IndyMac MH Classes Downgraded

Eight classes of IndyMac Manufactured Housing Contract Trust pass-through certificates have been downgraded by Fitch Ratings.The ratings on 11 other classes of IndyMac MH deals were affirmed. In series 1997-1, the downgrades were as follows: class M, from A to BBB; and class B-1, from CCC to C. In series 1998-1, the downgrades were: class M, from A to BBB; and class B-1, from CCC to C. In series 1998-2, the downgrades were: class M-1, from A to BBB-minus; class M-2, from BBB-minus to BB-minus; class B-1, from CCC to C; and class B-2, from C to D. All four M classes were removed from Rating Watch Negative. Fitch attributed the downgrades to the "continued poor performance" of the underlying collateral. "Although IndyMac exited the manufactured housing lending business in mid-1999, it continues to service its loans from Pasadena, where the company's mortgage loan servicing operation is located," Fitch said. The rating agency can be found online at http://www.fitchratings.com.