Standard&Poor's Ratings Services assigned its 'AAA' rating to Southern California Home Financing Authority's single-family mortgage revenue bonds draw down series 2007-IA and 2007-IB, reflecting the investment of bond proceeds with an appropriately rated provider. At closing, bond proceeds will be deposited into the bond escrow fund and invested in an investment agreement with Depfa Bank PLC (A+). The investment agreement is scheduled to expire on March 1, 2011. The bonds will bear interest at a variable rate less than the variable interest rate paid under the investment agreement. Substitution of the investment agreement requires rating confirmation. The investment agreement contains provisions that are consistent with Standard&Poor's counterparty criteria for eligible direct support counterparties. This framework allows
