Lawrence Witte

Municipal Enterprise Group

Lawrence Witte, Director, is responsible for the analytical operations of the Municipal Enterprise Group, tax-exempt housing and municipal structured segment within the San Francisco office at Standard & Poor's Ratings Services. He manages a team of credit professionals who provide ratings and credit analysis on single-family, multifamily, and issuer credit ratings for housing finance agencies.

As the region/sector leader, Larry is responsible for publishing industry commentaries on housing developments, overseeing criteria for single-family and housing finance agency issuer credit ratings, and market outreach. He also has senior analytical responsibilities for affordable housing, public housing authority, and military housing ratings. He is the primary author of more than 40 commentaries and criteria articles on municipal housing and is active in credit model development.

Previous to joining Standard & Poor’s, Larry was employed by the City of Boston in the Office of Budget Management, where he developed and managed the expenditures of several city departments.

Larry earned a bachelor of arts degree in Communications from Trinity University and a master’s degree in Public Policy from Harvard University. He is a Chartered Financial Analyst.


Author Archives: Lawrence Witte

U.S. State Housing Finance Agency Delinquency Rates Continued To Improve In The Second Quarter Of 2014

As of June 30, 2014, U.S. housing finance agency (HFA) single-family loan delinquencies had fallen to their lowest level since the third quarter of 2009, signaling a downward trend that that may indicate HFA delinquencies will stay in a lower range. State delinquency rates continue to be lower than those for HFAs, but the gap […]

Unclear Demographic Shifts Create Uncertainty In U.S. Affordable Housing

A recovering economy and housing industry are affecting the environment for affordable housing financing, but not in a clear and consistent manner. Multifamily housing has improved much more than single-family housing, in general, and particularly in the affordable housing arena, said a number of credit analysts and industry experts at Standard & Poor’s Ratings Services’ […]

Fed Programs & Interest Rates Should Keep U.S. Municipal Housing Stable

Recent years have shown that interest rates play a far greater role in the municipal housing sector than does the strength of the economy, and such is the case in 2014, with the low-interest-rate environment likely to cap bond issuance despite decreasing unemployment and slightly increasing mortgage rates. Standard & Poor’s Ratings Services predicts that […]

U.S. Municipal Housing Ratings Remain Stable Amid A Tepid Recovery And Legislative Uncertainties

The slow economic recovery is providing an environment that could bolster affordable housing that supports municipal bonds. However, fiscal, economic, and regulatory factors will bear watching as they affect the financial and operational capacity of municipal housing issuers. Today’s economic growth is not particularly robust, but even in the midst of the Great Recession and […]

Housing Finance Agencies Fared Better Than States In The Recession

U.S. states have proven to be a very strong municipal sector. Standard & Poor’s Ratings Services’ median state rating is ‘AA+’ and ratings have trended higher during the past 40 years. The ability of states to increase revenue through taxation and fees, the economic diversification they have in comparison with localities, and the proactive response […]

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