The rating on Southern California Home Financing Authority's (SCHFA) single-family mortgage revenue bonds reflects: The extremely high credit quality of the GNMA, Fannie Mae, and FHLMC mortgage-backed securities (MBS) (All agencies are considered 'AAA' eligible under Standard&Poor's rating criteria due to direct or implied support from the U.S. government); High quality investments; and Cash flow sufficiency. 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, Calif. Series 1999C-1B is a $37.68 million tax-exempt premium (3.5%) long-term bond issued with series 1999C-TB, which is a $7.6 million taxable premium (3.5%) long-term bond. Both bonds mature on May
