THE RYLAND GROUP, INC. & SUBSIDIARIES
Notes to Consolidated Financial Statements
(amounts in thousands, except share data, in all notes unless
otherwise noted)
NOTE H: LIMITED-PURPOSE SUBSIDIARIES' BONDS PAYABLE
The Company's limited-purpose subsidiaries are no longer issuing mortgage-backed bonds
and mortgage-participation securities. Previously, they issued mortgage-backed bonds, and
the Company retained residual interests in some of these bonds. Payments are made on the
bonds on a periodic basis as a result of, and in amounts relating to, corresponding
payments received on the underlying mortgage collateral.
The following table sets forth information with respect to the limited-purpose
subsidiaries' bonds payable outstanding at December 31:
