The rating on Washington State Housing Finance Commission's bonds is based on: The high credit quality of the GNMA and FNMA MBS securing the 1995A bonds; The high credit quality of the GNMA MBS securing the 1995B and 1995C bonds; 'AAA' rated investments; and Stable financial performance. Washington State Housing Finance Commission issued these bonds under two separate resolutions to purchase MBS, which are backed by single-family mortgage loans originated to low- and moderate-income state residents. The first stand-alone resolution is for series 1995A, and the other is for series 1995B and 1995C. The MBS for series 1995A comprise FNMAs and GNMAs, while the MBS for series 1995B and 1995C are all GNMAs. The MBS pass-through rates for series 1995A
