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Indy Mac reported that during April 2008, Moody's and Standard & Poor's downgraded the ratings on a significant number of Mortgage-backed security (MBS) bonds including 0 million of those issued by Indymac and which the bank retained in its MBS portfolio.Indymac concluded that these downgrades would have negatively impacted the Company's risk-based capital ratio as of June 30, 2008.Appraisals obtained by Indy Mac on underlying collateral were often questionable as well.As an Alt-A lender, Indy Mac’s business model was to offer loan products to fit the borrower’s needs, using an extensive array of risky option-adjustable-rate-mortgages (option ARMs), subprime loans, 80/20 loans, and other nontraditional products.Senator Schumer would have been referring to a little over billion in brokered deposits.While the breakout of maturities of these deposits is not known exactly, a simple averaging would have put the threat of brokered deposits loss to Indy Mac at 0 million a month, had the regulator disallowed Indy Mac from acquiring new brokered deposits on June 30.Indy Mac’s aggressive growth strategy, use of Alt-A and other nontraditional loan products, insufficient underwriting, credit concentrations in residential real estate in the California and Florida markets, and heavy reliance on costly funds borrowed from the Federal Home Loan Bank (FHLB) and from brokered deposits, led to its demise when the mortgage market declined in 2007.

as a means of collateralizing Countrywide Financial loans too big to be sold to Freddie Mac and Fannie Mae.

From its inception as a savings association in 2000, Indy Mac grew to the seventh largest savings and loan and ninth largest originator of mortgage loans in the United States.

During 2006, Indy Mac originated over billion of mortgages.

Ultimately, loans were made to many borrowers who simply could not afford to make their payments.

The thrift remained profitable only as long as it was able to sell those loans in the secondary mortgage market.