The rating on Washington State Housing Finance Commission's single family mortgage revenue bonds (mortgage backed securities program) series 1995A reflects: * Assets consisting of GNMA and FNMA mortgage-backed securities. Payments of principal and interest on the GNMA securities are backed by the full faith and credit of the U.S. government, while the FNMA payments have an implied backing of the U.S. government; * Sufficiency of payments on the GNMA/FNMA securities to pay debt service on the bonds and fees; and * Float and acquisition monies invested with Financial Guaranty Insurance Co. Bond proceeds are initially deposited into an acquisition fund and invested in a guaranteed investment contract provided by Financial Guaranty Insurance Co. Acquisition monies not used to acquire GNMA
