SAN FRANCISCO - Public housing finance agencies - which issue municipal bonds to finance mortgages for first-time homebuyers and affordable housing projects - are facing the toughest environment in memory, but most have maintained their strong credit ratings, according to a Standard & Poor's report released yesterday.

"Housing finance agencies' conservative loan underwriting and appropriate financial management have helped them maintain their current issuer credit ratings despite the turbulent real estate and credit markets," analyst Lawrence Witte said in a report entitled "U.S. Public Finance Report Card: Actions on Housing Finance Agency Ratings in a Challenging Environment."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.