The long-term ratings on Minnesota Housing Finance Agency's (MHFA) residential housing finance bonds reflect: Very strong financial performance of the bond program, Credit quality of the residential housing finance loan portfolio appropriate for the 'AA' rating level, Loan loss coverage at the 'AA' rating level provided by overcollateralization and a leveraged self-insurance fund, Cash flow strength, and Investments commensurate with the 'AA' rating level. All bonds additionally benefit from the GO pledge of MHFA (AA+) and the moral obligation pledge of the state of Minnesota (AAA). Series 2006K bond proceeds will be invested in an investment agreement until the maturity date of the notes. Series 2006L, 2006M, and 2006N bond proceeds will be used to purchase new single-family mortgage loans
