Fitch Rates IndyMac MBS HE Mortgage Loan A-B Trust INDS 2006-A.

NEW YORK -- IndyMac MBS Inc. Home Equity Mortgage Loan Asset-Backed Trust, series INDS 2006-A, is rated by Fitch Ratings as follows:

-- $253,302,000 class A senior certificates 'AAA';

-- $19,242,000 class M-1 certificate 'AA+';

-- $21,093,000 class M-2 certificate 'AA';

-- $9,066,000 class M-3 certificate 'AA-';

-- $8,141,000 class M-4 certificate 'A+';

-- $8,696,000 class M-5 certificate 'A';

-- $7,216,000 class M-6 certificate 'A-';

-- $6,105,000 class M-7 certificate 'A-';

-- $5,735,000 class M-8 certificate 'BBB+';

-- $6,846,000 class M-9 certificate 'BBB';

-- $8,141,000 class M-10 certificate 'BBB-';

-- $4,995,000 class B-1 certificate 'BBB-';

-- $1,851,000 class B-2 certificate 'BB+';

-- $5,550,000 class B-3 certificate 'BB'.

Classes B-1, B-2 and B-3 are not being publicly offered.

The 'AAA' rating on the senior certificates reflects the 36.35% total credit enhancement provided by the 5.20% class M-1 certificate, 5.70% class M-2, 2.45% class M-3, 2.20% class M-4, 2.35% class M-5, 1.95% class M-6, 1.65% class M-7, 1.55% class M-8, 1.85% class M-9, 2.2% class M-10, 1.35% class B-1 144A certificate, 0.5% class B-2 144A certificate, 1.5% class B-3 144A certificate, 1.10% initial overcollateralization (OC) and 5.90% target OC.

All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the quality of the loans and the integrity of the transaction's legal structure, as well as the primary servicing capabilities of IndyMac Bank, FSB.

The mortgage pool consists of fixed rate, closed-end, subprime mortgage loans secured by second liens on one- to four-family residential properties, with a cut-off date aggregate principal outstanding balance of $370,055,499. As of the cut-off date (May 22, 2006), the weighted average loan rate is approximately 11.097%, and the weighted average original term to maturity (WAM) is 190 months. The average cut-off date principal balance of the mortgage loans is approximately $53,379. The weighted average combined original loan-to-value ratio (OLTV) is 93.03%, and the weighted average Fair, Isaac & Co. (FICO) score is 654. The properties are primarily located in California (25.94%), and Florida (10.62%).

All of the mortgage loans were purchased by an affiliate of the depositor from various sellers in secondary market transactions. For federal income tax purposes, an election will be made to treat the trust as multiple real estate mortgage investment conduits (REMICs).

Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.