IndyMac MBS Tranches Downgraded

Twenty-eight tranches from 12 transactions issued by IndyMac in 2007 have been downgraded by Moody's Investors Service, and 16 tranches have been placed on review for possible downgrade. The downgrades were based on higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels. The collateral consists primarily of first-lien, fixed- and adjustable-rate alternative-A mortgage loans.