Nine classes from three IndyMac Home Equity Mortgage Loan Asset Backed Trust securitizations have been downgraded by Moody's Investors Service.The downgrades were as follows: series SPMD 2000-C, class MF-2, from B2 to Ca, and class BV, from B2 to Caa2; series SPMD 2001-A, class AF-5, from Aa2 to A1, class AF-6, from Aa2 to A1, class MF-1, from Baa3 to Ba3, class MF-2, from Caa3 to Ca, class MV-2, from Baa2 to Ba3, and class BV, from Ba2 to B1; and series SPMD 2001-B, class BF, from Baa2 to B2. Class BF of series 2001-B will remain on review for downgrade pending the liquidation of loans classified as real estate owned, Moody's said. The securitizations are backed by subprime mortgage and manufactured housing loans that were originated by IndyMac Bank FSB. The downgrades are due to higher-than-anticipated rates of default on the underlying loans and low rates of recovery on the sale of repossessed manufactured homes, the rating agency said. "The erosion of credit support and continued pipeline of seriously delinquent loans will likely contribute to ongoing weak pool performance," Moody's said.

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