The 'AAA' rating on the Southern California Home Financing Authority's (SCHFA) single-family mortgage revenue bonds series 2002A-1A and 2002A-1B reflects: The extremely high credit quality of the Ginnie Mae, Fannie Mae, and FHLMC MBS; 'AAA' rated investments; and Cash flow projections demonstrating sufficient revenues to fully meet debt service. The authority is issuing the bonds under a closed-lien indenture to purchase 30-year, fixed-rate MBS backed by single-family mortgages originated to low- and moderate-income residents of Los Angeles and Orange Counties. The bond issue consists of $20 million of tax-exempt bonds. The bonds are fixed-rate, monthly pay with interest payment dates on the first of every month, beginning Oct 1, 2002. The series is sold at a 3.5% premium to fund
