UNITED STATES SECURITIES AND EXCHANGE COMMISSION

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): May 23, 2007

~~Home~~IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2007-B

(Exact name of issuing entity as specified in its charter)

IndyMac ABS, Inc.

(Exact name of depositor as specified in its charter)

IndyMac Bank, F.S.B.

(Exact name of sponsor as specified in its charter)

Delaware	333-134691-10	95-4685267
DELAWARE	333-134691-10	95-4685267
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification ~~Number~~No.)
155 North Lake Avenue Pasadena, California		91101
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (626) 535-5555

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 - Financial Information

Item 2.01 - Completion of Acquisition or Disposition of Assets

On June 12, 2007, a single series of certificates, entitled IndyMac ABS, Inc., Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2007-B (the “Certificates”), was issued pursuant to a pooling and servicing agreement, dated as of June 1, 2007 (the “Agreement”), among IndyMac ABS, Inc. as depositor (the “Depositor”), IndyMac Bank, F.S.B. as seller (the “Seller”) and servicer (the “Servicer”) and Deutsche Bank National Trust Company as trustee and supplemental interest trust trustee (the “Trustee”).

Upon the closing of the initial issuance of the Certificates, (i) the Depositor purchased from the Seller certain mortgage loans (the “Initial Mortgage Loans”) with an aggregate principal balance equal to $900,228,400 and transferred such mortgage loans to the Trustee, (ii) the Trustee deposited funds in the pre-funding accounts (the “Pre-Funding Accounts”), which were established pursuant to the Agreement, in an amount equal to $99,771,600.

On June 29, 2007, the Trustee purchased from the Depositor certain mortgage loans (the “Subsequent Mortgage Loans”) with an aggregate principal balance equal to $99,741,562 with funds on deposit in the Pre-Funding Accounts at a purchase price equal to the principal balance thereof, which Subsequent Mortgage Loans were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument, dated June 29, 2007, among the Depositor, the Seller and the Trustee (the “Instrument”). Attached to the Instrument is the Mortgage Loan Schedule listing the Subsequent Mortgage Loans that are the subject of such Instrument.

Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.

Section 8 – Other Events

Item 8.01 Other Events.

Description of the Certificates and the Mortgage Pool

The Certificates represent in the aggregate the entire beneficial ownership interest in a trust fund (the “Trust Fund”) consisting primarily of a pool (the “Mortgage Pool”) of conventional, one- to four-family, first and second lien adjustable-rate and fixed-rate mortgage loans having original terms to maturity up to 30 years. As of June 12, 2007, the Trust Fund consisted of Initial Mortgage Loans having an aggregate principal balance of $900,228,400.

The tables attached as an exhibit hereto describe certain characteristics of the Mortgage Pool as of June 29, 2007.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

~~(a) Financial~~1. Not ~~Statements.~~applicable

2. Not applicable.

~~(b) Pro Forma Financial Information~~3. Exhibits

Not applicable.

Exhibit No.	Item 601(a) of Regulation S K Exhibit No	Description
1	99.1	Subsequent Transfer Instrument, dated as of June 29, 2007, among IndyMac ABS, Inc., IndyMac Bank, F.S.B. and Deutsche Bank National Trust Company.
2	99.2	Characteristics of the Mortgage Pool as of June 29, 2007, relating to IndyMac ABS, Inc., Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2007-B.

Exhibit No.		Item 601(a) of Regulation S-K Exhibit No.		Description
1		5.1, 8.1, 23.1		Opinion and Consent of Thacher Proffitt & Wood LLP.

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 thereunto duly authorized.

Dated: June 1229, 2007

INDYMAC ABS, INC.

By:

/s/ Jill Jacobson

Name:

Jill Jacobson

Title:

Vice President

~~EXHIBIT~~Index ~~INDEX~~to Exhibits

Exhibit No.	Item 601(a) of Regulation S K Exhibit No.	~~Item 601(a) of Regulation S-K Exhibit No.~~Description	Sequentially Numbered Page	~~Description~~
1	99.1	~~5.1,~~Subsequent ~~8.1,~~Transfer ~~23.1~~Instrument	5	~~Opinion and Consent of Counsel~~
2	99.2	Characteristics of the Mortgage Pool as of June 29, 2007	12

EXHIBIT 5.1, 8.1, 23.1

[Letterhead of Thacher Proffitt & Wood LLP]

June 12, 2006

IndyMac ABS, Inc.

155 North Lake Avenue

Pasadena, California 91101

Opinion: Takedown

IndyMac ABS, Inc.

Registration Statement on Form S-3, No.333-134691

$959,499,000

Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2007-B

Prospectus Supplement, dated June 11, 2007

(including the related Prospectus, dated December 11, 2006)

Ladies and Gentlemen:

We have acted as counsel to IndyMac Bank, F.S.B. and IndyMac ABS, Inc. (the “Registrant”), in connection with the offer and sale of the securities described above (the “Certificates”).

In rendering this opinion letter, we have examined the documents described above and such other documents as we have deemed necessary. We have also assumed the execution, authentication, offer and sale of the Certificates pursuant to and in accordance with Prospectus Supplement and the related pooling and servicing agreement and underwriting agreement. The opinion expressed herein with respect to enforceability is subject to general principles of equity and the effect of bankruptcy, insolvency, fraudulent conveyance and transfer and other similar laws of general applicability affecting the rights of creditors.

In rendering this opinion letter, we do not express any opinion concerning any laws other than the federal laws of the United States, including without limitation the Internal Revenue Code of 1986, as amended, and the laws of the States of New York and, to the extent applicable, Delaware. We do not express any opinion herein with respect to any matter not specifically addressed in the opinions expressed below.

The tax opinions set forth below are based upon the existing provisions of applicable law and regulations issued or proposed thereunder, published rulings and releases of applicable agencies or other governmental bodies and existing case law, any of which or the effect of any of which could change at any time. Any such changes may be retroactive in application and could modify the legal conclusions upon which such opinions are based.

Based upon and subject to the foregoing, it is our opinion that:

1. The Certificates are legally and validly issued, enforceable under the laws of the State of New York in accordance with their terms, and are fully paid and non-assessable and entitled to the benefits of the related pooling and servicing agreement.

2. The descriptions of federal income tax consequences appearing under the heading “Federal Income Tax Consequences” in the Prospectus Supplement, and under the heading “Material Federal Income Tax Consequences” in the Prospectus to which the Prospectus Supplement relates, while not purporting to discuss all possible federal income tax consequences of investment in the Certificates, are accurate with respect to those tax consequences which are discussed, and we hereby adopt and confirm those descriptions as our opinions.

We hereby consent to the filing of this opinion letter by the Registrant in a Current Report on Form 8-K.

Very truly yours, /s/ THACHER PROFFITT & WOOD LLP

Filing Compare · HOME EQUITY MORTGAGE LOAN ASSET-BACKED TRUST, SERIES INABS 2007-B