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Related Issuers
Green Tree Financial Corporation MH 1992-01
Green Tree Financial Corporation MH 1992-02
Green Tree Financial Corporation MH 1993-01
Green Tree Financial Corporation MH 1993-02
Green Tree Financial Corporation MH 1993-03
Green Tree Financial Corporation MH 1993-04
Green Tree Financial Corporation MH 1994-01
Green Tree Financial Corporation MH 1994-02
Green Tree Financial Corporation MH 1994-03
Green Tree Financial Corporation MH 1994-04
Green Tree Financial Corporation MH 1994-05
Green Tree Financial Corporation MH 1994-06
Green Tree Financial Corporation MH 1994-07
Green Tree Financial Corporation MH 1994-08
Green Tree Financial Corporation MH 1995-01
Green Tree Financial Corporation MH 1995-02
Green Tree Financial Corporation MH 1995-03
Green Tree Financial Corporation MH 1995-04
Green Tree Financial Corporation MH 1995-05
Green Tree Financial Corporation MH 1995-06
Green Tree Financial Corporation MH 1995-07
Green Tree Financial Corporation MH 1995-08
Green Tree Financial Corporation MH 1995-09
Green Tree Financial Corporation MH 1995-10
Green Tree Financial Corporation MH 1996-01
Green Tree Financial Corporation MH 1996-02
Green Tree Financial Corporation MH 1996-03
Green Tree Financial Corporation MH 1996-04
Green Tree Financial Corporation MH 1996-05
Green Tree Financial Corporation MH 1996-06
Green Tree Financial Corporation MH 1996-07
Green Tree Financial Corporation MH 1996-08
Green Tree Financial Corporation MH 1996-09
Green Tree Financial Corporation MH 1997-01
Green Tree Financial Corporation MH 1997-02
Green Tree Financial Corporation MH 1997-03
Green Tree Financial Corporation MH 1997-04
Green Tree Financial Corporation MH 1997-05
Green Tree Financial Corporation MH 1997-07
Green Tree Financial Corporation MH 1998-01
Green Tree Financial Corporation MH 1998-02
Green Tree Financial Corporation MH 1998-04
Green Tree Financial Corporation MH 1998-05
Green Tree Home Improvement Loans 1994-BI
Green Tree Home Improvement Loans 1994-BII
Green Tree Home Improvement Loans 1994-CI
Green Tree Home Improvement Loans 1994-CII
Green Tree Home Improvement Loans 1994-D
Green Tree Home Improvement Loans 1994-E
Green Tree Home Improvement Loans 1995-A
Green Tree Home Improvement Loans 1995-B
Green Tree Home Improvement Loans 1995-C
Green Tree Home Improvement Loans 1995-D
Green Tree Home Improvement Loans 1995-E
Green Tree Home Improvement Loans 1995-F
Green Tree Home Improvement Loans 1996-A
Green Tree Home Improvement Loans 1996-B
Rating Action:

MOODY'S CONFIRMS OR DOWNGRADES GREEN TREE'S MANUFACTURED HOUSING AND HOME IMPROVEMENT SUBORDINATE CLASSES

16 Jul 1998
MOODY'S CONFIRMS OR DOWNGRADES GREEN TREE'S MANUFACTURED HOUSING AND HOME IMPROVEMENT SUBORDINATE CLASSES New York, 07-16-98 -- Moody's Investors Service has downgraded the ratings of the subordinate classes from nine Green Tree Financial Corporation's manufactured housing deals and confirmed the ratings of 34 others. Separately, Moody's downgraded the ratings of subordinate classes from 13 Green Tree home improvement loan deals and confirmed the ratings of one. The affected classes include all those that rely on current excess spread and a corporate guarantee from the company to support their rating.

According to Pramila Gupta, a vice president at Moody's, the rating actions are prompted by the recent confirmation at Baa3 of the rating on Green Tree's long-term senior-debt securities. Moody's outlook for this rating remains negative.

In today's action, Moody's downgraded the ratings of the subordinate classes from all of Green Tree's 1994 manufactured housing deals. The classes are downgraded to Baa3 and are directly linked to the rating of Green Tree's long-term senior-debt securities at that level. Each of the subordinated classes is supported by a 100% guarantee from Green Tree. Given the relatively low absolute levels of excess spread, limited seasoning and limited spread to cover expected future losses, the ratings on these subordinated classes rely primarily on Green Tree's corporate guarantee for credit support. Moody's confirmed the ratings of the subordinate classes from Green Tree's Series 1992 and 1993 manufactured housing deals at Baa1, except for Series 1992-2, which was downgraded from Baa1 to Baa2. The rating confirmations are based on a combination of factors, including the levels of excess spread, pool losses, current pool factor, the relationship between excess spread and expected future losses, and the Green Tree guarantee. The Series 1992-2 pool, by contrast, was downgraded to Baa2, which is one notch above Green Tree's senior-debt rating. Although Series 1992-2 has lower absolute excess spread than the other 1992 and 1993 deals, its seasoning and pool performance, together with the relatively high loss coverage provided by excess spread, warrants a Baa2 rating.


Moody's also downgraded or confirmed the ratings on the subordinated certificates in certain home improvement transactions that rely on a full or partial Green Tree guarantee. According to Ms. Gupta, these rating actions are also based on a combination of factors, including the levels of excess spread, pool losses, the relationship between excess spread and expected future losses, and the Green Tree guarantee. Furthermore, seasoning and pool factors were taken into consideration in the rating review. Based upon all of these factors, most of the subordinated certificates in these transactions were downgraded to the rating on Green Tree's senior debt. However, transactions with a lower pool factor, such as 1994-BII and 1995-B, have already incurred a significant portion of their losses; each of these transactions, moreover, is still protected by a relatively high level of excess spread. Therefore, the ratings assigned to Class A-2 of the 1994-BII deal and the certificates in the 1995-B deal are higher than the rating on Green Tree's senior debt.

The affected securities include the most subordinated class of certificates from 43 manufactured housing transactions dating from 1992 through 1998, and 14 subordinate classes from home improvement transactions issued in 1994, 1995 and 1996. No other classes from Green Tree's manufactured housing or home improvement securitizations are covered by the review.

The complete rating actions are as follows:

Green Tree Manufactured Housing Contract Senior/Subordinated Pass-Through Certificates
Series 1992-1; $38.161 mil., 8.75% Class B Certificates, rating confirmed at Baa1
Series 1992-2; $49.015 mil., 9.15% Class B Certificates, downgraded to Baa2 from Baa1
Series 1993-1; $30.048 mil., 8.45% Class B Certificates, rating confirmed at Baa1
Series 1993-2; $65.338 mil., 8.00% Class B Certificates , rating confirmed at Baa1
Series 1993-3; $79.602 mil., 6.85% Class B Certificates, rating confirmed at Baa1
Series 1993-4; $29.012 mil., 8.55% Class B-2 Certificates, rating confirmed at Baa1
Series 1994-1; $36.506 mil., 7.85% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1994-2; $25.209 mil., 8.55% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1994-3; $12.806 mil., 8.65% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1994-4; $20.017 mil., 8.60% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1994-5; $25.021 mil., 8.55% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1994-6; $30.185 mil., 9.00% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1994-7; $21.210 mil., 9.35% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1994-8; $31.392 mil., 9.40% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1995-1; $22.722 mil., 9.20% Class B-2 Certificates, rating confirmed at Baa3
Series 1995-2; $16.457 mil., 8.80% Class B-2 Certificates, rating confirmed at Baa3
Series 1995-3; $22.636 mil., 8.10% Class B-2 Certificates, rating confirmed at Baa3
Series 1995-4; $12.804 mil., 7.70% Class B-2 Certificates, rating confirmed at Baa3
Series 1995-5; $18.054 mil., 7.65% Class B-2 Certificates, rating confirmed at Baa3
Series 1995-6; $17.845 mil., 8.00% Class B-2 Certificates, rating confirmed at Baa3
Series 1995-7; $13.904 mil., 7.70% Class B-2 Certificates, rating confirmed at Baa3
Series 1995-8; $19.197 mil., 7.65% Class B-2 Certificates, rating confirmed at Baa3
Series 1995-9; $15.948 mil., 7.55% Class B-2 Certificates, rating confirmed at Baa3
Series 1995-10; $16.212 mil., 7.40% Class B-2 Certificates, rating confirmed at Baa3
Series 1996-1; $15.967 mil., 7.30% Class B-2 Certificates, rating confirmed at Baa3
Series 1996-2; $18.618 mil., 7.90% Class B-2 Certificates, rating confirmed at Baa3
Series 1996-3; $14.884 mil., 8.05% Class B-2 Certificates, rating confirmed at Baa3
Series 1996-4; $16.615 mil., 8.10% Class B-2 Certificates, rating confirmed at Baa3
Series 1996-5; $18.116 mil., 8.45% Class B-2 Certificates, rating confirmed at Baa3
Series 1996-6; $16.625 mil., 8.35% Class B-2 Certificates, rating confirmed at Baa3
Series 1996-7; $16.800 mil., 8.10% Class B-2 Certificates, rating confirmed at Baa3
Series 1996-8; $21.052 mil., 8.30% Class B-2 Certificates, rating confirmed at Baa3
Series 1996-9; $15.750 mil., 8.11% Class B-2 Certificates, rating confirmed at Baa3
Series 1997-1; $17.500 mil., 7.76% Class B-2 Certificates, rating confirmed at Baa3
Series 1997-2; $19.250 mil., 8.05% Class B-2 Certificates, rating confirmed at Baa3
Series 1997-3; $28.000 mil., 8.03% Class B-2 Certificates, rating confirmed at Baa3
Series 1997-4; $18.200 mil., 7.73% Class B-2 Certificates, rating confirmed at Baa3
Series 1997-5; $19.250 mil., 7.49% Class B-2 Certificates, rating confirmed at Baa3
Series 1997-7; $19.250 mil., 7.59% Class B-2 Certificates, rating confirmed at Baa3
Series 1998-1; $15.750 mil., 8.11 % Class B-2 Certificates, rating confirmed at Baa3
Series 1998-2; $30.000 mil., 8.44% Class B-2 Certificates, rating confirmed at Baa3
Series 1998-4; $20.000 mil., 8.11% Class B-2 Certificates, rating confirmed at Baa3
Series 1998-5; $14.260 mil., 7.99% Class B-2 Certificates, rating confirmed at Baa3


Green Tree Home Improvement Loan Trust:
Series 1994-BI; $9.055 mil., 8.70% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1994-BII; $15.180 mil., 7.85% Class A-2 Certificates, rating confirmed at Baa2
Series 1994-CI; $10.717 mil., 8.90% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1994-CII; $12.482 mil., 8.10% Class A-2 Certificates, downgraded to Baa3 from Baa2
Series 1994-D; $9.871 mil., 9.30% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1994-E; $12.282 mil., 9.15% Certificates, downgraded to Baa3 from Baa2
Series 1995-A; $12.305 mil., 8.45% Class B Certificates, downgraded to Baa3 from Baa1
Series 1995-B; $12.179 mil., 8.15% Certificates, downgraded to Baa2 from A3
Series 1995-C; $8.409 mil., 7.60% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1995-D; $10.442 mil., 7.45% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1995-E; $32.241 mil., 6.80% Certificates, downgraded to Baa3 from A3
Series 1995-F; $8.022 mil., 7.10% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1996-A; $5.626 mil., 7.40% Class B-2 Certificates, downgraded to Baa3 from Baa1
Series 1996-B; $25.130 mil., 6.45% Certificates, downgraded to Baa3 from A3


Green Tree Financial Corporation, based in St. Paul, Minnesota, is a financial services company that originates and services manufactured housing and subprime mortgages, as well as consumer loans. As of March 31,1998, the company serviced $18 billion of manufactured housing contracts.

No Related Data.
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