The 'AA' rating on Tennessee Housing Development Agency's mortgage finance program bonds resolution has been affirmed. The rating reflects: Substantial excesses in the resolution able to support forecasted losses at the 'AA' level, Very strong adequacy of reserves for liquidity, Adequate performance of underlying mortgage loans despite higher than average delinquency statistics, and High quality investments. The general resolution was begun in 1974, and all bonds in the resolution are on parity. The bonds are supported by single-family whole loans, multifamily loans, and investments. As of Jan. 1, 2005, total mortgage loans in the resolution are $219 million. Single-family loans were more than 90% of all loans. Within the single-family portfolio, at least 75% are FHA-insured or VA-guaranteed. All multifamily
