Standard&Poor's Ratings Services affirmed its 'AAA' rating on Southern California Home Financing Authority's single-family mortgage revenue bonds drawdown series 2007-IA and 2007-IB following an amendment to the investment agreement. The bond proceeds are deposited in the bond escrow fund and invested in an investment agreement with Depfa Bank PLC (A/A-1). 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 bonds to obtain a 'AAA' rating based
