Standard & Poor’s Report on U.S. Housing Finance Agency Financial Ratios And Ratings Improve During A Weak Recovery

Amid the recovery in the housing market, financial ratios for U.S. housing finance agencies (HFAs) improved across
the board in fiscal 2012 for the second straight year. Despite the lingering effects of the economic and housing market downturn, HFA ratings are now higher than they were before the economic and financial crisis. Conservative
management, traditional loan products and debt structures, and mortgages with federal guarantees have all
contributed to the improvement in credit quality.