The rating on Georgia Housing and Finance Authority's (GHFA) bonds reflects: * Strong credit quality of the pool of conventional mortgages, * Fully funded reserves and sufficient liquidity, * High credit quality of insurance supporting the mortgages, * Credit quality of the investments, and * Sufficiency of cash flows. The bonds are being issued in order to make monies available to originate new mortgage loans and to pay cost of issuance. The bonds are on parity with 18 prior series of bonds under the resolution that was opened on Nov. 10, 1976. Currently there are more than 7,500 loans outstanding with an aggregate principal balance of $395 million as of Dec. 31, 1997. Ninety-five percent of the loans are either
