The 'AA+' rating on the 1992A and 1994A single-family bonds reflects: The high credit quality of the mortgage loan collateral; Fully funded reserves providing adequate liquidity; The credit quality of investments held under the indenture; and The continuing strength of the cash flows, which contributed to a solid asset-to-liability ratio of at least 120% on June 30, 2001. The 1994A series has 21 loans, all of which are conventionally insured. The asset-to-liability parity ratio was in excess of 125%, and overcollateralization was sufficient to cover reinvestment risk in the event of prepayments. Investments are held with AIG ('AAA'). Financial performance of the issue has been stable. The June 30, 2001 figures show that none of the loans were 60 or
