In light of current conditions impacting the subprime mortgage
market, IndyMac Bancorp, Inc. (NYSE:NDE) (�Indymac�� or the
�Company�), the holding company for IndyMac Bank, F.S.B. (�Indymac
Bank��), is providing this update to reaffirm the fundamental
strength of its hybrid thrift/mortgage banking business model;
clarify its position as a prime/Alt-A mortgage lender with minimal
exposure to subprime; highlight the strengths of its federally
chartered savings and loan (national thrift) structure in
comparison to a mortgage REIT structure; and give additional
information on the Company�s credit outlook. Indymac�s exposure to
subprime mortgages is small, and the Company�s credit performance
statistics are reflective of prime/Alt-A mortgage lending. Indymac
has been inappropriately categorized by many media sources as a
subprime lender, and we wish to clarify our position as
predominantly a prime/Alt-A lender with the following facts: 1.�
Based on the definition of subprime established by the Office of
Thrift Supervision (OTS) for our regulatory filings, only 3.0
percent of Indymac�s $90 billion in mortgage loan production in
2006 was subprime. � 2.� Indymac�s asset-backed securitizations
(ABS) classified as subprime total $6.8 billion(1) and represent
only 4.4 percent of our total $156 billion portfolio of loans
serviced as of December 31, 2006. � 3.� We do not rank among the
top 25 subprime lenders in the country in any current industry
survey, nor are we part of the ABX Index of the top 20 subprime
issuers. � 4.� Subprime mortgages generally include those loans
where the borrower�s FICO score is 620 or below. In contrast the
average FICO score on Indymac�s 2006 loan production was 701. Alt-A
loans are generally for prime credit quality borrowers who do not
meet the published underwriting requirements of the GSEs, primarily
because they choose not to fully document their income but instead
elect to qualify for the loan based on their strong credit history,
liquid cash reserves and home equity level. Despite not meeting the
published underwriting requirements of the GSEs, most of our
conforming-balance Alt-A loans are, in fact, eligible for sale to
the GSEs pursuant to established contractual agreements. We do sell
Alt-A loans to the GSEs when that is the best execution, and as of
December 31, 2006, 21 percent of our $110 billion portfolio of
Alt-A loans serviced for others was serviced for the GSEs. Alt-A
credit performance is considerably closer to prime, agency
conforming loans than to subprime. As of December 31, 2006 (the
most current industry data available), the 30+day delinquency
percentage for Alt-A loans in the mortgage industry was 5.0 percent
as compared to 22.7 percent for subprime loans.2 There is no
current industry data available for agency conforming loans as the
GSEs have yet to file financial statements for 2006, which would
include that data. Using Indymac�s agency conforming data as a
proxy for the industry, our 30+day delinquency percentage was 2.52
percent as of December 31, 2006. For Indymac�s total $156 billion
portfolio of loans serviced, the 30+day delinquency rate was 5.43
percent of loan balance, or 5.57 percent of loan units, nearly
identical to the 5.67 percent of loan units overall delinquency
rate, including loans in foreclosure, for the largest independent
mortgage lender in the country, who is categorized as a prime
lender. Indymac�s 30+day delinquency rate on its total $123 billion
portfolio of Alt-A loans (which includes the $110 billion portfolio
of Alt-A loans cited above plus $13 billion of loans held for sale
and for investment on our balance sheet) was 5.40 percent as of
December 31, 2006.3 Of our $156 billion portfolio, we own the
credit risk on $16 billion in our portfolios of loans held for sale
(HFS) and held for investment (HFI). Loans in the HFS portfolio
stay on our books for an average of 47 days (actual average for
Q4-06). The loans in the HFI portfolio have an average loan size of
$309,924, average FICO score of 716 and an average original
loan-to-value ratio (LTV) of 73 percent. With approximately two
years of seasoning in this portfolio and the home appreciation
gains that have occurred during this time, we estimate that the
average current LTV ratio is 61 percent.4 We also own the credit
risk on $12 billion of our $140 billion portfolio of loans serviced
for others in the form of residuals and non-investment grade
securities. As of December 31, 2006, these securities were valued
at $331 million, and we have credit reserves (estimated lifetime
losses) embedded in the valuation totaling $473 million, or 3.8
percent of the underlying loans. The ratio of non-performing assets
(NPA) to total assets on the balance sheet is also an indicator of
credit quality. As of year-end, Indymac�s NPA ratio stood at 0.63
percent of total assets. The NPA ratios for the largest independent
mortgage lender in the country and the largest thrift were 1.19
percent and 0.80 percent, respectively. Indymac�s thrift structure
and capital and liquidity resources are a source of strength. There
are some parallels between what is happening in the subprime
mortgage market today and the impact the global liquidity crisis of
1998 had on capital markets funded (non-depository) mortgage
companies, particularly mortgage REITs. As was the case then, the
most severe problems are being encountered by mortgage REITs. In
1998, Indymac was a mortgage REIT, a structure the current
management team inherited in 1993 from our founders. When the
liquidity crisis hit, we were forced to shrink our balance sheet
dramatically in the 4th quarter of 1998 to raise liquidity, and
this caused us to suffer our first and only quarterly loss,
although we did record a profit for the full year of 1998. After
that experience, Indymac decided to shed its mortgage REIT
structure, so that we would never again subject ourselves to this
kind of liquidity risk. We gave up our REIT status at the end of
1999, and on July 1, 2000, Indymac became a federally chartered
thrift. The thrift structure has enabled us to diversify our
funding sources and substantially improve our overall liquidity
position as shown in the table below: � � Indymac�s Corporate
Structure: � � Federally Chartered Thrift � Mortgage REIT ($ in
millions) � December 31, 2006 � September 30, 1998 Total Assets �
$29,495� � $7,350� Shareholders� Equity $2,028� $926� Equity to
Assets 7% 13% Regulatory Capital Ratios (Core/Risk-based) �
7.39%/11.72% � n/a� Operating Liquidity (quarterly avg.) $2,392�
$151� � Funding Sources: Deposits 42% 0% FHLB Advances 40% 0%
Asset-backed Commercial Paper & Other Securitized Borrowings
11% 1% Reverse Repurchase Facilities 5% 84% Trust Preferred 2% 0%
Revolving Bank Lines 0% 14% Other Unsecured Debt � 0% � 1% Total
Borrowings � 100% � 100% Today, Indymac has over $2.4 billion of
liquidity, with roughly $11 billion of deposits, $10.4 billion of
FHLB borrowings, $2.1 billion of asset backed commercial paper
programs (and other securitized borrowings), $0.5 billion of Trust
Preferred securities, $2 billion of shareholders� equity, and only
$1.4 billion of reverse repurchase (repo) borrowings from Wall
Street (on our most liquid assets). In addition, it should be noted
that during this uncertain period, Indymac has not had any
financing facilities terminated or reduced, nor have we received
any margin calls. We are now the 7th largest thrift in the nation,
as measured by total assets. One manifestation of the overall
financial strength we have achieved with our thrift structure is
strong long-term corporate credit ratings. Moody�s Investor Service
has recently upgraded the long-term credit ratings for Indymac Bank
and IndyMac Bancorp, Inc. from Baa3 and Ba1 to Baa2 and Baa3,
respectively. Both ratings are considered �Investment Grade,� and
these ratings are on a par with Standard and Poor�s ratings of BBB
and BBB- for Indymac Bank and Indymac Bancorp, Inc., respectively.
In addition, Standard and Poor�s just recently completed its
Servicer Rating Audit/Review of Indymac and upgraded the Company�s
prime and subprime �Servicer Ratings� from �Above Average� to
�Strong,� the highest rating available. In its ratings upgrade
Standard and Poor�s commented as follows: �The ratings reflect
Indymac�s experienced management team, strong internal controls,
fine training regimen and good IT environment. � Default statistics
reflect that the company effectively manages its delinquent assets,
thus mitigating potential losses. Indymac continues to receive
favorable ratings from its investors for investor reporting and
default management.� Given the stability of our business foundation
and our success in executing on our strategies, we have grown to
become the 7th largest mortgage lender in the nation as of the
fourth quarter of 2006, according to National Mortgage News.
Indymac�s credit costs are projected to increase but remain
manageable. Embedded in our 2007 outlook is a continuation of the
current challenging and volatile environment for housing, mortgage
lending and the secondary market. Based on this environment and
given our prior underwriting guidelines, which provide the basis
for our current loan portfolio and the loans we have sold on which
we still retain credit risk, we expect that our loan delinquencies
and NPAs will continue to rise significantly in 2007, similar to
other top prime home lenders. We are forecasting that our NPAs
could rise from 0.63 percent at year-end to 1.50 percent to 2.0
percent during 2007.5 Two factors could impact the NPA ratio and
drive it higher than 1.50 percent to 2.0 percent: worsening housing
market conditions and lower levels of sales of NPAs than in the
past. In the past, there has been a liquid market for selling NPAs,
but this market has recently become less liquid. As such, we may
elect to keep more NPAs on our balance sheet and work them out
(including through the sale of REOs), given our strong liquidity
and expertise in this area, rather than sell them at �firesale�
prices into a depressed market. To improve our credit performance
and earnings in the future, we tightened our underwriting
guidelines throughout 2006 and substantially accelerated this
tightening in 2007 for the two loan categories � 80/20 �piggybacks�
and subprime � causing our greatest credit losses.6 Applying these
guideline cutbacks (and cutbacks on other products as noted in
Appendix A) to our loan production in the fourth quarter of 2006,
we would have eliminated approximately 51 percent of our 80/20
piggyback and subprime production, reduced our overall production
by 15.9 percent and eliminated $12.1 million in credit losses on
mortgage loans held for sale, or 69 percent of the credit losses.
While these cutbacks will have a positive impact going forward, it
will take time for them to work through our production and
positively impact our credit performance metrics. We expect to
realize these benefits by the second half of 2007. With respect to
our current business, while our product guideline cutbacks and
pricing adjustments will strengthen our credit performance in
future periods, they are not as yet decreasing our current
production volumes. Despite our guideline cuts, we expect to
generate roughly $26 billion in new loan production in the first
quarter, flat to the record production we achieved in Q4-06 and up
30 percent over the first quarter of last year. In addition,
business has recently accelerated as our existing mortgage
professional customers and many new customers see us as a strong
and reliable partner during these turbulent times. Our pipeline of
loans in process as of February 28, 2007 was $13.7 billion, up 16
percent from year-end and up 11 percent from the prior year. Built
into the 1.50 percent to 2.0 percent overall NPA forecast is a
forecast that the NPA ratio in our Homebuilder Division
(subdivision construction loans) could rise to roughly 10.0 percent
during the first half of the year. However, we analyze each
specific loan individually in this portfolio and do not forecast
significant losses coming from the portfolio at this time. The
forecasted increase in NPAs in this division is anticipated to be
concentrated in a few large borrowers. We have tightened our
guidelines such that loans of this size and type would no longer be
approved. Also embedded in the 1.50 percent to 2.0 percent overall
NPA forecast is an expectation that loan repurchases will rise in
the coming quarters as a result of a combination of increased
production volumes, Wall Street firms becoming more aggressive on
repurchase demands, and credit deterioration, the majority of which
will be associated with products we eliminated by tightening our
guidelines over the past month or so. Indymac�s repurchases in the
fourth quarter of 2006 were at a run rate of just under $300
million per year. We are forecasting repurchases for all of 2007 at
roughly $600 million, with a greater percentage of these coming in
the first half of the year and tapering off as our guideline
tightening begins to run through our production. As a result, we
forecast that credit costs7 in our mortgage production and sales
business will increase. We see these credit costs � which were 13.3
bps of loan sales, or 10.6 percent of our mortgage banking revenue
(MBR) margin, in Q4-06 � increasing to a�range of 15 bps to 25 bps
of loan sales for the full year 2007, with the first half in the
range of 20 bps to 30 bps and the second half between 10 bps and 20
bps. These credit costs have been factored into our earnings
forecast and, we believe, will remain manageable. Again, if
conditions in the housing and mortgage markets worsen substantially
from our current expectations, this could have a material adverse
impact on our earnings from our current earnings forecast.
Financial Freedom, our reverse mortgage subsidiary, has been a
notable success for Indymac since its acquisition in 2004. This
entity has been the clear market leader in reverse mortgages with
over a 50 percent market share, and, until recently, there have
been few major competitors in this business. In the past two years,
we have been able to leverage Indymac�s secondary marketing
expertise to substantially expand Financial Freedom�s revenue
margins to what became outsized and unsustainable levels. This
contributed to Financial Freedom earning $54 million and a strong
ROE of 56 percent in 2006, up from $25 million and an ROE of 39
percent in 2005. We expect Financial Freedom�s profit contribution
to continue to be strong in the first quarter of 2007 and reach an
all-time record of roughly $26 million. However, profits are
expected to drop substantially in the second quarter (but resume
growing thereafter), as new entrants into the reverse mortgage
business exert competitive pressures, reducing revenue margins to
more normal levels. For the full year, we expect Financial Freedom
to increase its loan production volume by 30 percent over 2006 and
profits by 12 percent to approximately $61 million, representing an
ROE of 49 percent. Regulatory Update Indymac�s regulator, the
Office of Thrift Supervision (OTS), is up to date on our
operations, financial position and prospects for 2007. We have a
positive and constructive relationship with them, which includes
regular feedback and suggestions or ideas for improvement. As a
result of our strong financial condition, including solid earnings
and strong liquidity, and prudent regulatory compliance and risk
management, we have not been directed by our regulators to change
our business or financial position. Conclusions �Clearly, the
mortgage market and, in particular, the secondary market for
mortgages are in a state of irrational panic right now, making it
virtually impossible to predict short-term loan production and
sales volumes or earnings with any reasonable precision until
things settle down,� commented Michael W. Perry, Chairman and CEO
of Indymac. �With that said, at this point our view that in the
first half of 2007 Indymac would earn around a 10 percent ROE and
in the second half � as our credit tightening and pricing changes
take affect and hopefully the markets settle down � could earn
around a 15 percent ROE still looks, roughly speaking, right. �It
is no fun to have this current level of turmoil in the mortgage
business and have our earnings and stock price decline, causing
stress and anxiety for our shareholders and employees. And, while
we don�t wish any of our competitors ill, the current �firestorm�
in our industry is exactly what is needed to restore rationality
and discipline to the mortgage business, and this will ultimately
be very positive for strong companies like Indymac. Let me leave
you with some recent wisdom from Warren Buffett. When asked in a
CNBC interview this week what he thinks is the number one threat to
the stock market and the capital markets overall, Mr. Buffett�s
response was: �Long term they�ll do fine owning American equities.
I have no idea what the market will do next week, next year, zero.
I don�t think about it. If I thought about it, it wouldn�t do any
good. The main thing an investor needs is the proper temperament.
He doesn�t have to have 150 IQ, he doesn�t have to be an expert on
accounting, but he does have to keep his balance when untoward
things happen in the market. The reason investors do poorly is they
beat themselves. The Dow went from 66 to 11,400 in the last
century. You�d think it would be pretty hard not to do well if you
go from 66 to 11,400. The people who didn�t do well are the people
who panicked at the wrong time, came in because stocks were popular
and left when they were unpopular. So you have to have an emotional
stability. If you have an emotional stability and you stick with
American businesses, you�re going to do fine.�� Indymac Stock
Holdings and Stock Sales for Top Three Executives: Executive �
Number of Indymac Shares Currently Owned � Number of Indymac Stock
Options Currently Vested � Number of Indymac Shares Sold from
1/1/06 through 3/13/07 Michael W. Perry Chairman and CEO � 214,502�
� 2,508,086� � Zero Richard H. Wohl President � 104,095� � 895,905�
� Zero A. Scott Keys Chief Financial Officer � 4,159� � 135,595� �
Zero Appendices attached: A � Recent Guideline Cutbacks B �
Delinquency Data on Mortgage Servicing Portfolio About Indymac Bank
IndyMac Bancorp, Inc. (NYSE:NDE) (Indymac�) is the holding company
for IndyMac Bank, F.S.B. (Indymac Bank�), the 7th largest savings
and loan and the 2nd largest independent mortgage lender in the
nation. Indymac Bank, operating as a hybrid thrift/mortgage banker,
provides cost-efficient financing for the acquisition, development,
and improvement of single-family homes. Indymac also provides
financing secured by single-family homes and other banking products
to facilitate consumers� personal financial goals. With an
increased focus on building customer relationships and a valuable
consumer franchise, Indymac is committed to becoming a top five
mortgage lender in the U.S. by 2011, with a long-term goal of
providing returns on equity of 15 percent or greater. The company
is dedicated to continually raising expectations and conducting
itself with the highest level of ethics. For more information about
Indymac and its affiliates, or to subscribe to the company�s Email
Alert feature for notification of company news and events, please
visit http://about.indymacbank.com/investors. Certain statements
contained in this press release may be deemed to be forward-looking
statements within the meaning of the federal securities laws. The
words "anticipate," "believe," "estimate," "expect," "project,"
"plan," "forecast," "intend," "goal," "target," and similar
expressions identify forward-looking statements that are inherently
subject to risks and uncertainties, many of which cannot be
predicted or quantified. Actual results and the timing of certain
events could differ materially from those projected in or
contemplated by the forward-looking statements due to a number of
factors, including, the effect of economic and market conditions
including industry volumes and margins; the level and volatility of
interest rates; the Company�s hedging strategies, hedge
effectiveness and asset and liability management; the accuracy of
subjective estimates used in determining the fair value of
financial assets of Indymac; the credit risks with respect to our
loans and other financial assets; the actions undertaken by both
current and potential new competitors; the availability of funds
from Indymac�s lenders and from loan sales and securitizations, to
fund mortgage loan originations and portfolio investments; the
execution of Indymac�s growth plans and ability to gain market
share in a significant market transition; the impact of disruptions
triggered by natural disasters; pending or future legislation,
regulationsor litigation; and other risk factors described in the
reports that Indymac files with the Securities and Exchange
Commission, including its Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and its reports on Form 8-K. (1) Data on
Indymac�s subprime ABS is sourced from First American
LoanPerformance, a unit of real estate data specialist First
American Real Estate Solutions, whose data includes mortgages that
have been packaged and sold as mortgage-backed securities. � (2)
Data source First American LoanPerformance. All of Indymac�s
delinquency statistics cited herein include loans in foreclosure in
addition to delinquent loans. Other lenders� statistics may not
include loans in foreclosure. � (3) Comparable data from First
American LoanPerformance, which includes only Indymac�s Alt-A loans
sold as mortgage backed securities, shows Indymac�s Alt-A 30+day
delinquency rate at 4.86 percent. � (4) As of December 31, 2006,
calculated based on the Office of the Federal Housing Enterprise
Oversight House Price Index Metropolitan Statistical Areas data on
a loan level basis. � (5) Indymac operated with NPAs as high as
3.29 percent on average in 1999 and was able to remain solidly
profitable, with an ROE of 8 percent for that year. � (6) Note: One
large mortgage lender got a lot of fanfare last week when it cut
out 100 percent financing for subprime borrowers. Indymac stopped
originating 100 percent financing for subprime borrowers in the 1st
quarter of 2006. � (7) These credit costs include both a credit
mark-to-market on loans held for sale and a secondary market
warranty accrual. Appendix A Recent Guideline Cutbacks(a) � Product
Group ($ in millions) � 4th Quarter Production � Production
Eliminated � Percent of 4th Quarter Production Eliminated � 4th
Quarter Credit Losses on Loans Held for Sale (LHFS) � 4th Quarter
Credit Losses on LHFS Related To Eliminated Production � Percent of
4th Quarter Credit Losses on LHFS Eliminated 80/20 Piggybacks � $
4,990� � $ 2,689.5� � 53.9% � $ 10.27� � $ 9.06� � 88.2% Subprime �
$ 1,155� � $ 444.7� � 38.5% � $ 3.12� � $ 2.64� � 84.4% Alt-A and
Prime � $ 11,205� � $ 586.5� � 5.2% � $ 2.10� � $ 0.01� � 0.3 %
Option ARM � $ 5,201� � $ 211.3� � 4.1% � $ 1.42� � $ 0.02� � 1.7%
Second Liens (CES and HELOCs) � $ 1,169� � $ 201.7� � 17.3% � $
0.41� � $ 0.40� � 96.8% Consumer Construction � $ 785� � $ 1.2� �
0.2 % � $ 0.34� � $ -� � - % Reverse Mortgages � $ 1,441� � $ -� �
- % � $ -� � $ -� � - % Total � $ 25,946� � $ 4,134.9� � 15.9% � $
17.66� � $ 12.12� � 68.6% � (a) Includes some guideline cutbacks
that are scheduled to take place on March 19, 2007. Appendix B
Delinquency Data on Mortgage Servicing Portfolio � All Loan
delinquencies include loans in foreclosure and are based on loan
UPB using the MBA basis. (The 2006 Q4 Total Serviced delinquencies
include 55 bps of loans in foreclosure) � UPB $ in thousands Total
Serviced UPB 30+� 60+� 90+� REO � 2006Q4 155,655,692� 5.43%1 2.30%
1.42% 0.17% 2006Q3 139,021,891� 4.90% 1.94% 1.11% 0.13% 2006Q2
122,111,715� 4.37% 1.49% 0.89% 0.12% 2006Q1 109,703,064� 3.62%
1.44% 0.83% 0.12% 2005Q4 95,858,723� 4.11% 1.59% 0.94% 0.12% �
First Liens � Agency Conforming UPB 30+� 60+� 90+� REO � 2006Q4
6,464,343� 2.52% 0.99% 0.58% 0.08% 2006Q3 6,236,500� 2.59% 1.00%
0.56% 0.08% 2006Q2 6,191,006� 2.27% 0.86% 0.51% 0.07% 2006Q1
6,146,023� 2.16% 0.87% 0.55% 0.09% 2005Q4 6,120,310� 2.62% 1.08%
0.67% 0.08% � � Alt-A UPB 30+� 60+� 90+� REO � 2006Q4 123,340,076�
5.40% 2.12% 1.28% 0.15% 2006Q3 109,606,506� 4.81% 1.72% 0.93% 0.11%
2006Q2 94,960,194� 4.25% 1.24% 0.71% 0.10% 2006Q1 84,826,702� 3.38%
1.21% 0.65% 0.10% 2005Q4 73,240,442� 3.77% 1.30% 0.74% 0.09% � �
Subprime UPB 30+� 60+� 90+� REO � 2006Q4 4,634,976� 27.12% 15.42%
10.08% 1.66% 2006Q3 4,277,396� 26.09% 14.82% 9.61% 1.43% 2006Q2
4,022,205� 23.94% 13.00% 8.38% 1.29% 2006Q1 3,991,461� 20.32%
11.28% 7.48% 1.20% 2005Q4 3,834,884� 23.33% 12.21% 7.76% 1.08% � �
Lot Loans UPB 30+� 60+� 90+� REO � 2006Q4 1,726,187� 4.57% 2.20%
1.59% 0.04% 2006Q3 1,798,074� 4.06% 1.72% 1.23% 0.03% 2006Q2
1,859,607� 3.29% 0.67% 0.33% 0.02% 2006Q1 1,856,605� 2.24% 0.55%
0.15% 0.02% 2005Q4 1,756,295� 3.09% 0.77% 0.33% 0.02% � Reverse
Mortgages UPB 30+� 60+� 90+� REO � 2006Q4 13,068,747� 0.00% 0.00%
0.00% 0.00% 2006Q3 11,554,888� 0.00% 0.00% 0.00% 0.00% 2006Q2
10,294,332� 0.00% 0.00% 0.00% 0.00% 2006Q1 8,914,824� 0.00% 0.00%
0.00% 0.00% 2005Q4 7,757,545� 0.00% 0.00% 0.00% 0.00% � Second
Liens � HELOC UPB 30+� 60+� 90+� REO � 2006Q4 3,551,054� 2.03%
0.97% 0.55% 0.00% 2006Q3 3,288,214� 1.33% 0.60% 0.34% 0.00% 2006Q2
2,886,374� 0.86% 0.38% 0.22% 0.00% 2006Q1 2,422,579� 0.67% 0.29%
0.16% 0.00% 2005Q4 2,102,895� 0.61% 0.27% 0.15% 0.00% � �
Closed-end Seconds UPB 30+� 60+� 90+� REO � 2006Q4 2,870,308� 7.82%
4.01% 2.68% 0.07% 2006Q3 2,260,313� 6.52% 3.12% 1.90% 0.02% 2006Q2
1,897,995� 5.51% 2.60% 1.64% 0.02% 2006Q1 1,544,871� 6.55% 2.10%
1.13% 0.03% 2005Q4 1,046,352� 5.21% 2.04% 1.08% 0.03% � 1 5.57 as a
percentage of units Summary as of December 31, 2006(UPB $ in
millions) UPB % of total Agency Conforming � 6,464� 4.2% Alt-A �
123,340� 79.2% Subprime � 4,635� 3.0% Lot Loans � 1,726� 1.1%
Reverse Mortgages � 13,069� 8.4% HELOC � 3,551� 2.3% Closed-end
Seconds � 2,870� 1.8% Total Serviced � 155,656� 100% � Excludes
Consumer and Commercial Construction commitments. Notes � Agency
Conforming - First mortgage loans sold to and serviced for agencies
that meet eligibility and approval standards of Fannie Mae and
Freddie Mac underwriting guidelines. � Alt-A - First mortgage loans
to prime credit quality borrowers that do not meet agency
underwriting guidelines. Characteristics of these loans primarily
reflect higher loan balances than allowed by agency guidelines
and/or lower documentation levels. The majority of the conforming
balance loans are eligible for sale to the agencies pursuant to
Indymac's forward price protection agreements. � Subprime - First
mortgage loans to borrowers with one or more of the following
characteristics: FICO score less than 620; late mortgage payment in
the last 12 months; bankruptcy within the last 24 months; or
foreclosure within the last 36 months. � Indymac Alt-A and Subprime
Securitizations(as reported by Loan Performance) (UPB $ in
thousands) � Industry "Alt A" Securitizations UPB 30+� 60+� 90+� �
2006Q4 600,609,004� 5.01% 2.38% 1.63% 2006Q3 611,831,333� 3.89%
1.68% 1.11% 2006Q2 584,891,180� 3.13% 1.23% 0.82% 2006Q1
521,452,411� 2.69% 1.14% 0.78% 2005Q4 466,674,322� 3.30% 1.23%
0.77% � � Indymac Alt-A Securitizations UPB 30+� 60+� 90+� � 2006Q4
51,073,671� 4.86% 2.15% 1.32% 2006Q3 52,813,957� 3.79% 1.37% 0.74%
2006Q2 50,214,040� 2.78% 0.85% 0.45% 2006Q1 45,024,688� 2.26% 0.67%
0.35% 2005Q4 35,604,072� 2.57% 0.76% 0.38% Reconciliation of
Indymac �Alt A� collateral as of December 31, 2006 � UPB % Indymac
Alt A Securitizations per Loan Performance (above) 51,073,671� 41%
Alt A loans included in subprime ABS securities 2,270,438� 2% Alt A
serviced for the GSEs 22,966,104� 19% Indymac Alt A HFI and HFS
13,337,413� 11% Alt A loans - predominantly whole loan sales with
servicing retained by Indymac 33,692,450� 27% TOTAL ALT A
123,340,076� 100% Industry Subprime Securitizations UPB 30+� 60+�
90+� � 2006Q4 638,261,495� 22.74% 13.92% 10.08% 2006Q3 684,736,326�
18.34% 10.71% 7.54% 2006Q2 682,675,363� 15.43% 8.66% 6.16% 2006Q1
652,633,821� 13.61% 7.94% 5.77% 2005Q4 624,090,840� 15.37% 8.32%
5.68% � Indymac Subprime Securitizations UPB 30+� 60+� 90+� �
2006Q4 6,849,682� 25.10% 15.33% 10.69% 2006Q3 6,800,688� 19.92%
11.44% 7.76% 2006Q2 5,815,999� 19.68% 10.79% 7.23% 2006Q1
5,965,738� 15.70% 8.56% 5.77% 2005Q4 4,798,034� 19.38% 10.44% 6.82%
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