We consider a simplified model for the rate control of TCP sources. In particular, we assume idealized negative feedbacks upon reaching a certain total sending rate, i.e., at the moment when the total sending rate attains a given capacity limit c one of the TCP sources is given a negative feedback and the source reduces its sending rate in a multiplicative manner. Thus, the model takes into account the interactions between different flows appropriately at the microscopic level instead of assuming independence. For this model we are able to derive steady state equations and solve them. Furthermore, we are able to compute several important performance measures such as the mean and the variance of the total sending rate. Moreover, we are able to characterize the packet loss process at the bottleneck link and, in particular, the correlations therein.