Fitch Affirms 13, Takes Actions on 4 Classes From 2 IndyMac ABS HE Issues.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 7, 2003

Fitch Ratings has affirmed and taken rating actions on the following IndyMac ABS, Inc., Home Equity issues:

Series SPMD 2000-A Group 1:

-- Class AF-3, R affirmed at 'AAA';

-- Class MF-1 affirmed at 'AA';

-- Class MF-2 affirmed at 'A';

-- Class BF downgraded to 'CCC' from 'BB'.

Series SPMD 2000-A Group 2:

-- Class AV-1 affirmed at 'AAA';

-- Class MV-1 affirmed at 'AA';

-- Class MV-2 affirmed at 'A';

-- Class BV rated at 'BBB' and placed on Rating Watch Negative.

Series SPMD 2001-A Group 1:

-- Class AF-4 - AF-6, AF-IO, R affirmed at 'AAA';

-- Class MF-1 downgraded to 'BBB-' from 'A-';

-- Class MF-2 downgraded to 'B-' from 'BB';

-- Class BF remains at 'CC'.

These rating actions are the result of adverse collateral performance and the deterioration of asset quality outside of Fitch's original expectations.

In particular, IndyMac SPMD 2000-A Group 1 contained 9.35% of manufactured housing (MH) collateral (% of UPB) at closing, and as of September 2003, the percentage of MH increased to 20.13%. IndyMac SPMD 2001-A Group 1 contained 9.55% of MH collateral at closing, and as of September 2003, the percentage of MH increased to 19.57%. To date, MH loans have exhibited very high historical loss severities, causing Fitch to have concerns over the available enhancement in these deals.

The 2000-A deal was structured with mortgage insurance (MI) policies provided by both the lender and the borrower on approximately 80%, and the 2000-A deal with approximately 20% of the mortgage pools. These deals have experienced historically slow resolution of insurance claims and liquidation process on the MH collateral due to illiquidity in the current market. Fitch has been informed by IndyMac that a group has been segregated to specifically handle the MI relationships and the claim submittal and timing process.

In group 1 of series 2000-A and 2001-A, the level of losses incurred has increased significantly and has resulted in the depletion of overcollateralization (OC). As of the October 2003 distribution, series 2000-A Group 1 has OC of $662,879.90. Series 2001-A Group 1 had OC of $0 since the May 2003 distribution, and class BF has taken further write-downs, with an ending balance of $409,612.69 as of the October 2003 distribution.

The structures in the 2000-A and 2001-A transactions are not cross-collateralized, so they do not allow for excess spread to be shared by the groups. Initially, there was no OC funded for this deal, and OC was retained at low levels due to the steep MI structured in the deal. Furthermore, a 36-month interest-only (IO) strip is present in Group 1 of 2001-A that expires January 2004. This drains the excess spread that would otherwise be available to cover losses and to build OC in the deals. Once these IO classes mature, more excess spread will be available for credit support.

Both the above referenced deals are structured such that there is the ability in future periods for the bonds that were written down due to losses to be written back up.

Fitch will continue to closely monitor these deals.

Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings web site at 'www.fitchratings.com'.