Moody's Places 341 Ratings Under Review for Downgrade in Conjunction with Publication of US Stand-Alone Housing Bond Programs Secured by Credit Enhanced Mortgages Methodology

Approximately $2 billion of debt affected

NOTE: On January 31, 2013, the press release was revised as follows: Affected bond program #313 now reads: Texas State Affordable Housing Corporation, Single Family Mortgage Revenue Bonds (Fire Fighter & Law Enforcement or Security Officer Home Loan Program), Series 2005B. Affected bond program #330 now reads: Texas State Affordable Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2011A and 2009A. Revised release follows.

New York, December 13, 2012 -- Moody's Investors Service has published its new methodology US Stand-Alone Housing Bond Programs Secured by Credit Enhanced Mortgages. In conjunction with this methodology, we have placed 341 bond ratings under review for downgrade, affecting approximately $2 billion of outstanding debt.

The new methodology incorporates market feedback received from our Request for Comment: Proposed Changes to Methodology for Stand-Alone US Public Finance Housing Transactions with Mortgage Enhancements, published on March 19, 2012. This methodology replaces and consolidates 17 existing methodologies, rating implementation guidance reports (RIGs), and other articles.

SUMMARY RATING RATIONALE

The methodology establishes our approach to assessing, among other things, Aaa-rated bond programs and projected cash flow insufficiencies. This rating action incorporates these approaches.

DETAILED CREDIT DISCUSSION

Bonds Programs Vulnerable to Administrative Errors are Capped at Aa1

The methodology incorporates the risks of administrative errors by participants designated with executing and adhering to mandatory provisions of the trust indenture and financing agreement. Certain bond programs have had their financial positions impaired because a participant failed to fully carry out its duties detailed in the bond financing documents. We believe that a Aaa rating is therefore not appropriate given this risk of administrative error. To address this risk, bonds vulnerable to insufficiencies caused by administrative errors are capped at Aa1 in order to provide credit distinction from Aaa-rated programs with significantly less susceptibility.

Programs may continue to maintain Aaa ratings if they exhibit any of the following conditions: (i) structures that inherently reduce the likelihood of administrative errors occurring, (ii) significant over-collateralization (an asset-to-debt ratio greater than or equal to 103% throughout the life of the bonds), or (iii) certain legal provisions and cash flow assumptions which closely mirror bond program performance, security, and amortization to that of the underlying asset (for example, structures with $1 bond denominations). Further information on each of these three structures can be found within the methodology.

As a result of our new approach, we have placed 328 Aaa-rated bond programs under review for downgrade due to potential vulnerabilities to administrative errors. During the review we will assess each program's legal framework, recent financial position (including its over-collateralization level), and cash flow assumptions to determine if the bond program remains eligible for a Aaa rating. Pending the results, it is expected that each review will conclude with either a one notch downgrade to Aa1 from Aaa or a confirmation of Aaa.

Lower Reinvestment Rates Assumed

Due to continued low interest rates we are revising our assumptions for reinvestment rates. In 2009 we changed our reinvestment rate assumptions to 0% for stand-alone bond programs invested with short-term securities. Our expectation at that time was that rates would begin to rise within two years. We incorporated this assumption into our ratings, assigning lower ratings to programs where we projected insufficiency in the near term and higher ratings where the insufficiency was further out in the future. However, as rates continue to stay low, beyond our original expectation, we have refined this approach to incorporate a low rate environment for a longer period of time. For example, a bond program with a projected insufficiency in 5 years will be rated no higher than in the Ba-range while previously it could be rated in the Baa-range. Further information on our approach to projected insufficiencies can be found within the methodology.

As a result of our new approach, we have placed 13 ratings of bond programs with projected insufficiencies under review for downgrade. We will assess the timing of the first insufficiency and apply our approach for a rating cap. Pending the results, it is expected that each review will conclude with a downgrade of between one and several notches or a confirmation of the current rating. Programs with projected insufficiencies may be considered eligible for an upgrade in the future if the performance of the bond program meets our methodology.

Rating Impact

The following bond programs are affected:

1. Community Development Administration Maryland Department of Housing and Community Development Multi-Family Revenue Bonds (GNMA Collateralized - Selborne House Project) Series 1999 A - A3/RUR Downgrade

2. Community Development Administration Multi-Family Development Revenue Bonds (Auburn Manor Project), Series 1998 A - Aa2/RUR Downgrade

3. D.C. HFA - Multi-Family Program Fund 2002A (Euclid St.) FHA Insured Multi-Family Housing Revenue Bonds, (Euclid Street Apartments Project) Series 2002A - Aaa/RUR Downgrade

4. Housing Authority of the City of Tacoma, Multi-Family Housing Revenue Bonds, 2005 (GNMA Collateralized Mortgage Loans - Redwood/Juniper, Pine Tree Harbor and Conifer South Projects) - A2/RUR Downgrade

5. Housing Authority of the County of King, Multi-Family Housing Revenue Bonds, 1998 (Seaview Apartments Project) - A1/RUR Downgrade

6. Indianapolis (City of) IN, Multi-Family Housing Revenue Bonds (Cambridge Station Apartments, Phase II) Series 2005 - A1/RUR Downgrade

7. Development Authority of Columbus, Georgia, Multi-Family Housing Revenue Bonds, Series 2003A & B (Ginnie Mae Collateralized Mortgage Loan - Victory Crossing Apartments Project) - Aa2/RUR Downgrade

8. Montgomery (County of) OH, Multi-Family Housing Revenue Bonds (GNMA Coll. Canterbury Court Project), 2007 - Aa1/RUR Downgrade

9. ABAG Finance Authority for Nonprofit Corporations Multi-Family Housing Revenue Refunding Bonds(Bijou Woods Apartments) 2001 Series A - A1/RUR Downgrade

10. Bowling Green (City of) OH Multi-Family Housing Revenue Refunding Bonds (GNMA Collateralized - Bowling Green Apartments) 2001A - A1/RUR Downgrade

11. Portland Housing Authority Multi-Family Housing Revenue Refunding Bonds (100 State Street Project) Series 2004 - Aa3/RUR Downgrade

12. Rock Hill City Housing Authority, SC Multi-Family Housing Revenue Bonds (Highland Park Mill Project.) 2004 - A2/RUR Downgrade

13. Housing Authority of the City of Calexico, Revenue Bonds, Series 1991, (GNMA Collateralized - Calexico Gardens Project) - A2/RUR Downgrade

14. St. Paul Housing & Redevelopment Auth., MN Multi-Family Housing Revenue Bonds (Winnipeg Apartments Project) 2007 - Aaa/RUR Downgrade

15. Alabama HFA Multi-Family Housing Revenue Refunding Bonds (GNMA Collateralized - Green Valley Project) 1995 Series A & B - Aaa/RUR Downgrade

16. California Housing Finance Agency Affordable Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - One Santa Fe Apartments) 2009 Series 1-19 and 2011 Issue A - Aaa/RUR Downgrade

17. California Housing Finance Agency, Affordable Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan -- Jackson Hills Apartments) 2009 Series A-15 - Aaa/RUR Downgrade

18. California Housing Finance Agency, Affordable Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan -- LA Pro I Apartments) 2009 Series A-8 - Aaa/RUR Downgrade

19. Community Development Administration Maryland Department of Housing and Community Development Multi-Family Development Revenue Bonds (Park Montgomery) Series 2000C - Aaa/RUR Downgrade

20. Florida HFA Housing Revenue (Vizcaya Villas Project) Series '96M - Aaa/RUR Downgrade

21. Florida HFA Housing Revenue Bonds, 1999 Series (Deer Meadow Apartments) - Aaa/RUR Downgrade

22. Florida Housing Finance Corporation, Multi-Family Mortgage Revenue Bonds (U.S. Treasury/GSE NIBP) Series 2009G (NON-AMT) (The Landings at Timberleaf Apartments) - Aaa/RUR Downgrade

23. Idaho Housing and Finance Association, Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Wedgewood Terrace Project) Series 2002 A-1 & A-2 - Aaa/RUR Downgrade

24. Illinois Housing Development Authority, Multi-Family Housing Revenue Bonds (Universal City Apts.), Series 2004A - Aaa/RUR Downgrade

25. Kentucky Housing Corporation-Village Manor Project Conduit Multi-Family Housing Revenue Bonds, Series 2005 (GNMA Collateralized - Village Manor Project) - Aaa/RUR Downgrade

26. Louisiana Housing Finance Agency, Tax-Exempted Assisted Living Facilities GNMA Collateralized Revenue Refunding Bonds, Series 2004A and Series 2004B (AZALEA ESTATES) - Aaa/RUR Downgrade

27. Michigan State Housing Development Authority Limited Obligation Multi-Family Housing Revenue Bonds(GNMA Collateralized Program - Deaconess Tower Apartments),Series 2006 - Aaa/RUR Downgrade

28. Michigan State Housing Development Authority Limited Obligation Multi-Family Housing Revenue Bonds(GNMA Collateralized Program -- Eastside Village Apartments), Series 2004 - Aaa/RUR Downgrade

29. Michigan State Housing Development Authority Limited Obligation Multi-Family Housing Revenue Bonds(GNMA Collateralized Program - Martin Luther King Homes Ii),Series 2003A - Aaa/RUR Downgrade

30. Michigan State Housing Development Authority Limited Obligation Multi-Family Housing Revenue Bonds(GNMA Collateralized Program-Burkeshire Pointe Apartments), Series 2002A - Aaa/RUR Downgrade

31. Michigan State Housing Development Authority Limited Obligation Multi-Family Housing Revenue Bonds(GNMA Collateralized Program—Weston Apartments),Series 2005A - Aaa/RUR Downgrade

32. Michigan State Housing Development Authority, Limited Obligation Multi-Family Housing Revenue (GNMA Collateralized Program-Cranbrook Manor) Series 2001A and 2001B - Aaa/RUR Downgrade

33. Michigan State Housing Development Authority, Limited Obligation Multi-Family Housing Revenue Bonds (GNMA Collateralized Program - River Towers Apartments) Series 2004A - Aaa/RUR Downgrade

34. Michigan State Housing Development Authority, Limited Obligation Multi-Family Housing Revenue Bonds, Series 2005A (GNMA Collateralized Program- Hillsdale Gardens Apartments) - Aaa/RUR Downgrade

35. Michigan State Housing Development Authority, Limited Obligation Multi-Family Housing Revenue Bonds, Series 2005A (GNMA Collateralized Program-Center Line Park Towers Apts.) - Aaa/RUR Downgrade

36. Michigan State Housing Development Authority, Limited Obligation Multi-Family Housing Revenue Bonds, Series 2007 (GNMA Collateralized Program- Williams Pavilion Apts.) - Aaa/RUR Downgrade

37. Multi Family Housing Revenue Bonds, Series 2006A (GNMA Collateralized - Hillwood II Project) - Aaa/RUR Downgrade

38. Multi-Family Housing Revenue Bonds, Series 2009I-3 (New Issue Bond Program/Ginnie Mae Collateralized -- Elim Manor Apartments Project) - Aaa/RUR Downgrade

39. Nevada Housing Division - Cedar Village Multi-Unit Housing Revenue Bonds (Cedar Village Apartments) Series 2003 - Aaa/RUR Downgrade

40. Nevada Housing Division - Community Gardens Multi-Unit Housing Revenue Bonds (Community Gardens Apartments Project) Series 2003 - Aaa/RUR Downgrade

41. North Carolina HFA - Special Facility Bonds 2002 Multi-Family Housing Revenue Bonds, Series 2002A (GNMA Collateralized - National Church Residence of Charlotte, NC, Inc. Project) - Aaa/RUR Downgrade

42. North Carolina HFA - Special Facility Bonds 2002 Multi-Family Housing Revenue Bonds, Series 2002B (GNMA Collateralized - National Church Residence of Clinton, NC, Inc. Project) - Aaa/RUR Downgrade

43. North Carolina HFA - Special Facility Bonds 2002 Multi-Family Housing Revenue Bonds, Series 2002C (GNMA Collateralized - National Church Residence of Monroe, NC, Inc. Project) - Aaa/RUR Downgrade

44. North Carolina Housing Finance Agency, Multi-Family Housing Revenue Bonds (GNMA Collateralized - National Church Residence of Rocky Mount, NC, Inc. Project), Series 2002D - Aaa/RUR Downgrade

45. Ohio HFA - (Gama Collateralized- Kennedy Portfolio) Multi-Family Housing Revenue Bonds, Series 2005J (GNMA Collateralized- Kennedy Portfolio Project) - Aaa/RUR Downgrade

46. Ohio Housing Finance Agency, Multi-Family Housing Mortgage Revenue Bonds (GNMA Collateralized —Madonna Homes Project), Series 2006L - Aaa/RUR Downgrade

47. Ohio Housing Finance Agency, Multi-Family Housing Mortgage Revenue Bonds (GNMA Collateralized - Covenant House Apartments Project) Series 2008C - Aaa/RUR Downgrade

48. South Carolina State Housing Finance & Development Authority Multi-Family Housing Revenue Bonds (Greenville Apts.) - Aaa/RUR Downgrade

49. South Carolina State Housing Finance & Development Authority Multi-Family Housing Revenue Bonds (Hillendale Apts.) - Aaa/RUR Downgrade

50. South Carolina State Housing Finance & Development Authority Multi-Family Housing Revenue Bonds (Beverly Apts.) - Aaa/RUR Downgrade

51. Utah Housing Corporation (GNMA Collateralized) Mortgage Revenue Bonds, (The Bluffs Apartments Project), Series 2002A and Taxable Series 2002A-T - Aaa/RUR Downgrade

52. Utah Housing Corporation GNMA Collateralized Mortgage Revenue Bonds (Canyon View Apartments Project) Series 2002A and Taxable Series 2002A-T - Aaa/RUR Downgrade

53. Utah Housing Corporation GNMA Collateralized Mortgage Revenue Bonds (Fireclay II Apartments Project) 2011 Series A - Aaa/RUR Downgrade

54. Utah Housing Corporation GNMA Collateralized Mortgage Revenue Bonds (Fireclay II Apartments Project) 2009 Series A - Aaa/RUR Downgrade

55. Utah Housing Corporation Multi-Family Housing - Coppergate Apartments Project (GNMA) - Aaa/RUR Downgrade

56. Utah Housing Corporation Multi-Family Housing - Haven Pointe Project, Series 2005 - Aaa/RUR Downgrade

57. Utah Housing Corporation Multi-Family Housing - Park Gate Apartment Project Series 2005 - Aaa/RUR Downgrade

58. Washington State Housing Finance Commission (Alaska House Apartment Project), WA - Aaa/RUR Downgrade

59. Washington State Housing Finance Commission (International House Apartment Project) - Aaa/RUR Downgrade

60. Washington State Housing Finance Commission Multi-Family Mortgage Revenue Bonds (GNMA Mortgage Backed Securities Program - Parkway Apartments Project) Series 2002A & B - Aaa/RUR Downgrade

61. Washington State Housing Finance Commission Multi-Family Mortgage Revenue Bonds (GNMA Mortgage Backed Securities Program: Tashiro-Kaplan Apartments Project) Series 2003A (AMT) and Series 2003B (Taxable) - Aaa/RUR Downgrade

62. California HFA Affordable Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan Providence Gardens Apartments) 2009 Series A-7 - Aaa/RUR Downgrade

63. ABAG Finance Authority for Nonprofit Corporations Multi-Family Housing Revenue Bonds

(Park Manor Apartments Project) 2001 Series A - Aaa/RUR Downgrade

64. Albany (City of) NY, Industrial Development. Auth. Civic Facility Revenue Bonds (GNMA Collateralized Mortgage Loan - Daughters of Sarah Nursing Home Company, Inc. Project) 2002A - Aaa/RUR Downgrade

65. Anderson (County of) TN, Health & Educational Facility Multi-Family Housing Revenue Refunding Bonds (Clinton Towers Project) 2003 - Aaa/RUR Downgrade

66. Arizona HFA Multi-Family (GNMA Collateralized - Casa De Flores Project) 2007 - Aaa/RUR Downgrade

67. Asheville Housing Authority, NC Multi-Family Housing Revenue Bonds (GNMA Collateralized - Battery Park Project) 2004 - Aaa/RUR Downgrade

68. Atlanta Urban Residential Finance Authority, GA, Multi-Family Housing Revenue Bonds (GNMA Collateralized - Amal Heights Townhomes Project), Series 2010, $9.125MM - Aaa/RUR Downgrade

69. Bethany Retirement Home, Inc., NY Multi-Family Revenue Bonds (GNMA Coll. Mortgage Loan - Bethany Retirement Home, Inc. Project.) 2007 - Aaa/RUR Downgrade

70. Bexar County Housing Finance Corporation, TX Multi-Family Housing Revenue Bonds (GNMA Collateralized - Wurzbach Manor Apartments Project) 2003 - Aaa/RUR Downgrade

71. Bexar County Housing Finance Corporation, TX Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Perrin Square Apartments) 2001 - Aaa/RUR Downgrade

72. Bexar County Housing Finance Corporation, TX Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Stablewood Farms Apartments) 2001 - Aaa/RUR Downgrade

73. Bexar County Housing Finance Corporation, TX Multi-Family Housing Revenue Bonds (Park Ridge Apartments Project) Series 2004 - Aaa/RUR Downgrade

74. Brown (County of) OH Mortgage Revenue Bonds (GNMA Collateralized - Hyde Park West/Forest Glade Apartments Projects) Series 2003A & B - Aaa/RUR Downgrade

75. Butler (County of) OH Multi-Family (GNMA Collateralized - Trinity Manor) 2006 - Aaa/RUR Downgrade

76. Calcasieu Parish Public Trust Authority, LA, Single Family Mortgage Revenue Bonds (Guaranteed Mortgage-Backed Securities Program - Aaa (sf)/RUR Downgrade

77. California Housing Finance Agency, Affordable Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Wolf House Apartments Project), Series 2009 A-20, $16.500MM - Aaa/RUR Downgrade

78. California Statewide Community Dev Auth Multi-Family Housing rev Bonds (GNMA Collateralized-Steinbeck Commons) Ser.'98L & LT - Aaa/RUR Downgrade

79. California Statewide Communities Development. Auth. Multi-Family Housing Revenue Bonds (GNMA Collateralized - Lincoln Apartments Project) 2001 - Aaa/RUR Downgrade

80. Cameron County Housing Finance Corporation, Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Rockwell Manor Apartments Project), 2007 - Aaa/RUR Downgrade

81. Charlotte City Housing Authority, NC, Multi-Family Housing Revenue Bonds (Ginnie Mae Collateralized Mortgage Loan - South Oak Crossing Apartments Project) Series 2006 - Aaa/RUR Downgrade

82. Chicago (City of) IL Collateralized Single Family Mortgage Revenue Bonds 2001A & B - Aaa (sf)/RUR Downgrade

83. Chicago (City of) IL Collateralized Single Family Mortgage Revenue Bonds 2002D - Aaa (sf)/RUR Downgrade

84. Chicago (City of) IL Collateralized Single Family Mortgage Revenue Bonds 2006A&B - Aaa (sf)/RUR Downgrade

85. Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, 2006 E&F - Aaa (sf)/RUR Downgrade

86. Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, 2006 G&H - Aaa (sf)/RUR Downgrade

87. Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, 2006 I & J - Aaa (sf)/RUR Downgrade

88. Chicago (City of) IL, Collateralized Single Family Mortgage Revenue Bonds, Series 2006C&D - Aaa (sf)/RUR Downgrade

89. Chicago (City of) IL, Housing Revenue Refunding Bonds, 2006K - Aaa (sf)/RUR Downgrade

90. Chicago (City of) IL, Multi-Family Housing Revenue Bonds (Drexel Preservation Project), 2007 - Aaa/RUR Downgrade

91. Chicago (City of) IL, Multifamily Housing Revenue Bonds (Hazel Winthrop Apartments) Series 2012A - Aaa/RUR Downgrade

92. Chicago Multi-family Housing Rev Ser 1999A (GNMA Col-Hearts United Apts Project) - Aaa/RUR Downgrade

93. City of Albuquerque, New Mexico, Industrial Development Revenue Refunding Bonds (GNMA Collateralized-Albuquerque Manor Nursing Home Project) Series 1999 A&B - Aaa/RUR Downgrade

94. City of Cambridge, Ohio, Multi-Family Housing Revenue Bonds (Ginnie Mae Collateralized - Cambridge Heights Apartments Project) Series 2008 - Aaa/RUR Downgrade

95. City of Chicago, Collateralized Single Family Mortgage Revenue Bonds, Series 2007 A - Aaa (sf)/RUR Downgrade

96. City of Chicago, Collateralized Single Family Mortgage Revenue Bonds, Series 2007 C - Aaa (sf)/RUR Downgrade

97. City of Chicago, Collateralized Single Family Mortgage Revenue Bonds, Series 2007 E - Aaa (sf)/RUR Downgrade

98. City of Chicago, Collateralized Single Family Mortgage Revenue Bonds, Series 2007 G - Aaa (sf)/RUR Downgrade

99. City of Chicago, Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2A - Aaa (sf)/RUR Downgrade

100. City of Chicago, Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2C - Aaa (sf)/RUR Downgrade

101. City of Chicago, Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2E - Aaa (sf)/RUR Downgrade

102. City of Chicago, Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2G - Aaa (sf)/RUR Downgrade

103. City of Chicago, Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2I - Aaa (sf)/RUR Downgrade

104. City of Chicago, Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2K - Aaa (sf)/RUR Downgrade

105. City of Chicago, Multi-Family Housing Revenue Bonds (Clara's Village Project), Series 2007A (FHA Insured/GNMA) - Aaa/RUR Downgrade

106. City of Chicago, Multi-Family Housing Revenue Bonds (Coppin House Project), Series 2007A (FHA Insured/GNMA) - Aaa/RUR Downgrade

107. City of Chicago, Multi-Family Housing Revenue Bonds (Sankofa House Project), Series 2007A (FHA Insured/GNMA) - Aaa/RUR Downgrade

108. City of Coon Rapids, Minnesota, Multi-Family Rental Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Mississippi View Apartments Project) Series 2006 - Aaa/RUR Downgrade

109. City of Golden Valley, MN Senior Living Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Calvary Center Apts. Project) Series 2006A - Aaa/RUR Downgrade

110. City of Greeley, Colorado, Multi-Family Housing Revenue Bonds (GNMA Collateralized - Meeker Commons) Series 2000 - Aaa/RUR Downgrade

111. City of Kansas City, City of Olathe and LaBette County, Kansas, GNMA Collateralized Mortgage Revenue Bonds, Series 1992 - Aaa (sf)/RUR Downgrade

112. City of Kansas City, Kansas, GNMA Collateralized Mortgage Obligation, Series 1995 - Aaa (sf)/RUR Downgrade

113. City of Lebanon, Indiana Multi-Family Housing Mortgage Revenue Bonds GNMA Collateralized-Lebanon Manor Village Apartments Series 2002A - Aaa/RUR Downgrade

114. City of Minneapolis Minnesota Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan-Seward Towers Project) Series 2003 - Aaa/RUR Downgrade

115. City of Minneapolis Minnesota Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Sumner Field Phase Ii, Lp Project) Series 2003A - Aaa/RUR Downgrade

116. City of Minneapolis Minnesota Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan Sumner Field Partners Lp Project) Series 2002A - Aaa/RUR Downgrade

117. City of Newark (New Jersey) 2001 Healthcare Facility Revenue Bonds (GNMA Collateralized - New Community Urban Renewal Corporation Extended Care Facility) Series A - Aaa/RUR Downgrade

118. City of Pine City, MN, Health Care and Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - North Branch Senior Living, LLC Project) Series 2006A - Aaa/RUR Downgrade

119. Columbus Regional Airport Authority, OH Multi-Family Housing Mortgage Revenue Bonds (Berwick Grove Project) 2004 - Aaa/RUR Downgrade

120. Community Development Administration, Maryland Department of Housing and Community Development, Multi-Family Development Revenue Bonds (Washington Gardens) Series 2005B - Aaa/RUR Downgrade

121. Community Development Administration, Maryland Department of Housing and Community Development, Multi-Family Development Revenue Bonds (Waters Towers Senior Apartments Project) Series 2001F - Aaa/RUR Downgrade

122. County of Butler, Ohio, Multi-Family Housing Revenue Bonds (Meadow Ridge Apartments Project) Series 2002A - Aaa/RUR Downgrade

123. County of Clermont, Ohio, Mortgage Revenue Bonds, Series 1993 (FHA Insured Mtd. Loan - S.E.M. Villa II Project) - Aaa/RUR Downgrade

124. County of Cuyahoga, Ohio, Multi-Family Housing Mortgage Revenue Bonds, 2001 Series A (GNMA Collateralized - Longwood Phase One Associates, L.P. Project) - Aaa/RUR Downgrade

125. County of Franklin Ohio Multi-Family Housing Mortgage Revenue Bonds GNMA Collateralized Carriage House Apartments Series 2002 - Aaa/RUR Downgrade

126. County of Franklin, Ohio, Mortgage Revenue Refunding Bonds, Series 1998E (GNMA Collateralized Gateway Apt. Homes Project) - Aaa/RUR Downgrade

127. County of Lorain, Ohio - Multi-Family Housing Revenue Bonds, Series 2009A (GNMA Collateralized -- Kensington Square Apartments Project) - Aaa/RUR Downgrade

128. County of Westchester Industrial Development Agency, Civic Facility Revenue Bonds, Series 2001A (GNMA Collateralized Mortgage Loan - Living Independently for the Elderly, Inc. Project) - Aaa/RUR Downgrade

129. CRHMFA Homebuyers Fund, CA, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2006A - Aaa (sf)/RUR Downgrade

130. CRHMFA Homebuyers Fund, CA, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2007A - Aaa (sf)/RUR Downgrade

131. CRHMFA Homebuyers Fund, CA, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2007E - Aaa (sf)/RUR Downgrade

132. CRHMFA Homebuyers Fund, CA, Single Family Housing Bonds (South Plains Project) 2007 C - Aaa (sf)/RUR Downgrade

133. Cuyahoga (County of) OH Multi-Family Housing Revenue Bonds (GNMA Collateralized - Clifton Plaza Apartments Project) 2005 - Aaa/RUR Downgrade

134. Cuyahoga (County of) OH Multi-Family Housing Mortgage Revenue Bonds (GNMA Collateralized - Arbor Park Phase Two Associates Project) 2003A - Aaa/RUR Downgrade

135. Cuyahoga (County of) OH Multi-Family Housing Mortgage Revenue Bonds (GNMA Collateralized - Arbor Park Phase Three Associates, LP Project) 2004A - Aaa/RUR Downgrade

136. Cuyahoga (County of) OH Multi-Family Housing Mortgage Revenue Bonds (GNMA Collateralized - Rainbow Terrace Apartments Project) 2001A - Aaa/RUR Downgrade

137. Dakota County Community Development Agency, Minnesota, Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Ebeneezer Ridges Assisted Living Project) Series 2000 - Aaa/RUR Downgrade

138. Dakota County Community Development Agency., MN Multi-Family Housing Revenue Bonds (GNMA Collateralized - Mortgage Loan - Grande Market Place Project) 2002A & A-T - Aaa/RUR Downgrade

139. Dakota County Community Development Agency., MN Multi-Family Housing Revenue Bonds (GNMA Collateralized - Rose Apartments) 2001 - Aaa/RUR Downgrade

140. El Paso (County of), CO, GNMA Collateralized Mortgage Revenue Bonds (Stetson Meadows Apartments Project) 2002A & 2002A-T - Aaa/RUR Downgrade

141. El Paso (County of), CO, Single Family Mortgage Revenue Refunding Bonds, Series 1992A Class B-2 - Aaa (sf)/RUR Downgrade

142. Erie (County of) OH Multi-Family Housing Revenue Bonds (GNMA Collateralized - Harbourview Senior Housing Project) 2007 - Aaa/RUR Downgrade

143. Erie County Industrial Development Agency, NY, Multi-Family Housing Revenue Bonds (GNMA Collateralized - Elmwood Square Apartments) Series 2004 - Aaa/RUR Downgrade

144. Escambia County Housing Finance Auth., FL, Single Family Mortgage Revenue Bonds (Multi-County Program), Series 2007A - Aaa (sf)/RUR Downgrade

145. Escambia County Housing Finance Auth., FL, Single Family Mortgage Revenue Bonds, 2007B - Aaa (sf)/RUR Downgrade

146. Escambia County Housing Finance Authority Single Family Mortgage Revenue Bonds Series 2006A - Aaa (sf)/RUR Downgrade

147. Escambia County Housing Finance Authority, FL Series GSE-R Single Family Mortgage Revenue Bonds - Aaa (sf)/RUR Downgrade

148. Florida Housing Finance Corporation Multi-Family Mortgage Revenue Bonds (Grande Court at Boggy Creek Apartments) Series 2002 - Aaa/RUR Downgrade

149. Fort Bend County Housing Finance Corp., TX Single Family Mortgage Revenue Bonds (GNMA and Fannie Mae Mortgage-Backed Securities Program) 2002 - Aaa (sf)/RUR Downgrade

150. Fort Worth Housing Finance Corporation GNMA Collateralized Multi-Family Housing Revenue Bonds(Villas of Eastwood Terrace Senior Apartments)Series 2002 - Aaa/RUR Downgrade

151. Franklin (County of) OH Multi-Family (GNMA Collateralized - Agler Green Project) 2002A - Aaa/RUR Downgrade

152. Franklin (County of) OH Multi-Family Housing Revenue Bonds (GNMA Collateralized - Waggoner Senior Housing Project) Series 2002A - Aaa/RUR Downgrade

153. Fredericksburg (City of) VA, Ind. Dev. Auth. Multi-Family Housing Revenue Bonds (GNMA Mortgage-Backed Securities Program - Heritage Park I Apartments Project) 2003A - Aaa/RUR Downgrade

154. Fredericksburg (City of) VA, Ind. Dev. Auth. Multi-Family Housing Revenue Bonds (GNMA Mortgage-Backed Securities Program - Heritage Park II Apartments Project) 2003B - Aaa/RUR Downgrade

155. Gateway Public Facility Corporation, TX Multi-Family Housing Revenue Bonds (Stonegate Villas Apartments) 2004 - Aaa/RUR Downgrade

156. Harris County Housing Finance Corporation, TX Multi-Family (GNMA Collateralized Palomino Place Apts) 2001 - Aaa/RUR Downgrade

157. Harris County Housing Finance Corporation, TX Multi-Family Housing Revenue Bonds (Kimberly Pointe Apartments) 2003 - Aaa/RUR Downgrade

158. Harrisonburg Redevelopment & Housing Auth, VA Taxable Multi-Family Housing Revenue Bonds (Huntington Village Apartments Project) 2001B - Aaa/RUR Downgrade

159. Herkimer (County of) NY, I.D.A. Civic Facility Revenue Bonds (GNMA Collateralized - Folts Adult Home Project) 2005 A & B - Aaa/RUR Downgrade

160. Hillsborough Co. Housing Finance Auth., FL, Single Family Housing Revenue Bonds (Multi-County Program), Series 2006 - Aaa (sf)/RUR Downgrade

161. Hillsborough Co. Housing Finance Auth., FL, Single Family Housing Revenue Bonds, 2007 - Aaa (sf)/RUR Downgrade

162. Hospital for Special Surgery, NY, GNMA Collateralized Taxable Revenue Bonds (Hospital for Special Surgery Project), Series 2011, $64.965MM - Aaa/RUR Downgrade

163. Housing & Redevelopment Authority of the City of St. Paul and Minneapolis MN Multi-Family Housing Revenue Bonds Series 2006A (GNMA Collateralized Mortgage Loan - Torre de San Miguel Homes, Westminster Place & Vista Village Projects) - Aaa/RUR Downgrade

164. Housing & Redevelopment Authority of the City of St. Paul MN Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Phalen Senior Lofts) Series 2005 - Aaa/RUR Downgrade

165. Housing & Redevelopment Authority of the City of St. Paul MN Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - University & Dale Project) Series 2005A - Aaa/RUR Downgrade

166. Housing and Redevelopment Authority of the City of St. Paul MN Multi-Family, Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Lyons Court Project) Series 2004 - Aaa/RUR Downgrade

167. Housing Authority of the City of Durham Multi-Family Housing Revenue Bonds(Oakley Square Apartments), Series 2002 A - Aaa/RUR Downgrade

168. Housing Authority of the City of Milwaukee Multi-Family Housing Revenue Refunding Bonds, Series 2002 (Veterans Housing Projects) - Aaa/RUR Downgrade

169. Housing Authority of the City of Oshkosh, Wisconsin, GNMA Collateral Multi-Family Housing Revenue Bonds, Series 1997 (VNA Apartments Inc. Project) - Aaa/RUR Downgrade

170. Housing Authority of the City of Oshkosh, Wisconsin, GNMA Collateral Multi-Family Housing Revenue Bonds, Series 1997 (VNA Assisted Living Inc. Project) - Aaa/RUR Downgrade

171. Housing Finance Authority of Lee County Florida Single Family Mortgage Revenue Bonds (Multi-County Program) Series 1999A-1 and A-2 - Aaa (sf)/RUR Downgrade

172. Houston Housing Finance Corporation, TX Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - North Forest Trails Apartments) 2003 - Aaa/RUR Downgrade

173. Houston Housing Finance Corporation, TX Single Family Mortgage Revenue Refunding Bonds (GNMA and Fannie Mae Mortgage-Backed Securities Program) 2005A - Aaa (sf)/RUR Downgrade

174. Houston Housing Finance Corporation, TX Single Family-MBS2002A & B - Aaa (sf)/RUR Downgrade

175. Howard (County of) MD, Multi-Family Housing Revenue Bonds (Patuxent Square Apartments Projects) 2006 - Aaa/RUR Downgrade

176. Indianapolis (City of) IN, Multi-Family Housing Revenue Bonds, (Cambridge Station Apartments Project), Series 2004, $7.8M - Aaa/RUR Downgrade

177. Jacksonville Housing Finance Authority, FL Multi-Family Housing Mortgage Revenue Bonds (Timuquana Park Apartments) 2004 - Aaa/RUR Downgrade

178. Jacksonville Housing Finance Authority, FL Series 2009B HOMEOWNER REVENUE BONDS - Aaa (sf)/RUR Downgrade

179. Jacksonville Housing Finance Authority, FL, Homeowner Mortgage Revenue Bonds, 2006A - Aaa (sf)/RUR Downgrade

180. Jefferson (County of) CO, Housing Authority Multi-Family Housing Revenue Bonds (Ginnie Mae Collateralized Mortgage Loan - Starcrest Apartments Project) 2001 & 2001-T - Aaa/RUR Downgrade

181. Jefferson (County of,) KY, Multi-Family Housing Revenue Bonds(GNMA Collateralized - Station House Square Apartments), Series 2002A&B - Aaa/RUR Downgrade

182. Jefferson (Parish of) LA, Home Mtge. Auth. Single Family Mortgage Revenue Refunding Bonds 2005 - Aaa (sf)/RUR Downgrade

183. Jefferson Parish Finance Authority, LA, Single Family Mortgage Refunding Bonds 2006C - Aaa (sf)/RUR Downgrade

184. Kansas City Industrial Development Authority, MO, Housing Facilities Revenue Bonds, (GNMA Collateralized-Grand Boulevard Lofts Project), Series 2009A, $8.875MM - Aaa/RUR Downgrade

185. King Co. Housing. Auth. Nonprofit Housing. Revenue (GNMA Mtge. Backed Sec. - Fred Lind Manor) Ser. '97 - Aaa/RUR Downgrade

186. King County Housing Authority, WA Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Vashon Community Care Center Project) 2001A & B - Aaa/RUR Downgrade

187. Lee County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds 2006 - Aaa (sf)/RUR Downgrade

188. Lee County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds 2006C, D & E - Aaa (sf)/RUR Downgrade

189. Louisiana Loc Government Envir Facility & Community Dev Auth Mortgage Revenue Bonds (GNMA Collateralized - Cypress Apartments Project) 2003A & B - Aaa/RUR Downgrade

190. Louisiana Public Facilities Authority, Mortgage Revenue Bonds (GNMA Collateralized Mortgage Loan - North Park Apartments Project), Series 2005 - Aaa/RUR Downgrade

191. Lubbock Housing Finance Corporation (The), TX, Single Family Mortgage Revenue Bonds (Guaranteed Mortgage-Backed Securities , 2008 - Aaa (sf)/RUR Downgrade

192. Macon Housing Auth Single Family Mort Rev Bonds, Ser 2000A & B - Aaa (sf)/RUR Downgrade

193. Macon Housing. Auth. Single family mtge. Revenue (GNMA & FNMA Mtge. Backed Sec. Program.), Ser 1995 - Aaa (sf)/RUR Downgrade

194. Manatee County Housing Finance Authority, FL Single Family Mortgage Revenue Bonds 2003, Sub Series One - Aaa (sf)/RUR Downgrade

195. Manatee County Housing Finance Authority, FL Single Family Mortgage Revenue Bonds 2004, Sub Series One - Aaa (sf)/RUR Downgrade

196. Manatee County Housing Finance Authority, FL, Single Family Mortgage Revenue Bonds, 2006 Subseries 1 - Aaa (sf)/RUR Downgrade

197. Maricopa County Industrial Dev. Auth., AZ, Senior Living Healthcare Revenue Refunding Bonds (GNMA Collateralized Mortgage Loan - Immanuel Campus Care Project), 2006 A - Aaa/RUR Downgrade

198. Maricopa County Industrial Dev. Auth., AZ, Senior Living Revenue Bonds (GNMA Coll. Mortgage Loan-Guadalupe Huerta Apartments Project) 2007 - Aaa/RUR Downgrade

199. Maricopa County Industrial Dev. Auth., AZ, Senior Living Revenue Bonds (GNMA Coll. Mortgage Loan-Rosa Linda Apartments Project.) 2007 - Aaa/RUR Downgrade

200. Maryland Community Development Admin. Multi-Family Development Revenue Bonds (Orchard Mews Apartments Project) 2002C - Aaa/RUR Downgrade

201. Maryland Community Development Admin. Multi-Family Development Revenue Bonds (Princess Ann Townhouses Project) 2001D - Aaa/RUR Downgrade

202. Memphis Health Educational & Housing Facility Board, TN, Multi-Family Mortgage Revenue Bonds (Edgewater Terrace Apartments Project0, Series 2002A & B - Aaa/RUR Downgrade

203. Michigan Strategic Fund Limited Obligation Nursing Home Revenue Refunding Bonds (GNMA Mortgage-Backed Security - Autumn Woods Project) 2002 - Aaa/RUR Downgrade

204. Middletown Housing Authority, NY, Multi-Family Housing Revenue Bonds (Summitfield & Moore Heights Apartments Project) Series 2006 - Aaa/RUR Downgrade

205. Minneapolis (City of) MN Multi-Family Housing Revenue Bonds (GNMA Collateralized - East Phillips Commons Project) 2003 - Aaa/RUR Downgrade

206. Minneapolis (City of) MN Multi-Family (GNMA Collateralized - Bottineau Commons) 2002 - Aaa/RUR Downgrade

207. Minneapolis (City of) MN Multi-Family Housing Revenue Bonds (GNMA Collateralized - Bottineau Lofts) 2002 - Aaa/RUR Downgrade

208. Minneapolis (City of) MN Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Shingle Creek Commons Project) 2001 - Aaa/RUR Downgrade

209. Minneapolis (City of) MN Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan Vantage Flats Project) 2007A - Aaa/RUR Downgrade

210. Minnetonka Multi-Family Housing Rev Refunding (GNMA Collateralized-Archer Heights Apts) Ser '99A - Aaa/RUR Downgrade

211. Modesto (City of) CA Multi-Family Housing Revenue Bonds (Shadowbrook Apartments) 2001B - Aaa/RUR Downgrade

212. Monroe County Industrial Development Agency, NY, GNMA Collateralized Industrial Development Revenue Bonds (Affinity Orchard Place, LP Project) Series 2004 - Aaa/RUR Downgrade

213. Montefiore Medical Center, NY (GNMA Collateralized Taxable Bonds) Series 2011 - Aaa/RUR Downgrade

214. Montgomery (County of) OH Health Care Project Revenue Bonds (GNMA Collateralized - Mary Scott Nursing Home, Inc. Project) 2001A - Aaa/RUR Downgrade

215. Montgomery (County of) OH Multi-Family Housing Revenue Bonds (Bella Vista Homes Project) 2003A - Aaa/RUR Downgrade

216. Montgomery County Housing Fin Corp, TX Multi-Family Housing Revenue Bonds (Bellshire Apartments Project) 2001 - Aaa/RUR Downgrade

217. New Jersey Economic Development Authority GNMA Collateralized Mortgage Revenue Bonds (Victoria Health Corporation Project) 2001A & B - Aaa/RUR Downgrade

218. New Mexico Mortgage Finance Authority Single Family Mortgage Program Bonds 2005A - Aaa (sf)/RUR Downgrade

219. New Mexico Regional Housing. Auth. for Region II Multi-Family Housing Refunding Revenue Bonds (GNMA Collateralized - Country Club Apartments Project)Series 2002 - Aaa/RUR Downgrade

220. New Orleans Finance Authority, LA GNMA Mortgage-Backed Securities Revenue Refunding Bonds2003-A- & A-2 - Aaa (sf)/RUR Downgrade

221. Newark (City of) Housing Authority Housing Revenue Bonds (GNMA Collateralized-Lock Street Apartments Project), Series 2000A - Aaa/RUR Downgrade

222. Newark (City of) Housing Authority Multi-Family Housing Revenue Bonds (GNMA Collateralized-Fairview Apartments Project), Series 2000A - Aaa/RUR Downgrade

223. Nortex Housing Finance Corporation, Single Family Mortgage Revenue Bonds 2006 A - Aaa (sf)/RUR Downgrade

224. Nueces County Housing Finance Corporation, TX, Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Gulfway Manor Project) 2007 - Aaa/RUR Downgrade

225. Ohio Capital Corporation for Housing Mortgage Revenue Refunding Bonds (GNMA Collateralized - Chadwick Place Apartments and Plaza Apartments Projects) 2003A & B - Aaa/RUR Downgrade

226. Oklahoma County Home Finance Authority, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), Series 2006 A (AMT), $ 20MM - Aaa (sf)/RUR Downgrade

227. Oklahoma County Home Finance Authority, OK Single Family Mortgage Revenue and Refunding Bonds (GNMA Mortgage-Backed Securities Program) 2005A-1 and A-2 - Aaa (sf)/RUR Downgrade

228. Oklahoma County Home Finance Authority, Taxable Residual Revenue Capital Appreciation Bonds, Series 2009, $1.100442MM - Aaa (sf)/RUR Downgrade

229. Panhandle Regional Housing Finance Corp. TX Multi-Family Housing Revenue Bonds (GNMA Collateralized - Blue Water Gardens Apartments) 2004A & B - Aaa/RUR Downgrade

230. Panhandle Regional Housing Finance Corp. TX Multi-Family Housing Revenue Bonds (GNMA Collateralized - Renaissance of Amarillo Apts) 2001A & B - Aaa/RUR Downgrade

231. Penfield-Crown Oak Housing Development Corp, Multi-Family Housing Revenue Bonds (Crown Oak Apartments Project) 2006A - Aaa/RUR Downgrade

232. Peregrine's Landing, LLC Facility Revenue Bonds (GNMA Security)Series 2002A & Taxable Series 2002B - Aaa/RUR Downgrade

233. Permian Basin Regional Housing. Fin. Corp., TX, Single Family Mortgage Revenue Bonds 2006 A-1, A-2 & A-3 - Aaa (sf)/RUR Downgrade

234. Phoenix Industrial Development Authority, AZ, Multi-Family Housing Revenue Bonds (GNMA Collateralized - Escala Central City Apartments Project) 2005A - Aaa/RUR Downgrade

235. Pittsburgh Urban Redevelopment Authority, PA, Multi-Family Housing Revenue Bonds (Eva P. Mitchell Residences Project), Series 2009, $4.400MM - Aaa/RUR Downgrade

236. Pittsburgh Urban Redevelopment Authority, PA, Multi-Family Housing Revenue Bonds (GNMA Collateralized - West Park Court Project) 2006 - Aaa/RUR Downgrade

237. Port Arthur Housing Finance Corporation Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Heatherbrook Apartments) Series 2004 - Aaa/RUR Downgrade

238. Prince George's County Housing Authority, MD Multi-Family Housing Revenue Refunding Bond (Emerson House Project) 2005 - Aaa/RUR Downgrade

239. Providence City Housing Authority, RI, Multi-family Housing Revenue Bonds (Lockwood Plaza Project) 2002 - Aaa/RUR Downgrade

240. Providence Housing Authority, RI, Collateralized Mortgage Revenue Bonds (New Canonchet Cliffs Apartments Project) 2007A - Aaa/RUR Downgrade

241. Rapides Finance Authority, Single Family Mortgage Revenue Bonds (GNMA and Fannie Mae Mortgage-Backed Securities Program), Series 1998A (AMT and Series 1998B (Non-AMT) - Aaa (sf)/RUR Downgrade

242. Rapides Finance Authority, Single Family Mortgage Revenue Bonds, Series 2005A - Aaa (sf)/RUR Downgrade

243. Region III Housing Auth. New Mexico, Inc. Multi-Family Housing Revenue Bonds (GNMA Collateralized - Vista Grande Apartments Project) Series 2003A - Aaa/RUR Downgrade

244. Region III Housing Authority, New Mexico, Inc. Multi-Family Housing Refunding and Improvement Revenue Bonds (La Resolana Apts. Project) Ser.2005A - Aaa/RUR Downgrade

245. Rochester Housing Authority, NY, Multi-Family Housing Revenue Bonds (GNMA Collateralized - Andrews Terrace Apartments Project) Series 2006 - Aaa/RUR Downgrade

246. Saint Paul Housing & Redevelopment Auth. MN Multi-Family Housing Revenue Bonds (GNMA Collateralized - Selby-Grotto Limited Partnership) 2003 - Aaa/RUR Downgrade

247. Saint Paul Housing & Redevelopment Auth. MN Multi-Family Housing Revenue Bonds (GNMA Collateralized - Strauss Apartments) 2002 - Aaa/RUR Downgrade

248. San Antonio Housing Fin Corp, TX Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Southside Villas Apartments Project) 2003 - Aaa/RUR Downgrade

249. San Bernardino Co Single Family Home Mortgage Rev Ser '99A-1, '99A-2, & '99B-1 - Aaa (sf)/RUR Downgrade

250. San Bernardino County Housing Authority, CA Multi-Family Mortgage Revenue Bonds (GNMA Collateralized - Santiago Hillside Estate Mobilhome Park) 2003A - Aaa/RUR Downgrade

251. San Bernardino County Housing Authority, CA Multi-Family Mortgage Revenue Bonds (GNMA Collateralized - Santiago Orangewood Estate Mobilhome Park) 2003A - Aaa/RUR Downgrade

252. San Diego City Housing Authority, CA, Tax-Exempt Multi-Family Housing Revenue Refunding Bonds (Island Village Apartments) Series 2001B - Aaa/RUR Downgrade

253. Seattle Housing Authority, WA Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Wisteria Court Project) 2003 - Aaa/RUR Downgrade

254. Sedgwick & Shawnee (Counties of), KS Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2007 A-5 - Aaa (sf)/RUR Downgrade

255. Sedgwick & Shawnee (Counties of), KS Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2007 A-6 - Aaa (sf)/RUR Downgrade

256. Sedgwick & Shawnee (Counties of), KS Residual Revenue Bonds Series 2010 BONDS - Aaa (sf)/RUR Downgrade

257. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2005 A-5 - Aaa (sf)/RUR Downgrade

258. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2006 A-1 - Aaa (sf)/RUR Downgrade

259. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2006 A-2 - Aaa (sf)/RUR Downgrade

260. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2006 A-3 - Aaa (sf)/RUR Downgrade

261. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2006 A-4 - Aaa (sf)/RUR Downgrade

262. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2006 A-5 - Aaa (sf)/RUR Downgrade

263. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2006 A-6 - Aaa (sf)/RUR Downgrade

264. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2006 B-1 - Aaa (sf)/RUR Downgrade

265. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2006 B-2 - Aaa (sf)/RUR Downgrade

266. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2006 B-4 - Aaa (sf)/RUR Downgrade

267. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2007 A-1 - Aaa (sf)/RUR Downgrade

268. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2007 A-2 - Aaa (sf)/RUR Downgrade

269. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2007 A-3 - Aaa (sf)/RUR Downgrade

270. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2006 B-3 - Aaa (sf)/RUR Downgrade

271. Sedgwick & Shawnee (Counties of), KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2007 A-4 - Aaa (sf)/RUR Downgrade

272. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Refunding Bonds (Mortgage-Backed Securities Program)Series 1994A-I (AMT), B-I & C-I - Aaa (sf)/RUR Downgrade

273. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002 B-2 - Aaa (sf)/RUR Downgrade

274. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002 B-3 - Aaa (sf)/RUR Downgrade

275. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002 B-4 - Aaa (sf)/RUR Downgrade

276. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002 B-5 - Aaa (sf)/RUR Downgrade

277. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002A-1 - Aaa (sf)/RUR Downgrade

278. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002A-2 - Aaa (sf)/RUR Downgrade

279. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002A-3 - Aaa (sf)/RUR Downgrade

280. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002A-4 - Aaa (sf)/RUR Downgrade

281. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002A-5 - Aaa (sf)/RUR Downgrade

282. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2002B-1 - Aaa (sf)/RUR Downgrade

283. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2003 A-1 - Aaa (sf)/RUR Downgrade

284. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2003 A-2 - Aaa (sf)/RUR Downgrade

285. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2003 A-3 - Aaa (sf)/RUR Downgrade

286. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2003 A-4 - Aaa (sf)/RUR Downgrade

287. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2003 A-5 - Aaa (sf)/RUR Downgrade

288. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2004A-1 - Aaa (sf)/RUR Downgrade

289. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2004A-2 - Aaa (sf)/RUR Downgrade

290. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2004A-3 - Aaa (sf)/RUR Downgrade

291. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2004A-4 - Aaa (sf)/RUR Downgrade

292. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2004A-5 - Aaa (sf)/RUR Downgrade

293. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2004A-6 - Aaa (sf)/RUR Downgrade

294. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2005A-1 - Aaa (sf)/RUR Downgrade

295. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2005A-2 - Aaa (sf)/RUR Downgrade

296. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2005 A-3 - Aaa (sf)/RUR Downgrade

297. Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) 2005 A-4 - Aaa (sf)/RUR Downgrade

298. Sedgwick County Kansas, Shawnee County Kansas, and Reno County Kansas, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1995A - Aaa (sf)/RUR Downgrade

299. Sedgwick County, Kansas and Shawnee County, Kansas, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program) Series 2006 B-5 - Aaa (sf)/RUR Downgrade

300. Sedgwick County, Kansas and Shawnee County, Kansas, Single Family Mortgage Revenue Bonds 1997 Series A-1, A-2 & A-3 - Aaa (sf)/RUR Downgrade

301. South Plains Housing Finance Corporation, TX, Single Family Mortgage Revenue Bonds (Guaranteed Mortgage-Backed Securities , 2007-A - Aaa (sf)/RUR Downgrade

302. Southeast Texas Housing Finance Corporation, Single Family Mortgage Revenue and Refunding Bonds (Guaranteed Mortgage-Backed Securities Program) Series 2006A-1, Series A-3 - Aaa (sf)/RUR Downgrade

303. Springfield (Township of) OH Mortgage Revenue Bonds (GNMA Collateralized - Burney View Apartments Project) Series 2003A and B - Aaa/RUR Downgrade

304. St. Paul Housing & Redevelopment Auth., MN Multi-Family (GNMA Collateralized - Franciscan Health & Housing Services) 2002 - Aaa/RUR Downgrade

305. State of Oregon Housing Community Services Department Housing Development Revenue Bonds, 2003 Series A (The Tower at Station Place Project) - Aaa/RUR Downgrade

306. Sullivan (County of) TN, Health Ed & Housing Facility Bonds Multi-Family Housing Revenue Refunding Bonds (Maple Oak Apartments) 2003 - Aaa/RUR Downgrade

307. Summit County Port Auth Multi-Family Housing Revenue Bonds (GNMA Collateralized - Eastland Woods Project) 2004A & B - Aaa/RUR Downgrade

308. Tarrant (County of), TX Health Facility Development Corp Mort Rev Bonds (GNMA Collateralized - Multiple Projects - Mission Oak, et al) - Aaa/RUR Downgrade

309. Tarrant County Housing Finance Corporation, Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Amelia Parc Senior Apartments) Series 2007 - Aaa/RUR Downgrade

310. Tarrant County Housing. Fin. Corp., TX Multi-Family (GNMA Collateralized - Arlington Seniors Apts) 2002 - Aaa/RUR Downgrade

311. Texas Dept. of Housing & Community Affairs, Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Prairie Ranch Apartments) 2005 - Aaa/RUR Downgrade

312. Texas State Affordable Housing Corporation Single Family Mortgage Revenue Bonds (Professional Educators Home Loan Program) 2005A - Aaa (sf)/RUR Downgrade

313. Texas State Affordable Housing Corporation, Single Family Mortgage Revenue Bonds (Fire Fighter & Law Enforcement or Security Officer Home Loan Program), Series 2005B - Aaa (sf)/RUR Downgrade

314. The City of Palm Springs, Multi-Family Mortgage Revenue Bonds (GNMA Collateralized - Sunrise Village Mobile home Park Project) Series 2004A and Taxable Series 2004B - Aaa/RUR Downgrade

315. The Community Redevelopment Agency of the City of Los Angeles, California, Multi-Family Housing Revenue Bonds

(GNMA Mortgage-Backed Securities Program—Pico Union Scattered-Site Preservation Apartments) Series 2002 & 2002-T - Aaa/RUR Downgrade

316. The Housing Authority of the City of Jackson, Mississippi, Multi-Family Housing Mortgage Revenue Bonds, Series 2002 (GNMA Collateralized -- Forest Park Apartments) - Aaa/RUR Downgrade

317. The Unified Government of Wyandotte County/Kansas City, Kansas Multi-Family Housing Refunding Revenue Bonds, Series 2004 (Brookstone Apartments Project) - Aaa/RUR Downgrade

318. Thief River Falls, (City of), MN Multi-family Housing Rev Bonds (GNMA Collateralized - Northland Village Apts), Ser 2000 - Aaa/RUR Downgrade

319. Third Columbus Housing Development Corporation, Multi-Family Housing Refunding Revenue Bonds Series 1992A, (FHA Mortgage Loan - Renaissance Villa Section 8 Assisted Project) - Aaa/RUR Downgrade

320. Trumbull (County of) Ohio Multi-Family Housing Revenue Bonds (Royal Mall Apartments Projects) 2007A - Aaa/RUR Downgrade

321. Tucson & Pima County Ind. Dev. Auth., AZ, Single Family Mortgage Revenue Bonds, 2006 A-1, A-2, & B - Aaa (sf)/RUR Downgrade

322. Tucson & Pima County Ind. Dev. Auth., AZ, Single Family Mortgage Revenue Bonds, 2007 A - Aaa (sf)/RUR Downgrade

323. Tucson & Pima County Ind. Dev. Auth., AZ, Single Family Mortgage Revenue Bonds, 2008 A - Aaa (sf)/RUR Downgrade

324. Tucson (City of) AZ, Industrial Devel. Auth., Senior Living Revenue Bonds (GNMA Coll. Mortgage Loan-Casa De Encanto Apts. Project.) 2007 - Aaa/RUR Downgrade

325. UNM Sandoval Regional Medical Center, Inc., Multi-Family Bonds, Series 2010 - Aaa/RUR Downgrade

326. Utah Housing Corporation GNMA Collateralized Mortgage Revenue Bonds (Foxboro Terrace Apartments Project) Series 2004A - Aaa/RUR Downgrade

327. Village of East Rochester Housing Authority, NY, Revenue Refunding Bonds (GNMA Security- Genesee Valley Presbyterian Nursing Center Project), Series 2001 - Aaa/RUR Downgrade

328. Washington State Housing Finance Commission Multi-Family Housing Revenue Bonds (Stonebrook Apartments Project) 2003A & B - Aaa/RUR Downgrade

329. Washington State Housing Finance Commission Multi-Family Housing Revenue Bonds (Stonebrook II Apartments Project) 2004 - Aaa/RUR Downgrade

330. Texas State Affordable Housing Corporation, Single Family Mortgage Revenue Bonds, Series 2011A and 2009A - Aaa/RUR Downgrade

331. Florida HFC - Griffin Heights Apartments Multifamily Mortgage Revenue Bonds (New Issue Bond Program), Series 2009H - Aaa/RUR Downgrade

332. California Housing Finance Agency Affordable Multi-Family Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - One Santa Fe Apartments) 2009 Series 1-19 - Aaa/RUR Downgrade

333. District of Columbia Housing Finance Agency - Multi-Family Housing Revenue Bonds (NIBP - Paul L. Dunbar Apartments Project) - Aaa/RUR Downgrade

334. Florida HFC - Multifamily Mortgage Revenue Bonds (U.S. Treasury/Government-Sponsored Enterprises New Issue Bond Program) Series 2009K (Groves at Delray Apartments) - Aaa/RUR Downgrade

335. Florida HFC - Multifamily Mortgage Revenue Bonds (U.S. Treasury/Government-Sponsored Enterprises New Issue Bond Program) Series 2009O (Sand Dunes Apartments) - Aaa/RUR Downgrade

336. Florida Housing Finance Corp Multifamily Mortgage Revenue Bonds (NIBP) Series 2009P (Pine Meadows Apartments) - Aaa/RUR Downgrade

337. Lutheran Medical Center (GNMA Collateralized Taxable Revenue Bonds) Series 2012 - Aaa/RUR Downgrade

338. Moline (City Of) IL, Municipal Refunding Collateralized Mortgage Obligation Series 1992A - Aaa/RUR Downgrade

339. Sinai Health System (GNMA Collateralized Taxable Revenue Bond) Series 2012 - Aaa/RUR Downgrade

340. Texas State Affordable Housing Corporation Single Family Mortgage Revenue Bonds 2011B Market Bonds/Series 2009B Program Revenue Bonds - Aaa/RUR Downgrade

341. Jersey City Medical Center (GNMA Collateralized Taxable Revenue Bonds) Series 2012 - Aaa/RUR Downgrade

WHAT COULD MAKE THE RATING GO UP

* Conditions for a Aaa rating are met, such as a 103% minimum over-collateralization.

* Material improvement in cash flow projections which previously illustrated insufficiencies

WHAT COULD MAKE THE RATING GO DOWN

* A downgrade of a credit enhancement provider such as the US government (Aaa)

* Aaa-rated bond programs could experience a downgrade if certain conditions, such as a 103% minimum over-collateralization, are not met.

* Cash flow projections which demonstrate insufficiencies that are consistent with a lower bond rating

Principal Methodology

The principal methodology used in this rating was US Stand-Alone Housing Bond Programs Secured by Credit Enhanced Mortgages published in December 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

We review cash flow projections utilizing various assumptions and under several scenarios in order to project performance and evaluate a bond program's future strength. Our ratings analysis of insufficiencies or losses is based on the probability of improved future performance sufficient to provide for full debt service payments. If corrective performance to achieve sufficiency is not possible, our analysis and rating focuses directly on the expected recovery rate. No simulations were conducted in this rating process.

REGULATORY DISCLOSURES

Moody's did not receive or take into account a third- party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the credit ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Shane Mullin
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Florence Zeman
Associate Managing Director
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653