing crisis in 2008, and the increase was primarily a result of the implementation of the U.S. Treasury's New Issue Bond Program (NIBP). The median net interest spread (NIS) ratio for the 34 SHFAs saw an increase in fiscal 2014 compared with the previous year. The median NIS of the...
