The 'AAA' ratings on Georgia Housing and Finance Authority's (GHFA) single-family mortgage revenue bonds series 2006C bonds and the parity resolution reflect: The extremely strong credit quality of the collateral securing the bonds--a pool of mortgages consisting primarily of FHA-insured or VA-guaranteed loans, Fully funded reserves and sufficient liquidity, Very strong credit quality of the investments, and Cash flow sufficiency demonstrating ample loss coverage protection at the 'AAA' level. The bonds are being issued under GHFA's 1976 General Resolution, and are on parity with all other bonds in that resolution. Bond proceeds will be used to make new single-family mortgage loans. A portion of the proceeds will be used for replacement refunding of existing bonds within the resolution as part
