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Rating Action:

Moody's downgrades $2.8 bn of Subprime RMBS issued by IndyMac

15 Sep 2010

New York, September 15, 2010 -- Moody's Investors Service has downgraded the rating of 53 tranches, confirmed the ratings of 8 tranches, and upgraded the ratings of 3 tranches from 11 RMBS transactions issued by IndyMac. The collateral backing these deals primarily consists of first-lien, fixed and adjustable-rate subprime residential mortgages.

RATINGS RATIONALE

The actions reflect the continued performance deterioration in Subprime pools in conjunction with home price and unemployment conditions that remain under duress. The actions reflect Moody's updated loss expectations on subprime pools issued from 2005 to 2007.

Five pools from two deals affected by these actions have pool policies (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2006-B and IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2006-C). Based on high rescission rates on claims made for defaults on subprime collateral, Moody's assumed an average ultimate acceptance rate of 20%. Of the deals with pool policies, this resulted in pool policies providing benefit only for IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2006-C's three pools. Without the benefit of the pool policies, losses to this deal would have been about 2 percentage points higher.

To assess the rating implications of the updated loss levels on subprime RMBS, each individual pool was run through a variety of scenarios in the Structured Finance Workstation® (SFW), the cash flow model developed by Moody's Wall Street Analytics. This individual pool level analysis incorporates performance variances across the different pools and the structural features of the transaction including priorities of payment distribution among the different tranches, average life of the tranches, current balances of the tranches and future cash flows under expected and stressed scenarios. The scenarios include ninety-six different combinations comprising of six loss levels, four loss timing curves and four prepayment curves. The volatility in losses experienced by a tranche due to small increments in losses on the underlying mortgage pool is taken into consideration when assigning ratings.

The principal methodology used in rating these securities was "Subprime RMBS Loss Projection Update: February 2010" rating methodology published in February 2010. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment remains at high levels, and weakness persists in the housing market. Moody's notes an increasing potential for a double-dip recession, which could cause a further 20% decline in home prices (versus its baseline assumption of roughly 5% further decline). Overall, Moody's assumes a further 5% decline in home prices with stabilization in early 2011, accompanied by continued stress in national employment levels through that timeframe.

A list of updated estimated pool losses, sensitivity analysis, and tranche recovery details is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF198174

For more information please see www.moodys.com.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past 6 months.

Complete rating actions are as follows:

Issuer: Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2007-B

Cl. 1A-1, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 1A-2, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-2, Downgraded to Caa3 (sf); previously on Jan 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-3, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-4, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-1, Confirmed at A2 (sf); previously on Jan 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-A

Cl. M-4, Downgraded to Ba3 (sf); previously on Jan 13, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Caa2 (sf); previously on Jan 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C (sf); previously on Jan 13, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C (sf); previously on Jan 13, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Upgraded to Aa1 (sf); previously on Jan 13, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Aa3 (sf); previously on Jan 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Upgraded to Baa1 (sf); previously on Jan 13, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-I-1, Confirmed at Aaa (sf); previously on Jan 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-I-2, Confirmed at Aaa (sf); previously on Jan 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-II-3, Confirmed at Aaa (sf); previously on Jan 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-B

Cl. M-1, Downgraded to Aa3 (sf); previously on Jan 13, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa3 (sf); previously on Jan 13, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B3 (sf); previously on Jan 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa2 (sf); previously on Jan 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C (sf); previously on Jan 13, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C (sf); previously on Jan 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-I-1, Confirmed at Aaa (sf); previously on Jan 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-II-3, Confirmed at Aaa (sf); previously on Jan 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-C

Cl. A-I-1, Downgraded to Ba1 (sf); previously on Jan 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-II-2, Downgraded to Ba1 (sf); previously on Jan 13, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-II-3, Downgraded to B1 (sf); previously on Jan 13, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa2 (sf); previously on Jan 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C (sf); previously on Jan 13, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C (sf); previously on Jan 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C (sf); previously on Jan 13, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-D

Cl. A-I-1, Downgraded to B1 (sf); previously on Jan 13, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-I-2, Downgraded to Caa2 (sf); previously on Jan 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C (sf); previously on Jan 13, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C (sf); previously on Jan 13, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-II-3, Downgraded to B2 (sf); previously on Jan 13, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-II-4, Downgraded to Caa3 (sf); previously on Jan 13, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2006-A

Cl. A-3, Downgraded to Caa3 (sf); previously on Jan 13, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ca (sf); previously on Jan 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C (sf); previously on Jan 13, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2006-B

Cl. 1A-1, Downgraded to Caa3 (sf); previously on Jan 13, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 1A-2, Downgraded to Caa3 (sf); previously on Jan 13, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-3, Downgraded to Ca (sf); previously on Jan 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-4, Downgraded to Ca (sf); previously on Jan 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C (sf); previously on Jan 13, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2006-C

Cl. 1A, Downgraded to Caa3 (sf); previously on Jan 13, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A, Downgraded to Caa3 (sf); previously on Jan 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-2, Downgraded to Ba1 (sf); previously on Jan 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-3, Downgraded to Ca (sf); previously on Jan 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-4, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2006-D

Cl. 1A, Downgraded to Caa3 (sf); previously on Jan 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-2, Downgraded to Caa2 (sf); previously on Jan 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-3, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-4, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2006-E

Cl. 1A-1, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 1A-2, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-2, Downgraded to Caa3 (sf); previously on Jan 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-3, Confirmed at Ca (sf); previously on Jan 13, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. 2A-4, Confirmed at Ca (sf); previously on Jan 13, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2007-A

Cl. 1A, Downgraded to Caa3 (sf); previously on Jan 13, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-1, Downgraded to Baa1 (sf); previously on Jan 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-2, Downgraded to Caa3 (sf); previously on Jan 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-3, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-4A, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

A list of these actions including CUSIP identifiers may be found at:

Excel: http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF218544

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, confidential and proprietary Moody's Analytics' information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Amelia (Amy) Tobey
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Minxi Qiu
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
USA

Moody's downgrades $2.8 bn of Subprime RMBS issued by IndyMac
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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