The 'AAA' rating on the Washington State Housing Finance Commission's multifamily mortgage refunding bonds (FNMA collateralized), series 1990A, was affirmed, based on: The strength of the Fannie Mae collateral agreement supporting the bonds, Investments commensurate with the rating, and An asset-to-liability parity ratio well in excess of 100%. Under the collateral agreement, Fannie Mae is obligated to make regularly scheduled mortgage payments before interest payment dates in the event that the borrower misses a mortgage payment. Fannie Mae has the right to cause the mandatory redemption or acceleration of the bonds under various circumstances and will pay principal and accrued interest on the bonds for these events. Investments for the debt service reserve fund and bond fund are held with
