Fitch Affirms 3 & Lowers 2 Classes From IndyMac SPMD 2001-C.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 rating actions on the following IndyMac ABS, Inc. home equity issue, series SPMD SPMD - single processor/multiple data 2001-C: -- Classes AF-B4, AF-A affirmed at 'AAA'; -- Class M-1 affirmed at 'AA'; -- Class M-2 downgraded to 'BBB+' from 'A'; -- Class B downgraded to 'BB-' from 'BBB'. The collateral pool consists of 30-year first and second lien fixed-rate and adjustable-rate mortgage loans on one- to four-family residential properties. At issuance, the weighted average original loan-to-value ratio (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) was 80.33% and the FICO score was approximately 615. The properties are primarily located in California (32.56%), New York (9.68%) and Florida (5.36%). The percentage of the pool consisting of loans secured with manufactured houses has increased from 1.7% at issuance to approximately 5.35% as of September 2005. All of the loans were originated and are master serviced by IndyMac Bank, F.S.B, rated 'RPS2+' by Fitch. The affirmations affect approximately $19.77 million in outstanding certificates and reflect adequate relationships of credit enhancement (CE) to future loss expectations. The negative rating actions on classes M-2 and B affect $4.78 million of outstanding certificates. The negative ratings actions on classes M-2 and B are due to monthly losses exceeding the available excess spread in recent months, which has caused deterioration in the overcollateralization (OC) amount. As of the January 2006 distribution, the OC amount of $1,598,960 is below the target amount of $2,400,000. Fitch expects the losses to continue to exceed excess spread in the future, causing the OC amount to decrease further and preventing CE as a percentage of the current pool balances to build for all bonds. The transaction is 50 months seasoned and has a pool factor (current mortgage loan principal outstanding as a percentage of the initial pool) of 11%. The 90+ day delinquencies represent 29.58% of the mortgage pool, which includes 14.07% foreclosures, 7.05% 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] ) and 3.98% bankruptcy. The pool has incurred a cumulative loss of 2.94% of the initial pool balance. Further information regarding delinquencies, losses and credit enhancement is available on the Fitch ratings web site at www.fitchratings.com. 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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