California home equity mortgage loan

NEW YORK -- IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2004-C, is rated by Fitch Ratings as follows:

--$596.25 million class A-I-1, A-I-2, A-I-3, A-II-1, A-II-2 and A-II-3 'AAA',

--$36 million class M-1 'AA+';

--$21.38 million class M-2 'AA';

--$12.75 million class M-3 'AA-';

--$12.75 million class M-4 'A+';

--$10.50 million class M-5 'A';

--$9.75 million class M-6 'A-';

--$7.50 million class M-7 'BBB+';

--$7.50 million class M-8 'BBB';

--$7.50 million class M-9 'BBB-';

--$7.50 million privately offered class M-10 'BB+'.

Credit enhancement for the 'AAA' rated class A certificates reflects the 17.75% subordination provided by classes M-1, M-2, M-3, M-4, M-5, M-6, M-7, M-8, M-9, M-10, monthly excess interest and initial overcollateralization (OC) of 2.75%. Credit enhancement for the 'AA+' rated class M-1 certificates reflects the 12.95% subordination provided by classes M-2, M-3, M-4, M-5, M-6, M-7, M-8, M-9, M-10, monthly excess interest and initial OC. Credit enhancement for the 'AA' rated class M-2 certificates reflects the 10.10% subordination provided by classes M-3, M-4, M-5, M-6, M-7, M-8, M-9, M-10, monthly excess interest and initial OC. Credit enhancement for the 'AA-' rated class M-3 certificates reflects the 8.40% subordination provided by classes M-4, M-5, M-6, M-7, M-8, M-9, M-10, monthly excess interest and initial OC. Credit enhancement for the 'A+' rated class M-4 certificates reflects the 6.70% subordination provided by classes M-5, M-6, M-7, M-8, M-9, M-10, monthly excess interest and initial OC. Credit enhancement for the 'A' rated class M-5 certificates reflects the 5.30% subordination provided by classes M-6, M-7, M-8, M-9, M-10, monthly excess interest and initial OC. Credit enhancement for the 'A-' rated class M-6 certificates reflects the 4% subordination provided by class M-7, M-8, M-9, M-10, monthly excess interest and initial OC. Credit enhancement for the 'BBB+' rated class M-7 certificates reflects the 3% subordination provided by class M-8, M-9, M-10, monthly excess interest and initial OC. Credit enhancement for the 'BBB' rated class M-8 certificates reflects the 2% subordination provided by classes M-9, M-10, monthly excess interest and initial OC. Credit enhancement for the 'BBB-' rated class M-9 certificates reflects the 1% subordination provided by class M-10, monthly excess interest and initial OC. Credit enhancement for the 'BB+' rated class M-10 certificates reflects monthly excess interest and initial OC. In addition, the ratings reflect the integrity of the transaction's legal structure as well as the capabilities of IndyMac Bank, F.S.B. as master servicer. Deutsche Bank National Trust Company will act as trustee.

On the closing date, the depositor will place approximately $73,627,685 which will be held by the trustee in a pre-funding account relating to mortgage loans in Group I and approximately $76,372,315 relating to the mortgage loans in Group II. The amount on deposit in each account will be used to purchase subsequent mortgage loans during the period from the closing date up to and including Jan. 12, 2005.

The certificates are supported by two groups of mortgage loans. The Group 1 mortgage pool consists of first-lien fixed-rate and adjustable-rate mortgage loans with a statistical date pool balance of $247,006,834.61. Approximately 18.26% of the Group 1 mortgage loans are fixed-rate and approximately 81.74% of the Group 1 mortgage loans are adjustable-rate mortgage loans. The weighted average loan rate is approximately 7.545%. The weighted average remaining term to maturity (WAM) is 358 months. The average principal balance of the loans is approximately $168,146.00. The weighted average original loan-to-value (OLTV) ratio is 78.38% and the weighted average FICO score is 609. The properties are primarily located in California (22.84%), Florida (10.30%) and New Jersey (7.74%).

The Group 2 mortgage pool consists of first-lien fixed-rate and adjustable-rate mortgage loans with a statistical date pool balance of $256,214,545.23. Approximately 23.37% of the Group 2 mortgage loans are fixed-rate and approximately 76.63% are adjustable-rate mortgage loans. The weighted average loan rate is approximately 7.198%. The WAM is 353 months. The average principal balance of the loans is approximately $218,055. The OLTV is 77.55% and the weighted average FICO is 618. The properties are primarily located in California (30.85%), Florida (6.70%) and New Jersey (6.25%).

IndyMac ABS, Inc., the depositor, purchased the mortgage loans from IndyMac Bank, F.S.B., the mortgage loan seller, and caused the mortgage loans to be assigned to the trustee for the benefit of holders of the certificates. For federal income tax purposes, an election will be made to treat the trust fund as multiple real estate mortgage investment conduits (REMICs).