Fitch Affirms 1 & Downgrades 5 RMBS Ratings from 1 IndyMac Transaction.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has taken various rating actions on the following IndyMac Residential Asset Securities Trust (RAST) mortgage pass-through certificate: RAST 2007-A3 --Class A affirmed at 'AAA'; --Class B-1 downgraded to 'AA-' from 'AA'; --Class B-2 downgraded to 'BBB+' from 'A'; --Class B-3 downgraded to 'BB-' from 'BBB'; --Class B-4 downgraded to 'C/DR4' from 'BB'; --Class B-5 downgraded to 'C/DR5' from 'B'. The affirmations affect approximately $329.9 million in outstanding certificates and reflect adequate relationships of credit enhancement to future loss expectations. The downgrades, affecting approximately $20.3 million of the outstanding certificates, reflect deterioration in the relationship between credit enhancement and expected losses. As of the December remittance date, the pool factor (current principal balance as a percentage of original) for the deal is 96% and is 10 months seasoned. Approximately 3.01% of the pool is more than 60 days delinquent. This includes foreclosures and real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo Noun NZ a language [Maori] ) of 1.09% and 0.21% respectively. The B-5 bond currently has 0.41% of credit enhancement. IndyMac Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus , rated 'RPS2+' and placed on Rating Watch Negative by Fitch, acts as a Servicer for the above transaction. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com. Fitch's Distressed Recovery (DR) ratings are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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