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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

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Rating Action:

MOODY'S REVIEWS FOR POSSIBLE DOWNGRADE CLASSES OF CONSECO FINANCE'S MANUFACTURED HOUSING CERTIFICATES

22 Oct 2003
MOODY'S REVIEWS FOR POSSIBLE DOWNGRADE CLASSES OF CONSECO FINANCE'S MANUFACTURED HOUSING CERTIFICATES Moody's Investors Service is placing on review for possible downgrade the ratings on several senior, mezzanine and subordinate classes from Conseco Finance Corporation's (Conseco Finance) manufactured housing deals.


The ratings review is prompted by the continued performance deterioration of Conseco Finance's pools, as reflected by the high levels of cumulative losses and repossessions. High losses on the securitizations were triggered by the company's bankruptcy filing, suspension of its MH origination business, and discontinuance of its repossessed refinancing program and the suspension of its default transfer of equity (DTOE) program, and poor industry conditions. . Since the suspension of its lending business, Conseco Finance has experienced lower recovery rates because it has been forced to liquidate repossessed units through wholesale channels rather than retail channels. In addition, discontinuance of DTOE program caused repossessions to increase as loans previously eligible for this program were then taken as repossessions.


In June 2003, the sale of Conseco Finance's manufactured housing business to CFN Investment Holdings II LLC, now known as Green Tree Investment Holdings II LLC, was completed. As a part of the sale, a $150 million repossession financing fund was established by CFN and Fannie Mae. Moody's expects this additional funding to help over time, but uncertainty remains as to its impact on the performance of these deals.


Green Tree Invesment Holdings II LLC is a joint venture among Fortress Investment Group LLC, Cerberus Capital Management, , and J. C. Flowers & Co. LLC.


The complete ratings actions are as follows:


Issuer: Conseco Finance Securitizations Corp.


Series 1999-6:

7.36% Class A-1 Certificates, rated Aa1, on review for possible downgrade

7.96% Class M-1 Certificates, rated A1, on review for possible downgrade

8.74% Class M-2 Certificates, rated Baa2, on review for possible downgrade

9.20% Class B-1 Certificates, rated Ba2, on review for possible downgrade

9.20% Class B-2 Certificates, rated Caa3, on review for possible downgrade


Series 2000-1:

7.30% Class A-3 Certificates, rated A1, on review for possible downgrade

7.62% Class A-4 Certificates, rated A1, on review for possible downgrade

8.06% Class A-5 Certificates, rated A1, on review for possible downgrade

8.30% Class M-1 Certificates, rated Baa2, on review for possible downgrade

9.08% Class M-2 Certificates, rated Ba2, on review for possible downgrade

8.80% Class B-1 Certificates, rated B1, on review for possible downgrade

8.80% Class B-2 Certificates, rated Ca, on review for possible downgrade


Series 2000-2:

8.07% Class A-3 Certificates, rated Aa3, on review for possible downgrade

8.48% Class A-4 Certificates, rated Aa3, on review for possible downgrade

8.85% Class A-5 Certificates, rated Aa3, on review for possible downgrade

8.49% Class A-6 Certificates, rated Aa3, on review for possible downgrade

9.08% Class M-1 Certificates, rated A3, on review for possible downgrade

10.32% Class M-2 Certificates, rated Ba1, on review for possible downgrade

10.70% Class B-1 Certificates, rated Ba3, on review for possible downgrade


Series 2000-3:

8.26% Class A-1 Certificates, rated A1, on review for possible downgrade

8.26% Class M-1 Certificates, rated Baa1, on review for possible downgrade

8.26% Class M-2 Certificates, rated Ba1, on review for possible downgrade

8.26% Class B-1 Certificates, rated B1, on review for possible downgrade


Series 2000-4:

7.47% Class A-3 Certificates, rated Aa3, on review for possible downgrade

7.73% Class A-4 Certificates, rated Aa3, on review for possible downgrade

7.97% Class A-5 Certificates, rated Aa3, on review for possible downgrade

8.31% Class A-6 Certificates, rated Aa3, on review for possible downgrade

8.73% Class M-1 Certificates, rated A3, on review for possible downgrade

9.30% Class M-2 Certificates, rated Baa3, on review for possible downgrade

10.35% Class B-1 Certificates, rated Ba2, on review for possible downgrade


Series 2000-5:

7.21% Class A-3 Certificates, rated Aaa, on review for possible downgrade

7.47% Class A-4 Certificates, rated Aaa, on review for possible downgrade

7.70% Class A-5 Certificates, rated Aaa, on review for possible downgrade

7.96% Class A-6 Certificates, rated Aaa, on review for possible downgrade

8.20% Class A-7 Certificates, rated Aaa, on review for possible downgrade

8.40% Class M-1 Certificates, rated A1, on review for possible downgrade

9.03% Class M-2 Certificates, rated Baa1, on review for possible downgrade

10.21% Class B-1 Certificates, rated Baa3, on review for possible downgrade

9.80% Class B-2 Certificates, rated B1, on review for possible downgrade


Series 2000-6:

6.55% Class A-3 Certificates, rated Aaa, on review for possible downgrade

6.77% Class A-4 Certificates, rated Aaa, on review for possible downgrade

7.27% Class A-5 Certificates, rated Aaa, on review for possible downgrade

7.72% Class M-1 Certificates, rated Aa2, on review for possible downgrade

8.20% Class M-2 Certificates, rated A2, on review for possible downgrade

9.63% Class B-1 Certificates, rated Baa2, on review for possible downgrade

10.40% Class B-2 Certificates, rated Ba2, on review for possible downgrade


Series 2001-1:

2.50% Class IO Certificates, rated Aaa, on review for possible downgrade

5.66% Class A-3 Certificates, rated Aaa, on review for possible downgrade

6.21% Class A-4 Certificates, rated Aaa, on review for possible downgrade

6.99% Class A-5 Certificates, rated Aaa, on review for possible downgrade

7.54% Class M-1 Certificates, rated Aa2, on review for possible downgrade

7.97% Class M-2 Certificates, rated A2, on review for possible downgrade

8.92% Class B-1 Certificates, rated Baa2, on review for possible downgrade

11.25% Class B-2 Certificates, rated Ba1, on review for possible downgrade


Series 2001-2:

2.50% Class IO Certificates, rated Aaa, on review for possible downgrade

7.69% Class M-1 Certificates, rated Aa2, on review for possible downgrade

8.13% Class M-2 Certificates, rated A2, on review for possible downgrade

9.44% Class B-1 Certificates, rated Baa2, on review for possible downgrade

10.15% Class B-2 Certificates, rated Ba2, on review for possible downgrade


Series 2001-3:

2.50% Class IO Certificates, rated Aaa, on review for possible downgrade

5.16% Class A-2 Certificates, rated Aaa, on review for possible downgrade

5.79% Class A-3 Certificates, rated Aaa, on review for possible downgrade

6.91% Class A-4 Certificates, rated Aaa, on review for possible downgrade

7.15% Class M-1 Certificates, rated Aa2, on review for possible downgrade

7.44% Class M-2 Certificates, rated A2, on review for possible downgrade

8.50% Class B-1 Certificates, rated Baa2, on review for possible downgrade

10.50% Class B-2 Certificates, rated Ba2, on review for possible downgrade


Series 2001-4:

2.50% Class IO Certificates, rated Aaa, on review for possible downgrade

5.15% Class A-2 Certificates, rated Aaa, on review for possible downgrade

6.09% Class A-3 Certificates, rated Aaa, on review for possible downgrade

7.36% Class A-4 Certificates, rated Aaa, on review for possible downgrade

LIBOR + 1.75% Class M-1 Certificates, rated Aa2, on review for possible downgrade

8.59% Class M-2 Certificates, rated A2, on review for possible downgrade

9.40% Class B-1 Certificates, rated Baa2, on review for possible downgrade

9.40% Class B-2 Certificates, rated Ba3, on review for possible downgrade


Series 2002-1:

6.68% Class A-1 Certificates, rated Aaa, on review for possible downgrade

LIBOR + 2.05% Class M-1-A Certificates, rated Aa2, on review for possible downgrade

7.95% Class M-1-F Certificates, rated Aa2, on review for possible downgrade

9.55% Class M-2 Certificates, rated A2, on review for possible downgrade

10.00% Class B-1 Certificates, rated Baa2, on review for possible downgrade

9.86% Class B-2 Certificates, rated Ba3, on review for possible downgrade


Series 2002-2:

8.50% Class IO Certificates, rated Aaa, on review for possible downgrade

6.03% Class A-2 Certificates, rated Aaa, on review for possible downgrade

7.42% Class M-1 Certificates, rated Aa2, on review for possible downgrade

9.16% Class M-2 Certificates, rated A2, on review for possible downgrade

9.25% Class B-1 Certificates, rated Baa2, on review for possible downgrade

9.25% Class B-2 Certificates, rated Ba3, on review for possible downgrade


No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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