Standard&Poor's Ratings Services affirmed its ratings on Michigan State Housing Development Authority's single-family mortgage resolution based on the anticipated remarketing and substitution of the series 2007B, 2007C, and 2009D variable-rate demand bonds. Standard&Poor's received notice that on Jan. 22, 2010 (substitution date), the above-mentioned series will be tendered for purchase due to the substitution of the series 2007B and 2007C's standby bond purchase agreements (SBPAs) with Depfa (BBB/A-2) and the series 2009D's SBPA with Barclays Capital (AA-/A-1+); they will all be replaced under the Temporary Credit and Liquidity Program. Under this new program, one master Irrevocable Standby Temporary Credit and Liquidity Facility (C&L Facility) issued by Fannie Mae and Freddie Mac (GSEs) in favor of the
