Summary: Washington St Hsg Fin Com; Revenue - Housing, Multifamily FNMA; Revenue - Housing, Multifamily GNMA

The rating on Washington State Housing Authority's series 1990A and 1990B bonds is affirmed based on: The strength of the Fannie Mae collateral agreement backing the bonds; Investments commensurate with the rating; and Asset-to-liability parity above 100%. The withdrawal of the rating on the series 1985E and 1988A bonds reflects the fact that both series have been defeased. The Fannie Mae collateral agreement provides credit and liquidity support for the transaction. Under the collateral agreement, Fannie Mae is obligated to make regularly scheduled mortgage payments prior to interest payment dates in the event that the borrower misses a mortgage payment. Fannie Mae provides liquidity support by covering the purchase price of tendered bonds in the event of a failed remarketing.

RESEARCH Summary: Washington St Hsg Fin Com; Revenue - Housing, Multifamily FNMA; Revenue - Housing, Multifamily GNMA Publication date: 22-Dec-1999 Credit Profile AFFIRMED $8.090 mil. WASHINGTON ST HSG FIN COM MULTIFAM MTG RFDG FNMA...

Summary