Three classes from two IndyMac ABS Inc. home equity transactions have been downgraded by Fitch Ratings and another class from a third transaction has been placed on Rating Watch Negative.The downgrades were as follows: class BF of series SPMD 2000-A group 1, from BB to CCC; class MF-1 of series SPMD 2001-A group 1, from A-minus to BBB-minus; and class MF-2 of series SPMD 2001-A group 1, from BB to B-minus. Class BV of series SPMD 2000-A group 2 was placed on Rating Watch Negative. In addition, the ratings on seven other classes from the three deals were affirmed, and an eighth rating was left unchanged. The rating agency attributed the downgrades to a significant increase in losses that has depleted overcollateralization. "The structures in the 2000-A and 2001-A transactions are not cross-collateralized, so they do not allow for excess spread to be shared by the groups," Fitch said. The rating agency said those two deals are structured to allow bonds that are written down due to losses to be written back up. Fitch can be found online at http://www.fitchratings.com.

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