The bonds are special obligations of VHFA payable solely from the revenues, loans, additional security reserve deposits, and other funds and property pledged as provided in the resolution. SEASONED LOAN PORTFOLIO: The loan portfolio consists of seasoned loans originated between 1990 – 2008, with 52% of the portfolio privately insured, 9% insured by Rural Development, 35% uninsured with loan-to-value ratios of 80% or lower at origination, and 4% securitized mortgage-backed securities, minimizing potential loss exposure.
