Conseco Finance, Home Equity & Home Improvement Ctfs, Ser 2001-B.Business Editors NEW YORK--(BUSINESS WIRE)--May 3, 2001 Fitch fitch: see polecat. rates Conseco Finance Corp.'s (Conseco) $642.3 million home equity and home improvement loan certificates, series 2001-B as follows: $525.7 million class I- A, I-IO and II-A certificates 'AAA', $52.2 million class I-M-1 and II-M-1 certificates 'AA', $35.8 million class I-M-2 and II- M-2 certificates `A' and $28.7 million class I-B-1 and II-B-1 certificates `BBB'. For the group I certificates, credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing for the `AAA' rated class I-A and I-IO certificates reflects the credit support provided by the 8.25% I-M-1 class, 5.50% I-M-2 class and 4.25% I-B-1 class. Support for the `AA' rated class I-M-1 is provided by the 5.50% I-M-2 class and 4.25% I-B-1 class. Support for the `A' rated class I-M-2 is provided by 4.25% I-B-1 class. For the group II certificates, credit enhancement for the `AAA' rated class II-A certificates reflects the credit support provided by the 7.65% II-M-1 class, 5.80% II-M-2 class and 5.28% II-B-1 class. Support for the `AA' rated class II-M-1 is provided by the 5.80% II-M-2 class and 5.28% II-B-1 class. Support for the `A' rated class II-M-2 is provided by the 5.28% II-B-1 class. Additionally both groups will be supported by a cross- collateralized 2.00% B-2 class and a 2.75% target overcollateralization Overcollateralization The posting of more collateral than is needed to obtain financing. Notes: This is often done in order to get a better debt rating from a credit rating agency. See also: Collateral, Overcapitalization . The class B-2 certificates are not being offered at this time. The group I and cross-collateralized certificates are collateralized initially by 2 pools of fixed-rate, closed-end mortgage Closed-end mortgage Mortgage against which no additional debt may be issued. closed-end mortgage A mortgage with a prohibition against additional borrowing using the same lien. loans creating a first or junior lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. on one- to four- family properties. For the Group I-A loans, the average balance is $73,819.09; the weighted average original loan-to-value (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) is 76.52%; the weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. is 12.70%; the weighted average remaining term is 275 months. Purchase loans account for approximately 1.98% of the pool, first liens account for approximately 78.23%, investment loans account for approximately 1.52% and balloon balloon, lighter-than-air craft without a propulsion system, lifted by inflation of one or more containers with a gas lighter than air or with heated air. During flight, altitude may be gained by discarding ballast (e.g. loans account for approximately 19.82%. Approximately 4.76% and 72.80% of the mortgage loans possess Fair, Isaac and Co. Scores greater than or equal to 720 and less than 660, respectively. The three states that represent the largest portion of mortgage loans are California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). (11.77%), Texas (8.04%) and Florida (7.20%). None of the initial group I-A loans have a combined loan-to-value (CLTV CLTV Combined Loan To Value CLTV Collective CLTV ChicagoLand Television CLTV Customer Life Time Value ) ratio greater than 100%. For the Group I-B loans, the average balance is $76,108.48; the weighted average original loan-to-value (OLTV) is 77.03%; the weighted average coupon is 12.70%; the weighted average remaining term is 275 months. Purchase loans account for approximately 0.53% of the pool, first liens account for approximately 79.46%, investment loans account for approximately 2.08% and balloon loans account for approximately 20.27%. Approximately 4.98% and 75.19% of the mortgage loans possess Fair, Isaac and Co. Scores greater than or equal to 720 and less than 660, respectively. The three states that represent the largest portion of mortgage loans are California (14.08%), Texas (6.71%) and Florida (6.45%). None of the initial group I-B loans have a CLTV ratio greater than 100%. The group II and cross-collateralized certificates are collateralized initially by 2 pools of fixed-rate, closed-end mortgage loans creating a first or junior lien on one- to four- family properties. For the Group II-A loans, the average balance is $75,965.31; the weighted average OLTV is 90.03%; the weighted average coupon is 12.76%; the weighted average remaining term is 252 months. Purchase loans account for approximately 0.19% of the pool, first liens account for approximately 79.24%, investment loans account for approximately 0% and balloon loans account for approximately 32.89%. Approximately 5.04% and 69.39% of the mortgage loans possess Fair, Isaac and Co. Scores greater than or equal to 720 and less than 660, respectively. The three states that represent the largest portion of mortgage loans are Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). (6.69%), Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York (6.65%) and California (6.49%). None of the initial group II-A loans have a CLTV ratio greater than 100%. For the Group II-B loans, the average balance is $23,494.85; the weighted average original loan-to-value (OLTV) is 27.51%; the weighted average coupon is 13.52%; the weighted average remaining term is 222 months. Purchase loans account for approximately 0% of the pool, home improvement loans account for approximately 99.85% of the pool, first liens account for approximately 9.65%, investment loans account for approximately 0% and balloon loans account for approximately 0%. Approximately 20.06% and 44.44% of the mortgage loans possess Fair, Isaac and Co. Scores greater than or equal to 720 and less than 660, respectively. The three states that represent the largest portion of mortgage loans are Pennsylvania (9.27%), New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (7.90%) and California (7.87%). None of the initial group II-B loans have a CLTV ratio greater than 100%. The home equity loans were originated by Conseco or a company approved correspondent. U.S. Bank Trust, N.A. will serve as trustee. Conseco will act as servicer of the loans. |
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