The Pennsylvania Housing Finance Agency's series 1999-67 bonds reflect: Strengths Very strong loss coverage protection provided by the agency's leveraged self-insurance fund covering estimated loan losses at 'AA' rating level; Cash flows indicating stable portfolio performance; Investments commensurate with the rating on the bonds; and GO pledge of the agency, which currently has a 'AA' Issuer Credit Rating. Offsetting factor includes Higher-than-historical delinquencies and foreclosures over the last two years (a trend that is expected to stabilize, as the agency is currently servicing the entire portfolio). Bond proceeds, along with an agency contribution from available funds in the indenture, will provide funds to partially refund certain series, originate new single-family mortgage loans, and pay assorted costs of issuance. The loan
