The rating on Southern California Home Financing Authority's bonds reflects: The extremely high credit quality of the GNMA, Fannie Mae, and FHLMC mortgage-backed securities (MBS): all agencies are considered triple-'A' eligible under Standard&Poor's rating criteria due to direct or implied support from the U.S. government; 'AAA' rated 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. Series 2000A-1B is a $40 million tax-exempt premium (3.5%) long-term bond maturing on May 1, 2031. Bond premiums are used first to provide investment principal to generate positive arbitrage during the acquisition period, and then
