SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): July 28, 2000
INDYMAC ABS, INC., (as depositor under the Pooling and Servicing Agreement,
dated as of July 1, 2000, providing for the issuance of the Home Equity
Mortgage Loan Asset Backed Certificates, Series SPMD 2000-B).
INDYMAC ABS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-51609 95-4685267
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
155 North Lake Avenue
Pasadena, Califormia 91101
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (800) 669-2300
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Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
5.1 Legality Opinion of Brown & Wood LLP.
8.1 Tax Opinion of Brown & Wood LLP (included in Exhibit 5.1)
23.1 Consent of Brown & Wood LLP (included in Exhibits 5.1 and 8.1)
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INDYMAC ABS, INC.
By: /s/ Blair Abernathy
Blair Abernathy
President
Dated: July 28, 2000
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INDYMAC ABS, INC.
By: _________________
Name: _______________
Title: ________________
Dated: July 28, 2000
<PAGE>
Exhibit Index
Exhibit
Page
5.1 Legality Opinion of Brown & Wood LLP 6
8.1 Tax Opinion of Brown & Wood LLP (included in Exhibit 5.1) 6
23.1 Consent of Brown & Wood LLP (included in Exhibits 5.1 and 8.1) 6
<PAGE>
Exhibits 5.1 and 8.1
July 28, 2000
IndyMac ABS, Inc.
155 North Lake Avenue
Pasadena, CA 91101
Re: IndyMac ABS, Inc.
Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2000-B
Home Equity Mortgage Loan Asset-Backed Certificates, Series SPMD 2000-B
Ladies and Gentlemen:
We have acted as special counsel for IndyMac ABS, Inc., a Delaware
corporation (the "Company"), in connection with the issuance of the Home
Equity Mortgage Loan Asset-Backed Certificates of the above-referenced Series
(the "Certificates") pursuant to a Pooling and Servicing Agreement dated as of
July 1, 2000 (the "Pooling and Servicing Agreement"), among the Company, as
depositor, IndyMac Bank, F.S.B., as seller and master servicer (the "Seller
and Master Servicer"), and The Bank of New York, as trustee (the "Trustee").
The Certificates will represent the entire beneficial ownership interest
in the Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2000-B (the
"Trust Fund"). The assets of the Trust Fund will consist primarily of a pool
of conventional sub-prime mortgage loans (the "Mortgage Loans") secured by
first and second liens on one- to four-family residential properties.
Capitalized terms not otherwise defined herein have the meanings ascribed to
such terms in the Pooling and Servicing Agreement.
We have examined such documents and records and made such investigations
of such matters of law as we have deemed appropriate as a basis for the
opinions expressed below. Further, we have assumed the genuineness of all
signatures and the authenticity of all documents submitted to us as originals.
Based upon the foregoing, we are of the opinion that:
1. The Pooling and Servicing Agreement has been duly authorized,
executed and delivered by the Company, the Seller and Master Servicer and
constitutes a valid, legal and binding agreement of the Company and the
Seller and Master Servicer, enforceable against the Company, the Seller
and Master Servicer in accordance with its terms, subject, as to
enforceability, to bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting creditors' rights generally and to general
principles of equity regardless of whether enforcement is sought in a
proceeding in equity or at law.
2. Assuming that the Certificates have been duly executed and
countersigned by the Trustee in the manner contemplated in the Pooling
and Servicing Agreement, when delivered and paid for, the Certificates
will be validly issued and outstanding and entitled to the benefits of
the Pooling and Servicing Agreement.
3. Assuming compliance with the Pooling and Servicing Agreement,
each of the Lower Tier REMIC and the Upper Tier REMIC will qualify as a
REMIC within the meaning of Section 860D of the Internal Revenue Code of
1986, as amended, each of the Public Certificates, other than the Class R
Certificates, will evidence ownership of a "regular interest" in a REMIC
and the Class R Certificates will evidence ownership of the "residual
interest" in each REMIC. The Excess Reserve Fund Account will be treated
as an outside reserve fund, within the meaning of Treasury Regulation
1.860G-2(h), beneficially owned by the holder of the Class X Certificate.
The opinion set forth in paragraph 3 is based upon the existing
provisions of the Code and Treasury regulations issued or proposed thereunder,
published Revenue Rulings and releases of the Internal Revenue Service and
existing case law, any of which could be changed at any time. Any such changes
may be retroactive in application and could modify the legal conclusions upon
which such opinions are based. Such opinion is limited as described above, and
we do not express an opinion on any other tax aspect of the transactions
contemplated by the Pooling and Servicing Agreement or the effect of such
transactions on IndyMac Bank, F.S.B., or any of its shareholders.
In rendering the foregoing opinions, we express no opinion as to the laws
of any jurisdiction other than the federal laws of the United States of
America, the corporate laws of the State of Delaware and the laws of the State
of New York.
We hereby consent to the filing of this opinion as an exhibit to the
Company's Report on Form 8-K dated the date hereof.
Very truly yours,
/s/ BROWN & WOOD LLP
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BROWN & WOOD LLP
