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June 12 - 15, 2006 Highlights

Indymac Bancorp, Inc.

Consistent Collateral, Issuance & Performance Foundation in Alternative-A and Subprime production and underwriting OTS Regulated, Publicly Traded, Securitizing Across the Credit Spectrum

Know the IndyMac Brand
INDX AR Alt-A Hybrids Option ARM INABS (formerly SPMD) Sub-Prime RAST Traditional Alt-A (fixed) INDYL Lot Loans INDA & INDB Jumbo Prime (A) Alt-B INDS Closed-end Seconds Indymac Home Equity HELOC

Bond Investor Relations

Forward Looking Statement
Certain statements contained herein 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,” 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; 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; credit risks with respect to our loans and other financial assets; the impact of changes in financial accounting standards; 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 integration of Financial Freedom into the operations of IndyMac; the impact of current, pending or future legislation and regulations; and other risk factors described in the reports that IndyMac files with the Securities and Exchange Commission, including the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and its reports on Form 8-K

While all of the above items are important, the highlighted items represent those that in management’s view merit increased focus given current conditions

Bond Investor Relations

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Indymac Has Achieved Strong Financial Results While Management Focus Has Been Required For Major Structural Changes
• De-Reited (1/00) – EPS cut nearly in half to pay taxes • Independence from Countrywide; paid $76MM in stock to achieve • Converted to a Hybrid Thrift/Mortgage Bank (7/00) • 19th largest mortgage lender (12/00) • Reinstated cash dividend • Introduces the Hybrid Thrift Model • Assets exceed $10B • $1B in capital • Acquired Financial Freedom, the top reverse mortgage lender in the USA 2003 2005

1993

1995

1997

1999

2001

• Transformation from passive REIT to actively managed lender begins • $2.5MM in earnings • $120MM in capital • 4 employees/no customers

• e-Mits deployed to 3rd party customers • Survived global liquidity crisis

• Added to S&P 400 (3/01)

• • • • • • • • • • • •

Top 10 mortgage lender BBB- S&P & Fitch Corporate rating Freddie Mac Tier 1 Servicer rating Fannie Mae Superior Servicer rating $1B in revenue $20B in assets 9th largest thrift Over 7,000 employees (550 in India) Over 580,000 consumer customers 26 SoCal branches 13 regional mortgage centers Implement regional president structure

Bond Investor Relations

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241 (520.262 998.184 8.490 556.452.890 168 4. with $600MM uncommitted financing Bond Investor Relations 3 .242.37% @ WA multiple of 3.847 8.101 $ 21.232 Mortgage servicing rights Investment in Federal Home Loan Bank stock Interest receivable Goodwill and other intangible assets Foreclosed assets Other assets 3.299 Total liabilities and shareholders' equity 934 1.54 6.Balance Sheet Provides Stability and Flexibility in a Dynamic Market Assets Liabilities Cash and cash equivalents Securities classified as trading Securities classified as available for sale 442.5B represents draws on the $3.953.807.817 788.201 14.247.682 Advances from Federal Home Loan Bank Core Deposits Non-Core Deposits Total Deposits Other borrowings: Loans and securities sold under agreements to repurchase HELOC notes payable Trust preferred debentures Other notes payable Collateralized mortgage obligations Total other borrowings Other liabilities Total liabilities Share Holders Equity Common Stock Additional paid-in-capital Accumulated other comprehensive loss Retained earnings Treasury stock Total shareholders' equity Total assets $ 21.094.54 ______ 2004 0.238 7.926.686 5.004 $ 19.500 (15.452.270 934.057.544.5B committed credit facilities.024.962 3.289 308.367.385 1.198 $2.299 6.864.172 2.525 348.000 1.36% @ WA multiple of 3.157) 818.671.661 2.924 Deposits grew 33% in 2005 Liabilities and Shareholders' Equity #2 Member of San Francisco FHLB Loans receivable: Loans held for sale Loans held for investment Total loans receivable 2005 0.195 4.417) $ 1.753.223.660.526.644 80.262 131.

000 6.792 5.52% 79.75% 24% 17% 59% 20% 56% 43% 100% 0% n/a 85% 91% 2% 9 $911 Million $8.C3… 712 620 $541.20% 70.AR3… 708 620 $301.AR4… 707 620 $310.AR2… 673 595 $249.Know the Indymac Brand – 2005 Issuances Shelf Name Product Credit Rating Naming Convention Average FICO Minimum FICO Average Loan Size WA.2 Billion INDX-Hybrid ARM A AR1.96% 100% 0% 0% 40% 60% 31% 100% 0% n/a 40% 100% 0% 3 $250 Million $750 Million INDA Jumbo A A+ AR1.000 6.67% 71% 5% 24% 39% 48% 28% 100% 0% 84% 64% 83% 1% 1 $300 Million $300 Million INABS (SPMD) Subprime B/C A.65% 78.C… 623 500 $196.AR2… 752 664 $497. L2… 727 608 $174.000 7.49% 58% 13% 29% 27% 52% 33% 100% 0% 87% 20% 85% 4% 18 $617 Million $11.7 Billion INDX-12 MAT ARM A AR2.1 Billion INDYL.B2.B.22% 45% 28% 27% 52% 30% 53% 100% 0% 89% 21% 96% 4% 2 $274 Million $549 Million INDB Alt-B A.58% 66. Interest Rate WA.Lot Lns Lot A+ L1.34% 78% 41% 5% 54% 59% 38% 12% 100% 0% 17% 72% 91% 1% 4 $852 Million $3.000 6.27% 71.53% 35% 21% 43% 32% 37% 30% 100% 0% 29% 29% 84% 3% 16 $418 Million $6.99% 74. LTV Purchase Refinance Cash Out Full Doc Stated Income/Reduced doc California First Lien Second Lien % IO % Prepay Penalties Owner Occupied Second Home # of Transactions in 2005 Average Deal Size Total Issuance in 2005 RAST Fixed A A1.000 5.4 Billion Bond Investor Relations 4 ./ B AR1.371 5.

58% 79.56% 83.58% 74.629 6. Interest Rate WA.561 6.Know the Indymac Brand – Q1’06 Issuances Shelf Name Product Credit Rating Naming Convention Average FICO Minimum FICO Average Loan Size WA. L2… 726 585 $185.2 Billion HELOC HELOC A H1.664 7.92% 72.C3… 700 620 $304.09% 44% 13% 43% 23% 41% 26% 100% 0% 47% 68% 77% 4% 4 $545 Million $2.B.35% 60% 11% 29% 22% 55% 36% 100% 0% 83% 45% 82% 4% 3 $759 Million $2.6 Billion $3.C… 622 501 $193. H2… 719 461 n/a 8.03% 83.59% 33% 4% 63% 0% 97% 59% 3% 97% n/a n/a 93% 1% 1 $502 Million $502 Million Bond Investor Relations 5 .74% 49% 5% 47% 56% 41% 14% 96% 4% 25% 64% 90% 1% 2 $630 Million $1. LTV (CLTV for HELOC) Purchase Refinance Cash Out Full Doc Stated Income/Reduced doc California First Lien Second Lien % IO % Prepay Penalties Owner Occupied Second Home # of Transactions in 2006 Q1 Average Deal Size Total Issuance in 2006 Q1 RAST Fixed A A1.330 5.74% 72.2 Billion INDX-Hybrid ARM A AR1.03% 99% 0% 0% 28% 72% 26% 100% 0% 50% 40% 100% 0% 1 $244 Million $244 Million INABS (SPMD) Subprime B/C A.AR3… 703 620 $331.1 Billion INDX-12 MAT ARM A AR2.063 7.99% 18% 17% 65% 12% 60% 46% 100% 0% n/a 91% 93% 1% 2 $1.27 Billion INDYL-Lot Lns Lot A+ L1.B2.AR4… 700 620 $330.

03 11.18 0.74 6.25 1.05 _ 1.65 2.22 HELOC Subprime Agency conforming Alt-A and jumbo 6.09 1.12 IMB Ranks #7 in Q106 Subdivision construction Reverse mortgages Consumer construction 61.00% 2.58 0.71 _ 1.60 3.82 3.80 47.86 5.50% 3.71 3.47 3.93 1.50% 1.35 0.74 19.10 1.15 2.89 3.33 2.61 _ 1.85 _ 0. with a Consistent Emphasis on Alt-A.20 0.09 0.00% 0.28 1.59 _ 0.44 _ 0.26 0.25 0.Our Production Volume Has Demonstrated Solid Growth.50% 4.96 4.45 4.00% 3.13 0.50% 0.40 1.32 1999 2000 2001 2002 2003 2004 2005 Q1’06 (annualized) Note: Graph excludes warehouse lending Market share 4.80 _ 2.94 0.48 12.17 0.86 1.79 1. Sub-prime.00% 1.38 0.00% Industry rank 0 5 10 15 20 25 30 Market share Rank 2000 2001 2002 2003 2004 2005 Q1’06 Bond Investor Relations 6 . and Specialty Products $90 $80 $70 $60 $50 $40 $30 $20 $10 $ 5.94 1.50% 2.22 27.57 2.22 1.

National Presence of Regional Mortgage Centers Help Drive Production Growth and Market Share Expansion Bellevue Denver Kansas City Chicago Existing Regional Mortgage Centers Proposed Mortgage Centers 2006 and 2007 Columbus Boston Sacramento Marlton Philadelphia SF East Bay Pasadena Ontario Irvine Phoenix Dallas Rocky Mountains SouthWest New England Upper Midwest Virginia Columbia Atlanta Tampa NorCal NorthWest SoCal North Central MidWest MidEast MidAtlantic SouthEast Florida State NorthEast Bond Investor Relations 7 .

71% 1.Top Sellers by Loan Submissions 2005 (Excludes Bulk) Prime Months as % of 2005 IndyMac Seller Prime Volume 41 2.98% 106 0.89% 1.36% 1.89% 44 6.21% 17 3.90% 33 0.05% 52 11.88% Subprime Months as IndyMac Seller 78 30 34 28 33 Delegated % of 2005 Months as % of 2005 Subprime Volume IndyMac Seller Delegated Volume 2.40% 78 1.29% 1.70% 79 3.23% 1 2 3 4 5 Seller Termination Reasons ƒ Fraud ƒ Pre-funding Quality Control (PFQC) audit finding – suspected fraud ƒ Seller Monitoring Findings − MARI.03% 52 0.Mortgage Professionals Group Top Sellers – Broad Seller Base Allows Us to Manage Seller Performance Aggressively MPG . Dunn & Bradstreet and all public information sources ƒ Audit Response − Investor or Repurchase Request ƒ Appraisal Misrepresentation Bond Investor Relations 8 .10% 14 3.

sub-prime. UPB and 90days DQ in 1st 24 months – Loans with actual or forecasted losses > $100K Sellers ƒ QC audit on 5 of first 7 loans ƒ 10% random sampling audit on each delegated correspondent seller ƒ 100% review of loans from all watch listed sellers ƒ PPQC findings. due diligence rejects. expected triggers review Underwriters ƒ Monthly QC audit of 4 loans per underwriter ƒ PPQC findings and due diligence rejects ƒ Investor repurchase demands ƒ Quarterly performance reports: – Loans with minimum 1-year seasoning – WAVG DQ% – Stratified by prime. UPB and 90days DQ – Loans > $350K orig. investor repurchase demands ƒ Quarterly DQ reports: – Compare actual vs.Indymac has Detailed Quality Control Reviews in All Key Areas PPQC ƒ Quarterly audit – statistically valid random sample with a minimum of 50 loans per business unit ƒ 100% review of loans from all watch listed sellers ƒ Loans referred for possible misrepresentation ƒ Review of DQ loans: – All EPD – 90-day DQ within 12 months of origination – New seller loans 60-day DQ within 1st 12 months – Loans > $650K orig. expected DQ% – 150% ratio actual vs. doc type Bond Investor Relations 9 .

28% Cut-value or Rejected CMS Process AVM ƒ VP4 Score 50+.300 appraisers on exclusionary list ƒ Decision Summary 2005 .25% of production reviewed by Licensed Staff Appraisers. ƒ Full underwriter review Score 10-. High FNC Risk Score 170+ Factors reviewed ƒ Mandatory Licensed Appraiser Appraisal Data (160+ fields) Loan Characteristics Score 11-49. however… ƒ Risk assessment rules target 18% of Prime and 32% of Subprime production ƒ 58 fully licensed appraisers on staff nationwide. Short-form review Bond Investor Relations 10 . 22 years average experience ƒ Over 3. Low ƒ Data validation – U/W.65% Approved. Avg. 7% Conditioned.Appraisal Strategy: Leverage Technology to Target Highest Risk with Highest Expertise ƒ 100% of loans run through CMS and review in accordance with risk score ƒ Approximately 20 .

For investment properties.000 in aggregate Subprime ƒ Full = W-2/Paystub or 24 month bank statements ƒ Limited = 12 month bank statements ƒ Full. W-2s. Full > 95%. except − >$500K. income and assets must be fully disclosed on the application.Details on Documentation Levels Income Full Doc Documented Verified -2 years -2 years Employment Documented Verified Assets Documented Verified Fast Forward Employment. All borrowers for “Stated” ƒ 2-months reserves on most programs ƒ Collections & Chargeoff’s: − Aggregate to $5K do not need to be satisfied. 1040s ƒ “Primary” Borrower Fico for Full/Alt. Stated >90% Bond Investor Relations 11 . certain income and/or asset documentation waivers may be provided and a verbal VOE and IRS 4506 will be required Documented Verified -1 year -1 year Not Stated Verified Silent NA NA NA Documented Verified Documented Verified Documented Verified Documented Verified Silent NA Documented Verified Documented Verified Documented Verified Silent Silent NA NA Limited Stated No Ratio NINA Silent (No income/no asset) No Doc Silent Prime ƒ Full = 2 Yrs. Based on the overall credit quality of the loan. Limited. Pay-stubs. up to $250 per account and $1. Stated Doc Types Only ƒ Fico on “Primary” Borrower ƒ No reserves on most programs.

and servicing valuation ƒ Provides competitive rate surveys ƒ Provides alternate qualified product and pricing choices ƒ Several thousand automated underwriting and pricing rules Benefits ƒ Facilitates efficient pipeline management ƒ Faster loan closing resulting from upfront customized listing of documentation requirements ƒ Access available 24-hours a day. prepayment assumption.IndyMac Leverages Proprietary e-MITS Technology to Provide Fast Credit and Riskbased Pricing Decisions to Customers What is e-MITS? ƒ Electronic Mortgage Information and Transaction System (e-MITS) ƒ IndyMac Bank’s award winning proprietary automated loan decision and market-based pricing system ƒ Consistent credit decisioning ƒ Best execution model Features ƒ Independently pulls tri-merged credit report ƒ Performs automated screening of IndyMac underwriting guidelines ƒ Directly accesses DU and LP system ƒ Allows mortgage originators and consumers to receive an approval and a risk-based price within minutes ƒ Computes credit loss estimate. 7 days a week Bond Investor Relations 12 .

0% 80.0% 90.0% 2.0% 20.0% 40.0% CPR (Annualized) 20 05 Q 4 20 06 Q Al 1 la tM ar 31 70.0% 6.0% 0.0% 7.0% 15.0% 0.0% 5.50% 1.0% 50.0% 3.Borrowers Continue to Leverage Payment Options.0% 60.0% 1.0% Option Arm vs Prime Ever 90 DQ's 3.0% 35.0% 3 5 7 9 11 13 15 17 19 Loan Age 21 23 25 27 29 31 33 Origination Quarter Loans w ith Current Principal > Original Loans w ith Current Principal = Original** Loans w ith Current Principal < Original All Years 2003 First-pays 2004 First-pays 2005 First-pays 5/1 Arm vs Option Arm Ever 90 9.50% 0.0% Option ARM Prepay Speeds by Vintage 40. but Relative Performance Remains Strong Option Arm Payment Patterns by Vintage 100.0% 25.0% 10.00% 2002 2003 2004 2005 5/1 ARM Option ARM 8.0% 5.0% 30.0% 10.50% 2.00% 2.0% 0.0% 20.00% 0.00% 1.0% 20 03 Q 2 20 03 Q 3 20 03 Q 4 20 03 Q 1 20 04 Q 1 20 04 Q 2 20 04 Q 3 20 04 Q 4 20 05 Q 1 Pr e20 03 20 05 Q 2 20 05 Q 3 30.0% Q 4 Q 3 Q4 Q 1 Q1 -2 00 Q 2 Q 4 Q3 Q 2 Q 1 Q 3 Q2 05 05 04 04 04 03 03 03 03 04 05 05 06 at M ar Q1 Al l 31 3 20 20 20 20 20 20 20 Pr e 20 % of Option ARMs Ever-90 20 20 % of "Other Prime" Ever-90 Data re-weighted to make loan characteristics comparable Bond Investor Relations 20 20 20 13 .0% 4.

95% FlexPay 1 & 5 year 1-year Libor FlexPay Hybrid 3. 25 after PMT @ Recast FIR-full P&I FIR-full P&I Lifecap 9.95% 9. Full P&I Payment multiplied by above factor Bond Investor Relations 14 . 20.7yr) FlexPay Products . 5/2/5 (5. 20. 25 after 1st at 10 years 15.Minimum Payment Discount Documentation Type 12-MAT 1 Year 12-MAT 5 Year 3/1 Libor 5/1 Libor 7/1 Libor Full/Stated <=80% Full/Stated >80% NINA <=80% -50% -40% -45% -45% -35% -40% -50% -40% -45% -45% -35% -40% -40% -30% -35% Note: Fully-indexed rate (FIR).New Hybrid Option ARM Products Enhance Loan Features and Transparency to the Borrower Product Index 12-MAT Pay Option 1 & 5 year 12-MAT Min PMT P&I from teaser Discount off FIR Neg-am Cap* 110 110 PMT @ Cap FIR. & 7 year Discount off FIR 110 FIR-full P&I 2/2/6 (3yr). 5. full-am <10yr FIRIO >10yr FIRP&I <10yr FIRIO >10yr FIRP&I Recast 5 years 1st at 10 years 15.

month 60 ƒ FlexPay’s new required minimum pmt set at IO versus full P&I $1.74 $1.656.94 $1.96 $1.47 $1.74 $1.887.155.374.25 $1.920.241.93 $1.656.93 3 4 5 6 7 $2.887.182.25 $1.074.47 $1.182.25 $1.00 $2.920.656.00 Option ARM 1 $999.47 $1.656.93 FlexPay 7/1 $1.FlexPay Offers Payment Flexibility of Original Option ARM.99 $2.96 $1.182.384.800.00 $1. 7.99 $1.656.74 $2.182. With More Borrower-Friendly Payment Shock Expectations FlexPay 7/1 vs Option ARM vs 7/1 Fully Amt Assuming Minimum Payment Only M in im u m P a y m e n t $2.74 Overall Assumptions ƒ ƒ ƒ ƒ Min.920.34 $1.182.920.47 Year Bond Investor Relations 15 .47 $1.074.800.96 $2.374.94 7/1 Full Amt $1.300.335.25 $1.93 $1.00 1 2 3 4 5 6 7 ƒ Mandatory 5-year recast waived on FlexPay.384.300.00 $1.76 7/1 I/O $1.920.00 $800.800.656.47 $1.374.15 $2.76 2 $1.34 $1.155. resulting in reduced potential for payment shock Option ARM $999.93 $1.800.182.47 Year FlexPay 7/1 vs Option ARM vs 7/1 Int Only Assuming 6 Int Only Pmts per Year Assuming 6 Interest Only Pmts per Year Option ARM 7/1 I/O FlexPay 7/1 M in im u m P a y m e n t $2.47 $1.875% No base rate change over time $1.25 $1.93 $1.182.182.25% 1-mo start rate.5% annual pmt adj No change in 1-yr CMT rate of 4.94 Option ARM 7/1 Full Amt FlexPay 7/1 Assuming Minimum Pmt Only ƒ Both Option ARM & FlexPay reach 110% cap at approx.47 $1.920.300.182.182.25 $1.25 FlexPay 7/1 $1.47 $1.00 $2.00 $800.920.47 $1.93 $1.182.00 $1.241.98% FlexPay note rate of 6.00 $1. Option ARM pmt based on 1.656.887.300.

500 2.857 139 10 3.000 2.813 2004 1.006 * Monthly completed averages Bond Investor Relations 16 .001 2005 2.441 135 11 2.587 Q1'06 2.Collections/Loss Mitigation Loss Mitigation Workouts Loss Mitigation Workouts 3.000 1.000 500 0 2003 2004 2005 Q1'06 Repayment Plans (Created) Modifications (Completed) Short-Payoffs/Deed-In Lieu (Completed) Avg Totals Workout Type* Repayment Plans (Created) Modifications (Completed) Short-Payoffs/Deed-In Lieu (Completed) Avg Totals 2003 1.500 1.685 112 16 1.861 123 17 2.

1% 69.7% 69.3% 30.9% 24.2% 30.2% 05 1.5% 30% 20% 10% 0% 21.0% 84. PIF. FC REO.2% 73.9% 31.8% 05 2. FC Current. Srvc Rlse ** Percentage Failure = 90. 120.5% 78.Collections/Loss Mitigation Modification Success and Failure Rate Current and Historical Modification Success and Failure Rates 90% 80% 70% 60% 50% 40% 74.LIQ Bond Investor Relations 17 .2% 26.8% 68. BK Current.1% 69. PEN LIQ.9% Nov 05 9.0% 15.1% 05 0.1% 75.4% 2.2% 05 4.1% 6.8% D ec 05 M ar 05 Apr M ay Ju l Au g 05 Sep O ct Modification Date Percentage Successful * Percentage Failure ** 1st Payment Default * Percentage Successful = Current.5% 0.5% 30. BK DQ. 30.9% 25.3% 05 3.1% Ju n 05 3.8% 23.8% 74. 60. C/O.

Bond Investor Relations S u c c e s s R a te 18 .000 1.000 0 Month Created Plans Success Rate * FNMA defines 60% as the benchmark for a good success / failure ratio.000 2.Collections/Loss Mitigation Repay Plans Created March 2005 to March 2006 Repay Plans Created Mar 2005 through Mar 2006 4.000 # o f R e p a y P la n s 80% 75% 70% 65% 60% Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 3.

00% 15.00% 10.00% 0.00% 5.Although Sub-prime 60+ DQ is Moderately Higher Than Peers.00% 3-month average CPR compares more favorably to peers 10.00% 25.00% 2000 2001 NDE LB 60+ Delinquency remains moderately higher than peers 7. Apr 2006 Bond Investor Relations 19 .00% 5.00% 30.00% 2000 50.00% 30.00% 20.00% 0.00% 1.00% 2.00% 2002 NC Option Average 2003 2004 6. Cumulative Losses are Lower Due to Indymac’s Strong Loss Mitigation Program 45.00% 2001 NDE LB 2002 NC Option Average 2003 2004 40.00% 40.00% 0.00% 20.00% 2000 2001 NDE LB 2002 NC Option Average 2003 2004 Source: CSFB Subprime HEAT Update.00% 35.00% Cumulative Loss better than peers 3.00% 4.00% 60.

5 Year Plan Projects EPS CAGR of 21% Through 2010 • Over 3% market share • Investment grade ratings • 25 regional centers • Added to S&P 500 • Fortune 100 employer 2005 2006 2007 2008 2009 2010 • “Eight in ’08” • Top 10 mortgage lender • $1B in revenue • $20B in assets • 9th largest thrift • Over 7.000 employees (550 in India) • Over 580.000 consumer customers • 26 SoCal branches • 13 regional mortgage centers • Implement regional president structure EPS Growth (CAGR) • $8 EPS • 8th largest lender • Top 6 mortgage lender • $2.With Current Solid Business Foundation & Hybrid Thrift/ Mortgage Banking Model In Place.7B in revenue • 2 million consumer customers • Over $11 EPS • 100 SoCal branches 1992-2005 27% 1999-05 32% 2005-2010 21% Bond Investor Relations 20 .

Appendix Bond Investor Relations 21 .

Inc Homecomings (GMAC . Bond Investor Relations 22 . Chase Home Finance LC Countrywide Home Loans.(1) SQ2 SQ1 SQ1 SQ2 SQ3+ SQ1 SQ2 SQ1 FITCH Prime RPS2+ RPS1 RPS1 RPS1 RPS2+ RPS1 S&P Sub-prime Above/Stable Strong/Stable Above/Positive Strong/Stable Strong/Stable Avg. the Indymac equivalent rating would have been SQ2-.RFC) New Century Mortgage Corp. considering the enhanced methodology.Servicer Rating Comparison Primary services Prime Indymac Bank Ameriquest Mortgage Co./Positive Strong/Stable Strong/Stable Strong/Stable Sub-prime Alt-A Residential RPS2+ RPS2+ RPS1 RPS1 RPS1 RPS3 RPS2+ RPS2 RPS1 RPS2+ RPS1 RPS1 RPS1 RPS2 RPS1 Above/Stable Strong/Stable Strong/Stable Strong/Stable Strong/Stable Strong/Stable (1) Moody’s enhanced their rating methodology to include modifiers (+/-) to the rating categories. SQ2 SQ1 RPS1 RPS1 RPS2+ RPS1 MOODY’s Sub-prime SQ2. Washington Mutual Bank Wells Fargo Home Mtg. Inc. The 2005 rating is an affirmation of the 2004 rating. Option One Mortgage Corp. Had the modifiers been in place in 2004.

63 30.42 2. Wholesale/ Correspondent Mortgage Professionals.93 1.4 B Q1 ‘06 2005 2004 Home Equity division Consumer Construction & Lot Production by Amortization Type Fixed Rate Mortgages Geographic Distribution California Florida 23 24 23 Option ARMs ARMs and Hybrid ARMs 32 4 5 6 9 34 4 4 6 8 34 4 3 7 6 New York Virginia New Jersey Other 20 19 24 Interest Only Hybrid ARMs 27 29 21 30 28 32 44 44 46 Q1 ‘06 2005 2004 Q1 ‘06 2005 2004 Bond Investor Relations 23 .10Q/10K Fast Facts Q1 ’06 Highlights ƒ Q1 ’06 Mortgage industry market share of 3.35 3.19 Mortgage Professionals.02 5.89% ƒ #7 mortgage originator ƒ Record mortgage loan production of $20 B.83 4.74 26.14 5.9 3.59 2.36 10.78 ƒ Record pipeline of mortgage loans in process of $10.65 20.6 2.72 Volume by Division ($mn) 4.78 4.37 56. Conduit Consumer Direct & Indirect Financial Freedom Servicing Retention 57. up 72% from Q1 ’05 55.

452 $7.526 64 13.18% $84.0:1 $2.495 12/31/99* $267 $68 $0.747 Year 2005 18% 2% 5% CAGR 6 years 27% 28% 32% 16% 32% Nm 11% -3% 22% 17% 44% 30% 49% 12/99-12/05 22% 1% -1% 12/31/92* $8 $5 $0.0:1 $75 $0 0% $0 CAGR inception to date 46% 37% 27% 14% 30% Nm 22% 12% 8% 31% Nm Nm Nm 12/92-12/05 23% 12% 10% * 1999 marked the beginning of Indymac’s transition to a depository institution and taxable entity (earnings and EPS in 1999 are presented pro forma fully-taxed).86 9% $4.980 0.54 22% $21.Management Has a Strong Track Record of Growth and Returns Over Various Interest Rate Environments Dollars in millions. 12/31/92 marked inception of Indymac’s transition from a passive REIT to an operating mortgage banker with current senior management Bond Investor Relations 24 .45% $7. except per share data 12/31/05 Net revenues Earnings EPS ROE Total assets Deposits Total equity # of shares outstanding (millions) Debt of equity ratio Market capitalization Loan production Market share Capitalized servicing portfolio Comparative Annualized Returns Indymac Dow Jones Industrial Average S&P 500 $1.106 $300 $4.025 $0 $828 75 3.505 $62.21 4% $714 $0 $119 14 5.9:1 $957 $6.915 2.672 $1.

05% 0. and construction loans.42% 24% 10% 100% Q3 05 0.835 $ 16.466 S&P Lifetime Loss 0.21% 0.058) FICO CLTV NA NA 720 689 728 NA NA 712 697 76% 94% 79% 55% 74% 74% 80 $ 16.21% 0.282 Avg.57% 0. California Other Total 25% 35% 11% 29% 100% 32% 89% 3% 8% 100% 14% 28% 58% 100% 32% 34% 7% 27% 100% 20% 88% 3% 9% 100% 15% 28% 57% 100% Alt-A Equivalent 45-80 bps Subprime Equivalent >80bps Total S&P Loss Levels Agency Equivalent <=45bps Alt-A Equivalent 45-80 bps Subprime Equivalent >80bps Total 25% 9% 100% Q1 05 0. California So.58% 2.51% Indymac Total Production Reconciled To Loans Evaluated By S&P LEVELS Model Balance ($ in millions) Total Q106 Production Less: Consumer Construction Closed End Seconds Held for Sale HELOCs Reverse Mortgages (1) Subdivision Construction Subtotal Total Production Evaluated By S&P LEVELS Model (2) $ 20.47% 0.51% LTV 73% 74% CLTV 78% 80% FICO 700 697 Product Fixed Option ARMs Hybrid/ARM Hybrid ARM I/O Total Doc Type Full Doc Occupancy Type Primary Home Second Home Investment Total Geographic No.20% 0.59% 2.50% 26% 11% 100% Q4 05 0.340 (934) (858) (785) (1.22% 0.118) (363) (4.22% 0. Loan Size (actual) $ 261. reverse mortgages.58% 1.Trends Show Credit Quality Of Production Relatively Stable Year Q2 05 Q3 05 Q4 05 Q1 06 Q1 05 % of Production Over Year Agency Equivalent <=45bps 66% 68% 66% 63% 58% S&P Evaluated Quarterly Production (2) Loan Characteristics 3/31/2005 3/31/2006 $ in millions Evaluated Production $ 9. this data is not audited or endorsed by S&P.302 $ 290.59% 1.282 (1) 95% of reverse mortgages are FHA insured (based on number of loans) (2) While Indymac production is evaluated using the S&P LEVELS model.51% 28% 14% 100% Q1 06 0. Bond Investor Relations 25 . HELOC.25% 0.99% 0.58% 1.47% 25% 7% 100% Q2 05 0. S&P Evaluated Production excludes second liens.80% 0.

IndyMac experience (except new regions) ▪New Hire Underw riter Certif ication3 ▪Texas O/O Ref inance Transaction Certif ication4 ▪Co-op Certif ication5 ▪Non-prime Certif ication6 ▪Spec Loan Certif ication7 <= Maximum loan amount ▪Level V (Elite UW) ▪3+ years underw riting experience ▪1 year IndyMac underw riting experience ▪New Hire Underw riter Certif ication3 ▪Texas O/O Ref inance Transaction Certif ication4 ▪Co-op Certif ication5 ▪Non-prime Certif ication6 ▪Spec Loan Certif ication7 1The 2No Business Unit Head may grant exceptions to these limits on a case-by-case basis non-prime allowed except in those instances where loans are submitted as prime and downgraded to non-prime following documentation review.0008 ▪Level IV (Senior UW) ▪3+ years underw riting experience ▪6 mos.000.000 ▪Level III (Senior UW) ▪3+ years underw riting experience ▪New Hire Underw riter Certif ication3 ▪Texas O/O Ref inance Transaction Certif ication4 ▪Co-op Certif ication5 ▪Non-prime Certif ication6 ▪Spec Loan Certif ication7 <= $1.Underwriter Approval Authority Levels Underw riter Approval Authority Matrix 1 Applies to Retail. Wholesale.500. Correspondent Prior Approved Loan Limits <= 650K UW Levels ▪Contract Underw riter <= Conf orming Loan Limit2 ▪Level I Experience ▪1 year minimum underw riting experience ▪0-2 years underw riting experience ▪Previous mortgage industry experience required <=$650. the loan will remain with the original underwriter 3Required in order to underwrite any IndyMac loans 4Required in order to underwrite Texas O/O Refinance loans 5Required in order to underwrite Co-op loans 6Required in order to underwrite non-prime loans 7Required in order to underwrite spec loans (training for this loan type is currently under development) 8Individual loans are subject to review per the Underwriter Second Review Policy Bond Investor Relations 26 . In these cases.000 ▪Level II ▪1 -3 years underw riting experience IndyMac Internal Requirements ▪Resume / history of experience ▪IndyMac Skills Test ▪Backround Check ▪New Hire Underw riter Certif ication3 ▪Texas O/O Ref inance Transaction Certif ication4 ▪Co-op Certif ication5 ▪New Hire Underw riter Certif ication3 ▪Texas O/O Ref inance Transaction Certif ication4 ▪Co-op Certif ication5 ▪Non-prime Certif ication6 ▪Spec Loan Certif ication7 <= $1.

7% 9 7.438 8. 5 & 7/1 LIBOR Full-Alt Doc / Stated Income Doc (*) $400K $500K 95 / 85 90 / 85 90 / 80 $650K 80 / 80 80 / 80 80 / 80 $1MM 80 / 80 80 / 75 $1.5MM 80 / 75 75 / 65 $2MM 75 / 70 70 / 65 $2. Second Home & Investment Property ƒ12 MAT & 12MAT Fixed Minimum Pmt ƒ40-year 12 MAT & 40-yr 12MAT Fixed Minimum Pmt ƒFlexPay 12 MAT 1 & 5-year ƒFlexPay 3.5MM 70 / NA 95 / 90 w/sub fin/90 90 / 90 95 / 90 95 / 85 95 / 80 95 / 90 90 / 90 90 / 75 75 / 70 75 / 75 75 / 70 70 / NA 640/660 620/660 640 680/660 680/640 680/620 700 620/660 700 620/660 700 660 700 /NA 40 40 40 42 42 42 42 42 42 42 / 45 42 / 45 42 / 45 45 / NA 2 2 2 2 2 2 6/6 2/6 12 6/9 12 9 / 12 9 / NA Performance & Loss Highlights as of 3/31/06 4/25/06 Distribution DQ 60 DQ 90+ Loss % Loss $ Severity # of deals active Original balance in millions Current balance in millions 2003 Vintage n/a n/a n/a n/a n/a 0 n/a 2004 Vintage 0. Stated Income & NINA (primary residence only) doc types ƒPurchase/Refi/Cash-out Refi ƒPrimary residence.Alt-A Pay Option ARMs High Level Product Parameters Max Ln Amt Max LTV % Max CLTV % Min Credit Score Max DTI Min Mos Rsrv.611 1% 9 10. NOTE: This is a consolidated representation of Indymac’s guidelines and performance data for discussion purposes only – please refer to the Lending Guide for complete guidelines.34% 0. Alt-A Pay Option ARM Program Highlights ƒAlt-A Credit – 620 min FICO ƒ110% Neg Am Cap ƒ29% of 2005 production ƒFull/Alt.40% 0.152 n/a 4.00% 3.00% 5.297 1. Bond Investor Relations 27 .19% 0. parameters are the same for both.39% 0.002 2005 Vintage 0.629 (*) When only 1 value is listed.

533 (*) When only 1 value is listed.73% 18 6.03% 626.943 253 2. 5.39% 0.09% 0. NOTE: This is a consolidated representation of Indymac’s guidelines and performance data for discussion purposes only – please refer to the Lending Guide for complete guidelines. Second Home & Investment Property ƒ15 & 30-year FRM ƒ30-year FR IO ƒ40 due in 30 FRM ƒ3.59% 1.40% 0. 7 & 10/1 40 due in 30 LIBOR ARM Full-Alt Doc / Stated Income Doc (*) $500K 95 95 / 90 95 / 80 $650K 90 / 90 90 / 85 80 / 80 80 / 80 50 / 80 $750K 85 / 90 85 / 80 85 / 80 $1MM 80 / 80 80 / 75 80 / 75 70 $1.52% 34 17.30% 5 1.01% 552. Stated Income.806 2004 Vintage 0.105 3.064 8.953 17.00% 101.03% 1. 5. parameters are the same for both.631 15.88% 0. Alt-A Standard Program Highlights ƒAlt-A Credit ƒDoc Types . Refinance & Cashout Refinance ƒPrimary residence. Bond Investor Relations 28 .825 2005 Vintage 0.327 15.42% 0.63% 14 4. NINA and No Doc ƒPurchase. No Ratio.05% 1.435.736 2003 Vintage 0.52% 0.Alt A Standard Products High Level Product Parameters Max Ln Amt Max LTV % Max CLTV % Min Credit Score Max DTI % Min Mos Rsrv.5M M $2MM 80 / 75 70 / 65 75 / 70 55 / 60 $3MM 70 / 65 95 95 / 100 95 / 100 100 / 90 90 / 85 100 / 100 100 / 100 95 / 95 85 / 90 85 / 90 85 / 85 100 / 90 100 / 80 95 / 80 95 / 80 90 / 80 95 / 70 75 / 70 55 / 65 75 / 70 620 620 / 700 620 660 / 700 620 / 680 660 / 700 620 / 700 620 / 620 680 / 700 680 / 660 680 / 620 660 / 680 620 / 660 720 / 660 620 680 620 680 740 / 620 680 50 50 / 45 50 / 45 45 / 50 50 50 / 45 45 / 45 65 / 45 50 50 / 45 50 / 45 45 / 50 45 45 50 / 45 55 55 55 65 / 55 55 2 2 2 2 2 2 2 2 2 2 2 2/6 6 0/6 6 6/9 6/9 9 / 12 9 / 12 9 / 12 Performance & Loss Highlights as of 3/31/06 4/25/06 Distribution DQ 60 DQ 90+ Loss % Loss $ Severity # of active deals Original balance in millions Current balance in millions 2002 Vintage 1.Full/Alt.712 31. 7 & 10/1 LIBOR ARM & IO ƒ3. Fast Forward.

175 2.831.449 93 87 1.85% 2 609 2003 Vintage 2.45% 1.971 32.55% 0.Nonprime Products High Level Parameters – Credit Level 1++ Min Credit Score Max Loan Amount Max LTV% Max CLTV% Max Cashout Max DTI % Nonprime Product Highlights ƒDoc Types .55% 3 2.867 (*) When only 1 value is listed.06% 1.293.30% 1 399 2004 Vintage 2.973. Second Home & Investment Property ƒ15 & 30-year FRM ƒ30-year FR IO ƒ40 due in 30 FRM ƒ2/6.36% 1. Limited. 3/1. 3/1.13% 10. 3/1.42% 6.273 11.78% 0. Bond Investor Relations 29 . 5/1 LIBOR ARM 40 due in 30 Full-Alt Doc / Stated Income Doc (*) 640 $750K $850K $1MM $1.666 31. parameters are the same for both.5% 8. 5/1 IO LIBOR ARM ƒ2/6.051 14. Refinance & Cashout Refinance ƒPrimary residence.00% 144.80% 0. NOTE: This is a consolidated representation of Indymac’s guidelines and performance data for discussion purposes only – please refer to the Lending Guide for complete guidelines.30% 3.25MM 600 $650K $750K $850K $1MM $1. Stated Income ƒPurchase.199 2005 Vintage 1.45% 4 3.Full/Alt.25MM 580 $500K $650K $750K $850K $1MM 550 $650K $750K 525 $500K $500K 500 $400K $400K 100 / 95 95 / 85 90 / 80 80 / NA 100 / 95 95 / 90 90 / NA 80 / NA 75 / NA 100 / 90 95 / 90 90 / 80 80 / NA 75 / NA 90 / 80 80 / NA 85 / 70 75 / NA 80 75 100 100 100 100 / NA 100 100 100 / NA 100 / NA 100 / NA 100 100 100 100 100 100 100 / NA 100 100 / NA 100 100 $50K No Limit No Limit No Limit/NA $50K No Limit No Limit/NA No Limit/NA No Limit/NA $50K/No Limit No Limit No Limit No Limit/NA No Limit/NA No Limit No Limit/NA No Limit No Limit / NA No Limit No Limit 50 50 50 50 / NA 50 50 50 / NA 50 / NA 55 / NA 50 50 50 50 / NA 55 / NA 50 50 / NA 50 / 55 55 / NA 50 55 Performance & Loss Highlights as of 3/31/06 4/25/06 Distribution DQ 60 DQ 90+ Loss % Loss $ Severity # of active deals Original balance in millions Current balance in millions 2002 Vintage 3.74% 18. 5/1 LIBOR ARM ƒ2/6.

00% 16.Subprime 60+ Delinquency as % of Original Balance 18.00% 2.00% 6.00% 0.00% 4.00% 2000-A 2000-B 2000-C 2001-A 2001-C 2002-A 2002-B 2003-A 2004-A 2004-B 2004-C 2005-A 2005-B 12.00% 10.00% 1 3 5 7 9 13 21 11 15 17 19 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 Month Bond Investor Relations 30 .00% 14.00% 8.

00% 0.50% 3.50% 0.00% 2.50% 1.50% 2.00% 4.00% 1.50% 4.Subprime Cumulative Loss as % of Original Balance 5.00% 1 3 5 7 9 11 13 71 73 19 21 23 25 31 33 35 37 43 45 47 49 51 53 59 61 63 65 27 29 39 41 55 57 67 69 15 17 2000-A 2000-B 2000-C 2001-A 2001-C 2002-A 2002-B 2003-A 2004-A Month # Bond Investor Relations 31 .00% 3.

2005 ƒ Direct Servicing of $55.546 loans ƒ Alt-A = 60.07% Virginia = 3.04% Virginia = 3.55% ƒ Total = 100% ƒ Total = 100% Bond Investor Relations 32 .566 Loans ƒ Master Servicing Portfolio (directly serviced by others) of $630.710 on approximately 2.634 Loans ƒ Master Servicing Portfolio (directly serviced by others) of $600. 2006 ƒ Direct Servicing of $92.952 loans ƒ Alt-A = 59.570 on approximately 3.26% Florida = 7.51% Other = 45.35% Florida = 9.94% ƒ Total = 100% ƒ ƒ ƒ ƒ ƒ ƒ California = 31.71% ƒ Other = 1.90% March 31.07% Other = 44.48% ƒ Other = 3.59% ƒ Subprime = 10.04% ƒ Subprime = 14.39% New York = 9.784.31% New Jersey = 4.8 billion ƒ 404.Portfolio Overview March 31.37% ƒ Conforming Conventional = 23.76% ƒ Conforming Conventional = 26.01% New York = 7.10% ƒ Total = 100% ƒ ƒ ƒ ƒ ƒ ƒ California = 30.54% New Jersey = 4.572.0 billion ƒ 271.

com ƒ Jim Shirreffs.sciandra@indymacbank.com Need Further Website Assistance? Contact One of Our Analysts at…… ƒ Scott McKey. FVP – (626) 535-5050 james.com ƒ Monica Man.com Secondary Marketing Contacts ƒ Andy Sciandra. Sr. FVP – (626) 535-8404 josh. Analyst – (626) 535-8514 .indymacbank.shirreffs@indymacbank.com ƒ Alisa Neira. Analyst Lead – (626) 535-5251 . FVP – (626) 535-4362 dan.mckey@indymacbank.com/main.aspx ƒ http://bondir.man@indymacbank.com Bond Investor Relations 33 .cousins@indymacbank.neira@indymacbank.kammer@indymacbank. VP – (626) 535-8016 alisa.indymacbank.monica. SVP – (626) 535-5025 andrew.scott.com ƒ Dan Kammer.com Where to Find Indymac’s Collateral and Performance Information Reports ƒ http://regab.Key Indymac Investor Contacts and Performance Data Sources Investor Relations Contacts ƒ Josh Cousins.