This report does not constitute a rating action. Japan Housing Finance Agency (JHF)--an incorporated administrative agency and the sole government-related entity (GRE) in Japan that supports home purchases through securitization support operations with the private sector--was established on April 1, 2007, to inherit the receivables and obligations held by the former Government Housing Loan Corp. (GHLC; see note 1 in the Appendix), as well as GHLC's operations. GHLC began issuing residential mortgage-secured pass-through notes in March 2001, and JHF has issued JHF structured notes since it inherited GHLC's operations in April 2007. In this report, S&P Global Ratings outlines the structural features common to each series of JHF notes. Meanwhile, in our presale reports or new issue reports, which include
