IndyMac ABS Inc., $471.6MM Series SPMD 2001-C Rated by Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 8, 2001

IndyMac Home Equity Mortgage Loan Asset-Backed Trust, series SPMD 2001-C asset-backed certificates are rated by Fitch as follows:

-- $204,000,100 class AF-A, classes AF-B1 through AF-B4, A-IO and AR `AAA';

-- $189,600,000 classes AV-A and AV-B `AAA';

-- $33,600,000 class M-1 `AA';

-- $25,200,000 class M-2 `A';

-- $19,200,000 class B `BBB'.

The `AAA' rating on class AF-A, AF-B1 through AF-B4, AV-A, AV-B, A-IO and AR certificates reflects the 18% credit enhancement provided by classes M-1, M-2, B, overcollateralization (OC) of 1.75% and monthly excess interest. The 'AA' rating on class M-1 certificates reflects the 11% credit enhancement provided by subordinate classes M-2, B, OC and monthly excess interest. The 'A' rating on the M-2 certificates reflects the 5.75% credit enhancement provided by subordinate class B, OC and monthly excess interest. The 'BBB' rating on the B certificates reflects the OC and monthly excess interest.

The ratings on the certificates also reflect the quality of the home equity loans, the soundness of the legal and financial structures, and the capabilities of IndyMac Bank, F.S.B. as a master servicer of the loans.

The mortgage pool consists of two mortgage loan groups, Group I and Group II. Group I initially consists of a pool of fixed-rate mortgage loans secured by first or second liens on one-to-four-family residential properties located primarily in California (35.01%), New York (13.68%) and Florida (5.29%). The weighted average combined loan to value ratio (CLTV) of the Group I loans is approximately 82.03% with 53.46% of the loans having a LTV in excess of 80%. The weighted average coupon of the initial fixed-rate loans is 9.893% and the weighted average remaining term is 296 months.

Group II consists of a pool of adjustable-rate mortgage loans secured by first liens on one-to-four-family residential properties located primarily in California (38.62%), New York (7.11%) and Florida (5.40%). The weighted average original loan to value ratio (LTV) of the pool is approximately 77.81% with 32.64% of the loans having a LTV in excess of 80%. The weighted average coupon of the initial adjustable-rate loans is 9.466% and the weighted average remaining term is 359 months.

Additional loans will be purchased up to three months 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 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. An election will be made to treat the trust fund as two real estate mortgage investment conduits (REMICs) for federal income tax purposes.