The financial position of the US state housing agencies (HFAs) remained resilient through fiscal year 2011 despite the ongoing low interest rate environment, Moody's Investors Service says in its annual medians report.

"While HFA profitability has remained resilient over the last three years, we expect low interest rates will remain a financial challenge for the remainder of 2012 and 2013 and is one of the contributors to the negative outlook on the HFA sector," said Moody's Richard Kubanik, the author of the report.

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