Fitch Rates New Indymac as Servicer

Fitch Ratings has assigned RPS3 residential primary servicer ratings for prime, alternative-A, and subprime loans to Indymac Federal Bank FSB, the successor to the defunct IndyMac Bank. In addition, Fitch assigned the company an RSS3 residential special servicer rating. The ratings were placed on Rating Watch Evolving. "The rating actions reflect the operational capabilities of the existing servicing platform, and the financial backing of the FDIC," Fitch said. The Federal Deposit Insurance Corp. was appointed conservator of the bank after IndyMac Bank was closed by the Office of Thrift Supervision. (Fitch's servicer ratings of IndyMac Bank have been withdrawn.) Fitch rates residential servicers on a scale of 1 to 5, with 1 being the highest rating. The rating agency can be found online at http://www.fitchratings.com.