The 'AAA' rating on the Southern California Home Financing Authority's (SCHFA) single-family mortgage revenue bonds series 2002A-1B is affirmed upon extension of the MBS acquisition date to Sept. 1, 2003 from March 1, 2003. Currently $7.4 million remains in the acquisition fund for the future origination of premium loans for the issuer's assisted mortgage program. The issuer will deposit $136,000 on February 27 to facilitate the extension. The deposit will cover $91,000 in negative arbitrage associated with the extension and $45,000 in principal on the monthly pay bonds resulting from the late origination. The authority issued 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
