Housing Finance Agency
State of New York Mortgage Agency

Y2K Compliance

The State of New York Mortgage Agency (SONYMA) issues bonds to finance mortgages for low and moderate income households. These mortgages are issued by banks throughout New York State. The automated information systems used by SONYMA are provided by the Housing Finance Agency (HFA), which is SONYMA's parent organization. We conducted a review to assess whether HFA and SONYMA appear to be taking the necessary steps to address year 2000 problems for these automated systems. The results of our review show that HFA and SONYMA are taking many of the steps necessary to address these problems. However, data exchanges with some of the smaller banks are not scheduled to be completed until December 1999, which may not allow enough time to resolve any unforeseen difficulties.

For a complete copy of Report 99-Y-30 click here.