Fitch Rates IndyMac MBS RAST $188.3MM, Series 2005-A9.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 rates IndyMac MBS See Mb/sec. MBS - mobile broadband services , Inc., Residential Asset Securitization Trust (RAST) 2005-A9, residential mortgage pass-through certificates, as follows: --$188.3 million classes A-1 through A-5, PO, A-X A-X Ajax, Ontario , and A-R ($188,256,221 senior certificates) 'AAA'. The 'AAA' rating on the senior certificates reflects the 4.75% subordination provided by the B1 through B6 certificates, which are not rated by Fitch. Fitch believes the above credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing will be adequate to support mortgagor defaults, as well as bankruptcy, fraud, and special hazard losses in limited amounts. In addition, the ratings reflect the quality of the mortgage collateral, the strength of the legal and financial structures, and the capabilities of IndyMac Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus (IndyMac) as master servicer (rated 'RMS2+' by Fitch). The mortgage pool consists of 380 recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity of 30 years. As of the cut-off date (June 1, 2005), the pool had an aggregate principal balance of approximately $197,644,728. The average loan balance is $520,118, and the weighted average original loan-to-value ratio (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) for the mortgage loans in the pool is approximately 70.98%. The weighted average FICO FICO See: Financing corporation credit score for the pool is approximately 710. Cash-out and rate/term refinance loans represent 37.89% and 25.53% of the pool, respectively. Second and investor-occupied homes account for 3.71% and 6.09% of the pool, respectively. The states that represent the largest geographic concentration are California (48.99%), New York (14.44%), and Florida (4.74%). None of the mortgage loans are 'high cost' loans as defined under any local, state, or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, see the press release 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' dated May 1, 2003, available on the Fitch Ratings web site at www.fitchratings.com. The loans were originated or purchased by IndyMac Bank, F.S.B., which it subsequently sold to IndyMac MBS, Inc. IndyMac MBS, Inc. deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. For federal income tax purposes, elections will be made to treat the trust as separate multiple real estate mortgage investment conduits (REMICs). Deutsche Bank National Trust Company will act as trustee. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies, and 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 this site, at all times. This document will remain on the public site for seven days. |
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