Annual Report — Form 10-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-K Annual Report 9± 41K
4: EX-33.1 ABS - Report of Compliance with Servicing Criteria 8 60K
5: EX-33.2 ABS - Report of Compliance with Servicing Criteria 7 51K
6: EX-33.3 ABS - Report of Compliance with Servicing Criteria 9 61K
7: EX-33.4 ABS - Report of Compliance with Servicing Criteria 2± 12K
8: EX-33.5 ABS - Report of Compliance with Servicing Criteria 2 17K
9: EX-34.1 ABS - Attestation Report on Assessment of 2 13K
Compliance with Servicing Criteria
10: EX-34.2 ABS - Attestation Report on Assessment of 2 14K
Compliance with Servicing Criteria
11: EX-34.3 ABS - Attestation Report on Assessment of 2 13K
Compliance with Servicing Criteria
12: EX-34.4 ABS - Attestation Report on Assessment of 2± 12K
Compliance with Servicing Criteria
13: EX-34.5 ABS - Attestation Report on Assessment of 2 15K
Compliance with Servicing Criteria
14: EX-35.1 ABS - Servicer Compliance Statement 2 10K
2: EX-35.2 ABS - Servicer Compliance Statement 5 21K
3: EX-31 Certification -- Sarbanes-Oxley Act - Sect. 302 2± 10K
EX-33.2 — ABS – Report of Compliance with Servicing Criteria
| EX-33.2 | 1st Page of 7 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
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Exhibit 33.2
[Indymac Bank Logo]
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;
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.
By: /s/ JK Huey
------------------------------------
JK Huey
Senior Vice President
Home Loan Servicing
2
APPENDIX A
[Enlarge/Download Table]
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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 to X
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 are X
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 omissions X
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.
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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 an investor
are made only by authorized personnel.
-------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(iii) Advances of funds or guarantees regarding X
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
transactions, 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.
-------------------------------------------------------------------------------------------------------------------------
3
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)
-------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vii) Reconciliations are prepared on a monthly X
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.
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Investor Remittances and Reporting
-------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(i) Reports to investors, including those to be X(4,5) X(4)
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 investors' or the 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 and X(5)
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 posted X(5)
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 is X
maintained as required by the transaction
agreements or related mortgage loan
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 substitutions to X
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 the 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.
-------------------------------------------------------------------------------------------------------------------------
4
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)
-------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(v) The servicer's records regarding the pool X
assets agree with the servicer's records
with respect to an obligor's unpaid
principal balance.
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1122(d)(4)(vi) Changes with respect to the terms or X
status of an obligor's pool assets (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 (e.g., X(6) X(6)
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.
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1122(d)(4)(viii) Records documenting collection efforts are X
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 of X
return for pool assets with variable rates
are computed based on the related pool
asset documents.
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1122(d)(4)(x) Regarding any funds held in trust for an X
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 assets, 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 connection X(7) X(7)
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 obligor X(7) X(7)
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.
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5
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)
-------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(xv) Any external enhancement or other support, X
identified in Item 1114(a)(1) through (3) or
Item 1115 of Regulation AB, is maintained as
set forth in the transaction agreements.
-------------------------------------------------------------------------------------------------------------------------
6
APPENDIX A
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.
(7) Indymac performs the activities pertaining to these criteria, except for the
specific, limited activities performed by its tax and/or insurance monitoring
vendors. 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.
7
Dates Referenced Herein
| Referenced-On Page |
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| This ‘10-K’ Filing | | Date | | First | | Last | | | Other Filings |
|---|
| |  |
| Filed on / For Period End: | | 3/31/08 | | | | | | | None on these Dates |
| | 3/12/08 | | 2 |
| | 12/31/07 | | 1 | | 7 |
| | 1/1/06 | | 1 |
| List all Filings |
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