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PA R ISIt O F JEFFE R SO N H O M E M O R TG A G E A U TItO R IT Y JE FFER SO N PA R ISH ,LO U ISIA N A FinancialStatem entsand Schedules D ecem ber31,2000 and 1999

W ith IndependentA uditors'R eportThereon

PA R 1SIt O F JEFFER SO N H O M E M O R TG A G E A U TH O R ITY T able ofC ontents

IndependentA uditors'R eport

Balane Sheets

Statem entsofRevenues,Expensesmid Changesin Retained Earnings

Slatem entsofCash Flow s

N otesIo FinancialStatem enls

Supplem entalInformation

ScheduleofAssets,LiabilitiesandRetained Earnings(Deficit)byProgram

21

SdaeduleofRevenues,ExpensesandChangesinRetainedEarnings(Dcfici0 byProgram

22

ScheduleofCash Flow sby Program

23

ScheduleofBoard Com pensation

24

P osllethw aite & N e|lerville

A lb~Ji,s~iot+alAccrmnllng Coq~oration CERTIFIED PUBLIC ACCO UNTANTS

2324SEVERN AVENUE*SUITE.A"ME~ I~ E,LOUISIANA 7(3001-1977~TELEPHONE (504)837-5990 ~ FAX (504)834-3609

IndependentA uditors'R eport

TheBoard ofTrustees Parish ofJefferson H om eM ortgageA uthority:

W ehaveauditedthebalancesheetsoftheParish ofJeferson HomeM ortgageAuthority (theAuthority),a

com ponentan itofthe Parish ofJeferson,as ofD ece m ber 31,2000 and t999,and the related statem ents of revenues,expensesand changesin retained earningsand cash flow sforth e yearsthen ended. These financial statem entsaretheresponsibility ofth eA uth ority'sm anagem ent. O urresponsibility isto expressan opinion on thesefinancialsta tem entsbased on ouraudits.

W econducted ourauditsin accordancew ith generally accepted auditing standardsan dthestandardsapplicable to financial audits contained in G overnm ent Auditing Sta ndards,issued by the Com ptroller G eneralofth e United Slates. Those sta ndards require thatw e plan and perform the auditto obta in reasonable assurance aboutwhetherthe financialstatem ents are fre ofm aterial m/sstatem ent. A n auditincludes exam ining,on a testbasis,evidence supporting th e an ~ountsan d disclosuresinthefinmleialsta tem ents. An auditalso includes assessing theaccounting principlesused and significan testim atesm adeby m an agem ent,asw ellasevaluating th e overallfinancialstatem entpresenta tion. W e believe thatour auditsprovide a reasonable basis for our opinion.

In ouropinion,the financial statem ents referred to above presentfairly,in al lm aterialrespects,the finan cial position oftheAuth ority asofD ec em ber31,2000 an d 1999,an dtheresultsofitsoperationsand itscash flow s forth eyearsth en ended in conform ity w ith generally accepted accounting principles.

In accordan ce w ith G overnm entA uditing Standards,w ehavealso issued a report dated M arch 16,2001on our

consideration ofth eA uthority 'sinternalcontroloverfinancialreporting and ourtests ofitscomplian ce with ce rtain provisionsoflaw s,regulations,contractsandgrants.

O urauditsw crcm adeforthepurposeofform ing an opinion on thefinancialstatem entstaken asa whole. The supplenaentary inform ation included in Schedules 1through 4 arepresented forpro posesofadditionalanalysis

an darenotarequiredpartofthefinancialstatements. Such informationhasbeen subjectedtotheauditing

proceduresapplied in theauditofthefinancialstatem entsan d,in ouropinion,such inform ation isfairly stated in allm aterialrespec tsin relationto thefinancialstatem entsta ken asawhole.

M etairic,Louisiaua

M arch 16,2001

BATO N RO UG E ~ DO NALDSO NVILLE ~ GO NZALES ~ NEW O RLEANS , ST.FRANCISVILLE ASSO CIATED O FFICES IN PRINCIPALCITIES O F THE UNITED S~ATES

PAR 1SH O F JEFFER SO N H O M E M O RTG A G E A U TH O R ITY

B alance Sheets

(in thousands)

D ecem ber31,2000 and 1999

A ssets

Cashandcashequivalents(notes2and6) Investm entsecuritiesatfairvalue(notes2 and 6)

M ortgageloansreceivable and m ortgage-backed

securities (note 3) Realestateowned (note 1(i))

A ccrued interestreceivable

Bond issuancecosts,net(note 10))

Prepaid assets O therassets

L iabilitiesand R etained E arnings

Liabilities:

Bondspayable,net(notes1(g),4 and 7) Lineofcreditpayabletobank(note4and7)

A ccrued interestpayable

Deterredcom m itm entl~es(note5)

O therliabilities

T otalliabilities

R etained earn ings: U nreserved R eserved

Totalrelaine,d earnings

2000

4,224 54,891

162,781 22

1,290 3,376

23 8

$

226,615

212,720 973

1,665 118

2 15.476

4,228 6.911

11.139

$

226,615

Seeaccom panying notesto fiuaneialstatem ents

1999

9,233 62,261 27,956

79 1,065 3,235

6

203,835

189,690 4,970 2,116 12 1 3

96,900

4,511 2.424

6,935

203,835

PA RISH O F JEFFER SO N H O M E M O R TG A G E A U TH O R ITY

Statem entsofRevenues,Expenses

and Changesin Retained Earnings

(in thousands)

Fortheyearsended D ecem ber31,2000 and 1999

O perating revenues: Investm entincom eon m ortgageloans

Appreciation(depreciation)int~_irm arketvalueofinvestments

in m ortgage-backed securities lnvestm enlincom eon investm ents Com m itm ent]~es O ther

Totaloperaling revenues

O perating expenses:

lntereslondebt(note1(g))

A m ortizalion ofbond issuance costsand othereosls Servicing tees Bond insurance costs M ortgageloan insurancecosts Trustee li~es O theroperating expenses

Totaloperating expenses

Operating gain (loss)

Retained earningsatbeginning ol"year

Retained earn ingsalend ofyear

2000

10,672

3,634 4,747

3

(124)

18.932

12,865 567 727

29 101 439

14.728

4,204 6,935

11,139

1999

9,793

(7,834)

4,298 4

6,229

12,056 746

554 1

49 108 1,298

14,812

(8,583)

15.518

6,935

Seeaccom panying nolesto financialstatem ents

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