(RECAP: A report released earlier this week by Standard and Poor’s Rating Services (S&P) finds that State HFA single-family whole loan delinquencies declined again in the second quarter of 2014 to their lowest level since the third quarter of 2009. The report, which examined 32 HFA single-family whole loan bond programs (and the program run by the California Department of Veterans Affairs), predicts that state HFA loan performance will continue to perform strongly enough so as to not risk a ratings downgrade for any HFAs.)