Fitch Rts IndyMac's HE Mtge Loan Asset-Backed Trust SPMD 2001-A.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 28, 2001 Fitch assigns the following ratings to the $350 million IndyMac Home Equity Mortgage Loan Asset-Backed Trust, series SPMD SPMD - single processor/multiple data 2001-A. $153.6 million classes AF-1 to AF-6, AF-IO and R fixed-rate certificates and $178.5 million class AV certificates are rated `AAA'. Fixed-rate $4.4 million class MF-1 certificates and variable-rate $4.2 million class MV-1 certificates 'AA'. Fixed-rate $3.6 million class MF-2 certificates and variable-rate $3.7 million class MV-2 certificates `A'. In addition, fixed-rate $1.2 million class BF certificates and variable-rate $.46 million class BV certificates are rated `BBB'. The `AAA' rating on class AF and R certificates reflects the 6.25% 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 provided by classes MF-1, MF-2 and BF, targeted overcollateralization (OC) of .50% and monthly excess interest. The `AA' rating on class MF-1 certificates reflects the 3.50% credit enhancement provided by subordinate classes MF-2 and BF, targeted OC, and monthly excess interest. The 'A' rating on the MF-2 certificates reflects the 1.25% credit enhancement provided by subordinate class BF, targeted OC, and monthly excess interest. The `BBB' rating on the BF certificates reflects the targeted OC and monthly excess interest. The `AAA' rating on class AV (adjustable) reflects the 5.00% credit enhancement provided by classes MV-1, MV-2 and BV, targeted overcollateralization (OC) of .50% and monthly excess interest. The `AA' rating on class MV-1 certificates reflects the 2.75% credit enhancement provided by subordinate classes MV-2 and BV, targeted OC, and monthly excess interest. The `A' rating on the MV-2 certificates reflects the .75% credit enhancement provided by subordinate class BV, targeted OC, and monthly excess interest. The `BBB' rating on the BV certificates reflects the targeted OC and monthly excess interest. In addition, the ratings on the fixed-rate and adjustable-rate certificates reflect the quality of the home equity loans, the soundness of the legal and financial structures, and the capabilities of IndyMac Bank Indymac Bancorp, Inc. (NYSE: IMB) (Indymac®) is the holding company for Indymac Bank, F.S.B. (Indymac Bank®), the largest savings and loan in Los Angeles and the 7th largest mortgage originator in the nation. , F.S.B. as a master servicer of the loans. The mortgage pool consists of two mortgage loan groups, group I and group II. The classes AF-1 to AF-6, AF-IO, MF-1, MF-2, BF and R certificates are collateralized initially by a pool of fixed-rate mortgage loans secured by first or second liens A Second lien financing is a form of financing secured on a second ranking basis by (more or less) the same security, which secures the first ranking financing. The first lien lenders and the second lien lenders agree that, in the event of a security enforcement or bankruptcy, the on one- to- four-family residential properties located primarily in 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 (21.7%), California (17%) and New Jersey (5.9%). The weighted average combined loan to value ratio (CLTV CLTV Combined Loan To Value CLTV Collective CLTV ChicagoLand Television CLTV Customer Life Time Value ) of the group I loans is approximately 79.1% with 42.8% of the loans having a LTV LTV See: Loan-to-value ratio in excess of 80%. The weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. of the initial fixed-rate loans Fixed-rate loan A loan whose rate is fixed for the life of the loan. is 11.1% and the weighted average remaining term is 336 months. Fitch's analysis is based on initial fixed-rate loans totaling $110.5 million, which represents approximately 67.5% of the total initial mortgage loans. Additional fixed-rate loans will be purchased up to one month after the closing date. Fitch monitors the characteristics of the additional collateral to ensure conformity to the representations made by IndyMac Bank, F.S.B. The class AV, MV-1, MV-2 and BV certificates are collateralized initially by a pool of adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or loans secured by first liens on one-to-four-family residential properties located primarily in California (23.5%), New York (6.2%) and New Jersey (5.8%). The weighted average original loan to value ratio (LTV) of the pool is approximately 80.1% with 39.3% of the loans having a LTV in excess of 80%. The weighted average coupon of the initial adjustable-rate loans is 10.4% and the weighted average remaining term is 359 months. Fitch's analysis is based on initial adjustable-rate loans totaling $127.1 million, which represents approximately 67.9% of the total initial mortgage loans. Additional adjustable-rate loans will be purchased up to one month after the closing date. Fitch monitors the characteristics of the additional collateral to ensure conformity to the representations made by IndyMac Bank, F.S.B. The mortgage loans were originated or acquired by IndyMac Bank, F.S.B. who will also act as a master servicer in the transaction. The Bankers Trust The Bankers Trust is a historic American banking organisation that was acquired by Deutsche Bank in 1998. It was originally set up when banks could not perform trust company services. Company of California will serve as trustee. IndyMac ABS, Inc., a special purpose corporation, deposited the loans into the trust, which then issued the certificates. A real estate mortgage investment conduit Real Estate Mortgage Investment Conduit (REMIC) A pass-through tax entity that can hold mortgages secured by any type of real property and can issue multiple classes of ownership interests to investors in the form of pass-through certificates, bonds, or other legal forms. (REMIC) election will be made with respect to the trust fund for federal income tax purposes. |
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