Fitch Affirms 6 Classes & Downgrades 1 Class from 1 IndyMac ABS HE Issue.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 18, 2004

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

Series SPMD 2001-A Group 1:

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

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

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

-- Class BF remains at 'CC'.

The negative rating action on Class MF-2 is the result of adverse collateral performance and the deterioration of asset quality outside of Fitch's original expectations.

Indymac SPMD 2001-A Group 1 contained 9.55% of MH collateral at closing, and as of January 2004, the percentage of MH increased to 21%. To date, MH loans have exhibited very high historical loss severities, causing Fitch to have concerns over the available enhancement in this deal.

This deal was structured with mortgage insurance (MI) policies provided by both the lender and the borrower on approximately 94.6% of the mortgage pool.

Series 2001-A Group 1 has had no OC since the May 2003 distribution, and class BF has taken further write-downs, with an ending balance of $67,071.53 as of the February 2004 distribution. The 12-month average monthly loss for this deal is approximately $165,000.

The structure in the 2001-A transaction is not cross-collateralized, so excess spread cannot be shared by the groups.

This deal is also structured such that bonds that were written down due to losses can be written back up.

Fitch will continue to closely monitor this deal.

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