Annual Report — Form 10-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-K Annual Report 9± 42K
3: EX-33 ABS - Report of Compliance with Servicing Criteria 9± 52K
4: EX-33 ABS - Report of Compliance with Servicing Criteria 3± 19K
5: EX-33 ABS - Report of Compliance with Servicing Criteria 8± 51K
6: EX-33 ABS - Report of Compliance with Servicing Criteria 7± 39K
7: EX-33 ABS - Report of Compliance with Servicing Criteria 2± 16K
8: EX-33 ABS - Report of Compliance with Servicing Criteria 2± 16K
9: EX-33 ABS - Report of Compliance with Servicing Criteria 2± 14K
10: EX-34 ABS - Attestation Report on Assessment of 2± 14K
Compliance with Servicing Criteria
11: EX-34 ABS - Attestation Report on Assessment of 2± 17K
Compliance with Servicing Criteria
12: EX-34 ABS - Attestation Report on Assessment of 2± 15K
Compliance with Servicing Criteria
13: EX-34 ABS - Attestation Report on Assessment of 2± 14K
Compliance with Servicing Criteria
14: EX-34 ABS - Attestation Report on Assessment of 2± 15K
Compliance with Servicing Criteria
15: EX-34 ABS - Attestation Report on Assessment of 2± 15K
Compliance with Servicing Criteria
16: EX-34 ABS - Attestation Report on Assessment of 2± 13K
Compliance with Servicing Criteria
17: EX-35 ABS - Servicer Compliance Statement 6± 30K
18: EX-35 ABS - Servicer Compliance Statement 3± 20K
19: EX-35 ABS - Servicer Compliance Statement 3± 17K
2: EX-31 Certification -- Sarbanes-Oxley Act - Sect. 302 1 11K
EX-33 — ABS – Report of Compliance with Servicing Criteria
EX-33.3
(logo) IndymacBank
Management's Assertion on Compliance with Applicable
Regulation AB Servicing Criteria
1. IndyMac Bank, F.S.B. ("Indymac") is responsible for assessing compliance
with the servicing criteria applicable to it under paragraph (d) of Item
1122 of Regulation AB, as of and for the 12-month period ended December 31,
2007 (the "Reporting Period"), as set forth in Appendix A hereto. The
transactions covered by this report (these transactions collectively
referred to as the "Servicing Platform") include public asset-backed
securitization transactions closed on or after January 1, 2006, for which
Indymac acted as servicer, excluding any transactions sponsored or issued by
government sponsored enterprises or Government National Mortgage
Association. The Servicing Platform also includes other servicing contracts,
the terms of which require Indymac to submit reports in accordance with Item
1122 of the Regulation AB. The Servicing Platform's asset type is single
family residential mortgage loans that are not home-equity lines of credit
or reverse mortgages and that do not receive the benefit of insurance by the
Federal Housing Administration or guarantees from the United States
Department of Veterans Affairs or the Rural Housing Service;
2. Indymac has engaged certain vendors (the "Vendors") to perform specific,
limited or scripted activities, and Indymac has elected to take
responsibility for assessing compliance with the servicing criteria or
portion of the servicing criteria applicable to such Vendors' activities as
set forth in Appendix A hereto, as permitted by Interpretation 17.06 of the
Securities and Exchange Commission ("SEC") Division of Corporate Finance
Manual of Publicly Available Telephone Interpretations ("Interpretation
17.06"), except for certain Vendors that have provided their own reports on
assessment of compliance with the applicable servicing criteria. Indymac
determined the Vendors are not "servicers" as defined in Item 1101(j) of
Regulation AB and asserted that it has policies and procedures in place to
provide reasonable assurance that the Vendors' activities comply, in all
material respects, with the servicing criteria applicable to each Vendor;
3. Except as set forth in paragraph 4 below, Indymac used the criteria set
forth in paragraph (d) of Item 1122 of Regulation AB to assess the
compliance with the applicable servicing criteria;
4. The criteria listed in the column titled "Inapplicable Servicing Criteria"
on Appendix A hereto are inapplicable to Indymac based on the activities it
performs, directly or through its Vendors for which Indymac has elected to
take responsibility for assessing compliance with the applicable servicing
criteria, with respect to the Servicing Platform taken as a whole;
5. Indymac has complied, in all material respects, with the applicable
servicing criteria as of December 31, 2007 and for the Reporting Period with
respect to the Servicing Platform taken as a whole;
(page)
6. Indymac has not identified and is not aware of any material instance of
noncompliance as of December 31, 2007 and for the Reporting Period with
respect to the Servicing Platform taken as a whole by the Vendors for which
Indymac has elected to take responsibility for assessing compliance with the
applicable servicing criteria;
7. Indymac has not identified any material deficiency in its policies and
procedures to monitor the compliance by the Vendors for which Indymac has
elected to take responsibility for assessing compliance, with the applicable
servicing criteria as of December 31, 2007 and for the Reporting Period with
respect to the Servicing Platform taken as a whole; and
8. Ernst & Young LLP, an independent registered public accounting firm, has
issued an attestation report on Indymac's assessment of compliance with the
applicable servicing criteria for the Reporting Period.
March 12, 2008
IndyMac Bank, F.S.B
/s/ JK Huey
JK Huey
Senior Vice President
Home Loan Servicing
2
(page)
APPENDIX A
[Enlarge/Download Table]
INAPPLICABLE
APPLICABLE SERVICING
SERVICING CRITERIA SERVICING CRITERIA CRITERIA
Performed Performed by NOT
by subservicer(s) performed by
Vendor(s) or vendor(s) Indymac or
for which for which by
Performed Indymac is Indymac is subservicer(s)
Directly the NOT the or vendor(s)
by Responsible Responsible retained by
Reference Criteria Indymac Party Party^1 Indymac^2
General Servicing Considerations
1122(d)(1)(i) Policies and procedures are instituted X
to monitor any performance or other
triggers and events of default in
accordance with the transaction
agreements.
1122(d)(1)(ii) If any material servicing activities X
are outsourced to third parties, policies
and procedures are instituted to monitor
the third party's performance and
compliance with such servicing
activities.
1122(d)(1)(iii) Any requirements in the transaction X
agreements to maintain a back-up servicer
for the pool assets are maintained.
1122(d)(1)(iv) A fidelity bond and errors and X
omissions policy is in effect on the
party participating in the servicing
function throughout the reporting period
in the amount of coverage required by and
otherwise in accordance with the terms of
the transaction agreements.
Cash Collection and Administration
1122(d)(2)(i) Payments on pool assets are deposited X^3 X^3
into the appropriate custodial bank
accounts and related bank clearing
accounts no more than two business days
following receipt, or such other number
of days specified in the transaction
agreements.
1122(d)(2)(ii) Disbursements made via wire transfer on X
behalf of an obligor or to investor are
made only by authorized personnel.
1122(d)(2)(iii) Advances of funds or guarantees X
regarding collections, cash flows or
distributions, and any interest or other
fees charged for such advances, are made,
reviewed and approved as specified in
the transaction agreements.
1122(d)(2)(iv) The related accounts for the X
transaction, such as cash reserve
accounts or accounts established as a
form of overcollateralization, are
separately maintained (e.g., with respect
to commingling of cash) as set forth in
the transaction agreements.
1122(d)(2)(v) Each custodial account is maintained at X
a federally insured depository
institution as set forth in the
transaction agreements. For purposes of
this criterion, "federally insured
depository institution" with respect to a
foreign financial institution means a
foreign financial institution that meets
the requirements of Rule 13k-1(b)(1)
of the Securities Exchange Act.
1122(d)(2)(vi) Unissued checks are safeguarded so as X
to prevent unauthorized access.
INAPPLICABLE
APPLICABLE SERVICING
SERVICING CRITERIA SERVICING CRITERIA CRITERIA
Performed Performed by NOT
by subservicer(s) performed by
Vendor(s) or vendor(s) Indymac or
for which for which by
Performed Indymac is Indymac is subservicer(s)
Directly the NOT the or vendor(s)
by Responsible Responsible retained by
Reference Criteria Indymac Party Party^1 Indymac^2
1122(d)(2)(vii) Reconciliations are prepared on a X
monthly basis for all asset-backed
securities related bank accounts,
including custodial accounts and related
bank clearing accounts. These
reconciliations are (A) mathematically
accurate; (B) prepared within 30
calendar days after the bank statement
cutoff date, or such other number of days
specified in the transaction agreements;
(C) reviewed and approved by someone
other than the person who prepared the
reconciliation; and (D) contain
explanations for reconciling items.
These reconciling items are resolved
within 90 calendar days of their original
identification, or such other number of
days specified in the transaction
agreements.
Investor Remittances and Reporting
1122(d)(3)(i) Reports to investors, including those X^4,5 X^4
to be filed with the Commission, are
maintained in accordance with the
transaction agreements and applicable
Commission requirements. Specifically,
such reports: (A) are prepared in
accordance with timeframes and other
terms set forth in the transaction
agreements; (B) provide information
calculated in accordance with the terms
specified in the transaction agreements;
(C) are filed with the Commission as
required by its rules and regulations;
and (D) agree with the investors' or
trustee's records as to the total unpaid
principal balance and number of [pool
assets] serviced by the servicer.
1122(d)(3)(ii) Amounts due to investors are allocated X^5
and remitted in accordance with
timeframes, distribution priority and
other terms set forth in the transaction
agreements.
1122(d)(3)(iii) Disbursements made to an investor are X^5
posted within two business days to the
servicer's investor records, or such other
number of days specified in the transaction
agreements.
1122(d)(3)(iv) Amounts remitted to investors per the X^5
investor reports agree with cancelled
checks, or other form of payment, or
custodial bank statements.
Pool Asset Administration
1122(d)(4)(i) Collateral or security on pool assets X
is maintained as required by the
transaction agreements or related pool
asset documents.
1122(d)(4)(ii) Pool assets and related documents are X
safeguarded as required by the
transaction agreements.
1122(d)(4)(iii) Any additions, removals or X
substitutions to the asset pool are made,
reviewed and approved in accordance with
any conditions or requirements in the
transaction agreements.
1122(d)(4)(iv) Payments on pool assets, including any X^3 X^3
payoffs, made in accordance with related
[pool asset] documents are posted to the
Servicer's obligor records maintained no
more than two business days after
receipt, or such other number of days
specified in the transaction agreements,
and allocated to principal, interest or
other items (e.g., escrow) in accordance
with the related pool asset documents.
INAPPLICABLE
APPLICABLE SERVICING
SERVICING CRITERIA SERVICING CRITERIA CRITERIA
Performed Performed by NOT
by subservicer(s) performed by
Vendor(s) or vendor(s) Indymac or
for which for which by
Performed Indymac is Indymac is subservicer(s)
Directly the NOT the or vendor(s)
by Responsible Responsible retained by
Reference Criteria Indymac Party Party^1 Indymac^2
1122(d)(4)(v) The servicer's records regarding the X
pool assets agree with the servicer's
records with respect to an obligor's
unpaid principal balance.
1122(d)(4)(vi) Changes with respect to the terms or X
status of an obligor's pool asset (e.g.,
loan modifications or re-agings) are
made, reviewed and approved by authorized
personnel in accordance with the
transaction agreements and related pool
asset documents.
1122(d)(4)(vii) Loss mitigation or recovery actions X^6 X^6
(e.g., forbearance plans, modifications
and deeds in lieu of foreclosure,
foreclosures and repossessions, as
applicable) are initiated, conducted and
concluded in accordance with
the timeframes or other requirements
established by the transaction
agreements.
1122(d)(4)(viii)Records documenting collection efforts X
are maintained during the period a pool
asset is delinquent in accordance with
the transaction agreements. Such records
are maintained on at least a monthly
basis, or such other period specified in
the transaction agreements, and describe
the entity's activities in monitoring
delinquent pool assets including, for
example, phone calls, letters and
payment rescheduling plans in cases where
delinquency is deemed temporary (e.g.,
illness or unemployment).
1122(d)(4)(ix) Adjustments to interest rates or rates X
of return for pool assets with variable
rates are computed based on the related
pool asset documents.
1122(d)(4)(x) Regarding any funds held in trust for X
an obligor (such as escrow accounts): (A)
such funds are analyzed, in accordance
with the obligor's [pool asset] documents,
on at least an annual basis, or such
other period specified in the transaction
agreements; (B) interest on such funds is
paid, or credited, to obligors in
accordance with applicable [pool asset]
documents and state laws; and (C) such
funds are returned to the obligor within
30 calendar days of full repayment of the
related pool asset, or such other number
of days specified in the transaction
agreements.
1122(d)(4)(xi) Payments made on behalf of an obligor X^7 X^7 X^7
(such as tax or insurance payments) are
made on or before the related penalty or
expiration dates, as indicated on the
appropriate bills or notices for such
payments, provided that such support has
been received by the Servicer at least 30
calendar days prior to these dates, or
such other number of days specified in
the transaction agreements.
1122(d)(4)(xii) Any late payment penalties in X^7 X^7
connection with any payment to be made on
behalf of an obligor are paid from the
Servicer's funds and not charged to the
obligor, unless the late payment was due
to the obligor's error or omission.
1122(d)(4)(xiii)Disbursements made on behalf of an X^7 X^7
obligor are posted within two business
days to the obligor's records maintained
by the Servicer, or such other number of
days specified in the transaction
agreements.
1122(d)(4)(xiv) Delinquencies, charge-offs, and X
uncollectible accounts are recognized and
recorded in accordance with the
transaction agreements.
INAPPLICABLE
APPLICABLE SERVICING
SERVICING CRITERIA SERVICING CRITERIA CRITERIA
Performed Performed by NOT
by subservicer(s) performed by
Vendor(s) or vendor(s) Indymac or
for which for which by
Performed Indymac is Indymac is subservicer(s)
Directly the NOT the or vendor(s)
by Responsible Responsible retained by
Reference Criteria Indymac Party Party^1 Indymac^2
1122(d)(4)(xv) Any external enhancement or other X
support identified in Item
1114(a)(1) through (3) or Item 1115 of
this Regulation AB, is maintained as set
forth in the transaction agreements.
<FN>
Footnotes to Appendix A Servicing Criteria
1 The activities pertaining to these criteria or portions of these criteria are performed by subservicer(s) or vendor(s) retained by
Indymac which provided a separate assessment of compliance in accordance with Item 1122 of Regulation AB.
2 These criteria are inapplicable to the Servicing Platform as of December 31, 2007 and for the Reporting Period since Indymac,
directly or through its Vendors for which Indymac has elected to take responsibility for assessing compliance with the applicable
servicing criteria, was not required to perform any related activities.
3 Indymac performs the activities pertaining to these criteria, except for the specific, limited activities, primarily of initial
processing of pool asset payments, performed by its lockbox vendor.
4 The criterion 1122(d)(3)(i)(C) is inapplicable to the Servicing Platform as of December 31, 2007 and for the Reporting Period
based on the activities Indymac performed.
5 Indymac has defined the "Investor" as a party to whom Indymac reports and remits under the applicable transaction agreements.
Indymac has no responsibility for transaction waterfall or allocation calculations and payments or individual security holder
records.
6 Indymac performs the activities pertaining to this criterion, except for the specific, limited activities performed by its
foreclosure and bankruptcy vendors. Indymac performs the activities pertaining to these criteria, except for the specific, limited
activities performed by its tax and/or insurance monitoring vendors.
7 Indymac has elected to take responsibility for assessing compliance with these servicing criteria with respect to the activities
of its tax vendor. Indymac's insurance vendor has provided their own report on assessment of compliance with the applicable
servicing criterion.
</FN>
7
Dates Referenced Herein
This ‘10-K’ Filing | | Date | | Other Filings |
---|
| | |
Filed on: | | 3/27/08 | | None on these Dates |
| | 3/12/08 |
For Period End: | | 12/31/07 |
| | 1/1/06 |
| List all Filings |
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