Business Editors

NEW YORK--(BUSINESS WIRE)--June 8, 2004

IndyMac Home Equity Mortgage Loan Asset-Backed Trust, series SPMD 2004-A, is rated by Fitch Ratings as follows:

-- $357.8 million class A-1, A-2 and A-3 'AAA';

-- $28.1 million class M-1 'AA';

-- $22.1 million class M-2 'A';

-- $5.6 million class M-3 'A-';

-- $11.7 million class M-4 'BBB+';

-- $5 million class M-5 'BBB';

-- $4.5 million class M-6 'BBB-'.

Credit enhancement for the 'AAA' rated class A certificates reflects the 19s% subordination provided by Classes M-1, M-2, M-3, M-4, M-5, M-6, M-7, monthly excess interest and initial overcollateralization (OC) of 1.50%. Credit enhancement for the 'AA' rated class M-1 certificates reflects the 12.75% subordination provided by classes M-2, M-3, M-4, M-5, M-6, M-7, monthly excess interest and initial OC. Credit enhancement for the 'A' rated class M-2 certificates reflects the 7.85% subordination provided by classes M-3, M-4, M-5, M-6, M-7, monthly excess interest and initial OC. Credit enhancement for the 'A-' rated class M-3 certificates reflects the 6.60% subordination provided by classes M-4, M-5, M-6, M-7, monthly excess interest and initial OC. Credit enhancement for the 'BBB+' rated class M-4 certificates reflects the 4.00% subordination provided by classes M-5, M-6, M-7, monthly excess interest and initial OC. Credit enhancement for the 'BBB' rated class M-5 certificates reflects the 2.90% subordination provided by classes M-6 and M-7, monthly excess interest and initial OC. Credit enhancement for the 'BBB-' rated class M-6 certificates reflects the 1.90% subordination provided by class M-7, monthly excess interest and initial OC. Credit enhancement for the non-rated class M-7 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.