IHE starts strong in fiscal 2001 with largest securitization to date

    SAN RAMON, Calif., March 22 /PRNewswire/ -- Irwin Home Equity, the home
equity-backed consumer-lending arm of Irwin Financial Corporation,
(Nasdaq: IRWN) today announced the closing of a $398 million home equity
loan-backed securitization.
    The series 2001-1 offering, managed by Bear Stearns and co-manager
Deutsche Banc Alex Brown, consisted of eight classes of home equity
loan-backed term notes and one class of interest-only notes. Collateral for
the issue is a mix of closed-end home equity and home equity line of credit
(HELOC) loans as well as high loan-to-value closed-end home equity and HELOC
loans. An AMBAC surety wrap guarantees the deal.
    "This deal confirms the good reputation that Irwin Home Equity enjoys with
the financial community," said Elena Delgado, CEO and founder of Irwin Home
Equity, "We are pleased that investors continue to recognize and value the
quality of our paper and the solid business practices that support it."
    Securitization of assets benefits Irwin Home Equity by giving it access to
lower cost term funding to support its portfolio growth. This is the Company's
12th transaction and brings Irwin Home Equity's cumulative securitized loan
balance to nearly $1.7 billion.

    About Irwin Home Equity:
    Irwin Home Equity is a leading home equity lender whose best-of-class
business practices serve a strong market demand.  Irwin Home Equity products
and programs enable borrowers to manage their finances responsibly.  Irwin
Home Equity and its affiliate, Irwin Union Bank, offer products in 40 states
nationwide.  Headquartered in San Ramon, California, Irwin Home Equity is a
subsidiary of Irwin Financial Corporation.

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