What got me interested in the state of state housing finance agencies (SHFAs) was a small news story at the start of the year about Fitch Ratings issuing a statistical report for the tax-exempt housing sector.

The one sentence that caught my eye read: "In comparing fiscal 2011 results with those from fiscal 2010 for the 34 SHFAs, Fitch found that total assets decreased by 5.4 percent, while total debt decreased by 7.5 percent, reflective of the overall decline in bond issuance."

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