Correction: Fitch Takes Action on Various Conseco/Green Tree MH Transactions.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 21, 2003

(This is an amended a·mend
v. a·mend·ed, a·mend·ing, a·mends

v.tr.
1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive.

2. version of a press release issued on July July: see month. 15, containing revised information on series 1998-1, class M-1, which is being lowered from 'AA-', not 'AA', and series 2001-2, class A-1, which is being affirmed af·firm
v. af·firmed, af·firm·ing, af·firms

v.tr.
1. To declare positively or firmly; maintain to be true.

2. To support or uphold the validity of; confirm.

v.intr. at 'AAA', not downgraded.)

Fitch Ratings Fitch Ratings

An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. takes rating actions on 57 Conseco Conseco (NYSE: CNO), originally Security Life of Indiana, is a financial services organization based in Carmel, Indiana. Conseco's insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than 4 million customers in the Finance/Green Tree Finance manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use.

In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected (MH) transactions. The rating actions reflect the continued high level of delinquencies and losses.

In December December: see month. of last year, Conseco Finance (CFC CFC

See: Controlled foreign corporation ) announced it had filed for Chapter 11 bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most protection and was no longer originating MH loans. Since the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts.

A type of proceeding pursuant to federal Bankruptcy of repossessed units through the retail channel relies on providing financing for the new purchaser, CFC has relied exclusively on the wholesale channel to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the repossessions since the bankruptcy. This has caused an increase in loss severities due to the lower recoveries available through the wholesale channel. The wholesale channel liquidations have also increased the repossession The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it.

For example, if an individual fails to render prompt payments on a new car, the car might be subject to repossession by the finance company, liquidation rate, as bulk sales of the repossessed units allow for faster liquidations. However, CFC's repossession inventory has not declined at the same rate as the liquidation rate, reflecting a large number of newly repossessed homes.

Last month, the sale of CFC's MH platform to CFN CFN Center for Functional Nanomaterials
CFN Companhia Ferroviaria do Nordeste (Brazil)
CFN Commercial Fueling Network
CFN Conselho Federal de Nutricionistas (Brazil)  Investment Holdings LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control (CFN) was finalized See finalization. . Fitch fitch: see polecat. believes the sale of the platform to CFN is a positive development that will provide continuity in the servicing of the loans. As part of the agreement within 90 days of the sale, $150 million will be made available for repo-refinancing, a $35 million reserve account will be established to cover claims against CFC, and a minimum of $100 million will be made available for the servicer to perform its duties. The additional capital is expected to benefit recoveries and eventually have a stabilizing stabilizing,
v to hold a limb motionless in order to ground its energy; a standard isometric resistance technique, it releases tension and lengthens muscle fibers. influence on the portfolio's performance.

However, uncertainty regarding the servicing platform remains. Fitch will continue to monitor the performance of the pools as well as the status of the servicing operation.

A complete list of the rating actions taken by Fitch is available below.


Series 1992-1:

--Class B affirmed at 'BBB'.

Series 1992-2:

--Class B affirmed at 'BB-'.

Series 1993-1:

--Class A-3 affirmed at 'AAA';

--Class B affirmed at 'BB-'.

Series 1993-2:

--Class A-4 affirmed at 'AAA';

--Class B affirmed at 'BB-'.

Series 1993-4:

--Class B-2 affirmed at 'B'.

Series 1994-1:

--Class A-5 affirmed at 'AA';

--Class B-2 affirmed at 'C'.

Series 1994-2:

--Class A-5 affirmed at 'AA';

--Class B-2 affirmed at 'C'.

Series 1994-3:

--Class A-5 affirmed at 'AA';

--Class B-2 affirmed at 'C'.

Series 1994-5:

--Class A-5 affirmed at 'AA';

--Class B-2 affirmed at 'C'.

Series 1994-6:

--Class A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA';

--Class B-1 affirmed at 'A-';

--Class B-2 affirmed at 'C'.

Series 1994-7:

--Class A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA';

--Class B-1 affirmed at 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1994-8:

--Class A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA';

--Class B-1 affirmed at 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1995-1:

--Class A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA';

--Class B-1 affirmed at 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1995-2:

--Class A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA-';

--Class B-1 affirmed at 'BBB';

--Class B-2 affirmed at 'C'.

Series 1995-3:

--Class A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA-';

--Class B-1 affirmed at 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1995-4:

--Classes A-5 - A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA-';

--Class B-1 affirmed at 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1995-5:

--Class A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA-';

--Class B-1 affirmed at 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1995-6:

--Classes A-5 - A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA';

--Class B-1 affirmed at 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1995-7:

--Classes A-5 - A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA';


--Class B-1 affirmed at 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1995-8:

--Class A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA';

--Class B-1 affirmed at 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1995-9:

--Class A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA-';

--Class B-1 affirmed at 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1995-10:

--Class A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AA-';

--Class B-1 affirmed at 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1996-1:

--Classes A-4 - A-5 affirmed at 'AAA';

--Class M-1 downgraded to 'A+' from 'AA-';

--Class B-1 downgraded to 'BB+' from 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1996-2:

--Classes A-4 - A-5 affirmed at 'AAA';

--Class M-1 downgraded to 'A+' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1996-3:

--Classes A-5 - A-6 affirmed at 'AAA';

--Class M-1 downgraded to 'A' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1996-4:

--Classes A-6 - A-7 affirmed at 'AAA';

--Class M-1 downgraded to 'A' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB+';

--Class B-2 affirmed at 'C'.

Series 1996-5:

--Classes A-6 - A-7 affirmed at 'AAA';

--Class M-1 downgraded to 'A' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB';

--Class B-2 affirmed at 'C'.

Series 1996-6:

--Class A-6 affirmed at 'AAA';

--Class M-1 downgraded to 'A' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB';

--Class B-2 affirmed at 'C'.

Series 1996-7:

--Class A-6 affirmed at 'AAA';

--Class M-1 downgraded to 'A' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB';

--Class B-2 affirmed at 'C'.

Series 1996-8:

--Classes A-6 - A-7 affirmed at 'AAA';

--Class M-1 downgraded to 'A' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB';

--Class B-2 affirmed at 'C'.

Series 1996-9:

--Classes A-5 - A-6 affirmed at 'AAA';

--Class M-1 downgraded to 'A' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB';

--Class B-2 affirmed at 'C'.

Series 1996-10:

--Classes A-5 - A-6 affirmed at 'AAA';

--Class M-1 downgraded to 'A' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB';

--Class B-2 affirmed at 'C'.

Series 1997-1:

--Classes A-5 - A-6 affirmed at 'AAA';

--Class M-1 downgraded to 'A' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1997-2:

--Classes A-6 - A-7 downgraded to 'AA+' from 'AAA';

--Class M-1 downgraded to 'A-' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1997-3:

--Classes A-5 - A-7 downgraded to 'AA+' from 'AAA';

--Class M-1 downgraded to 'A-' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1997-4:

--Classes A-5 - A-7 downgraded to 'AA+' from 'AAA';

--Class M-1 downgraded to 'A-' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1997-5:

--Classes A-5 - A-7 downgraded to 'AA+' from 'AAA';

--Class M-1 downgraded to 'A-' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1997-6:

--Classes A-6 - A-10 downgraded to 'AA+' from 'AAA';

--Class M-1 downgraded to 'A-' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1997-8:

--Class A-1 downgraded to 'AA+' from 'AAA';

--Class M-1 downgraded to 'A-' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1998-1:

--Classes A-4 - A-6 downgraded to 'AA+' from 'AAA';

--Class M-1 downgraded to 'A-' from 'AA-';

--Class B-1 downgraded to 'BB' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1998-3:

--Classes A-5 - A-6 downgraded to 'AA' from 'AAA';

--Class M-1 downgraded to 'BBB-' from 'A';

--Class B-1 downgraded to 'B' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1998-4:

--Classes A-5 - A-7 downgraded to 'AA' from 'AAA';

--Class M-1 downgraded to 'BBB-' from 'A';

--Class B-1 downgraded to 'B' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1998-6:

--Class A-5 affirmed at 'AAA';

--Class A-6 downgraded to 'AA+' from 'AAA';

--Classes A-7 - A-8 downgraded to 'AA' from 'AAA';

--Class M-1 downgraded to 'BBB-' from 'A+';

--Class M-2 downgraded to 'BB' from 'BBB+';

--Class B-1 downgraded to 'B' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1998-7:

--Class A-1 downgraded to 'AA' from 'AAA';

--Class M-1 downgraded to 'BBB-' from 'A+';

--Class M-2 downgraded to 'BB' from 'BBB+';

--Class B-1 downgraded to 'B' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1999-1:

--Class A-4 downgraded to 'AA+' from 'AAA';

--Classes A-5 - A-7 downgraded to 'AA' from 'AAA';

--Class M-1 downgraded to 'BBB-' from 'A';

--Class M-2 downgraded to 'BB' from 'BBB';

--Class B-1 downgraded to 'B' from 'BBB-';

--Class B-2 affirmed at 'C'.

Series 1999-2:

--Class A-3 downgraded to 'AA+' from 'AAA';

--Classes A-4 - A-7 downgraded to 'AA' from 'AAA';

--Class M-1 downgraded to 'BBB-' from 'A';

--Class M-2 downgraded to 'BB' from 'BBB';

--Class B-1 downgraded to 'B-' from 'BB-';

--Class B-2 affirmed at 'C'.

Series 1999-3:

--Classes A-4 affirmed at 'AAA';

--Classes A-5 - A-9 downgraded to 'AA' from 'AAA';

--Class M-1 downgraded to 'BBB-' from 'A-';

--Class M-2 downgraded to 'BB' from 'BBB-';

--Class B-1 downgraded to 'B-' from 'BB-';

--Class B-2 affirmed at 'C'.

Series 1999-4:

--Class A-4 affirmed at 'AAA';

--Classes A-5 - A-9 downgraded to 'A' from 'AA';

--Class M-1 downgraded to 'BBB-' from 'A-';

--Class M-2 downgraded to 'BB' from 'BBB-';

--Class B-1 downgraded to 'B-' from 'BB-';

--Class B-2 affirmed at 'C'.

Series 1999-5:

--Class A-3 affirmed at 'AAA';

--Classes A-4 - A-6 downgraded to 'A' from 'AA';

--Class M-1 downgraded to 'BBB-' from 'A-';

--Class M-2 downgraded to 'BB' from 'BBB-';

--Class B-1 downgraded to 'B-' from 'BB-';

--Class B-2 affirmed at 'C'.

Series 2000-1:

--Class A-3 affirmed at 'AAA';

--Class A-4 downgraded to 'AA-' from 'AA';

--Class A-5 downgraded to 'A-' from 'AA';

--Class M-1 downgraded to 'BBB-' from 'A-';

--Class M-2 downgraded to 'BB' from 'BBB-';

--Class B-1 downgraded to 'B-' from 'BB-';

--Class B-2 affirmed at 'C'.

Series 2000-2:

--Class A-3 affirmed at 'AAA';

--Class A-4 downgraded to 'AA-' from 'AA';

--Classes A-5 - A-6 downgraded to 'A-' from 'AA';

--Class M-1 downgraded to 'BBB-' from 'A';

--Class M-2 downgraded to 'BB' from 'BBB';

--Class B-1 downgraded to 'B-' from 'BB'.

Series 2000-4:

--Classes A-3 affirmed at 'AAA';

--Class A-4 downgraded to 'AA-' from 'AA';

--Classes A-5 - A-6 downgraded to 'A-' from 'AA';

--Class M-1 downgraded to 'BBB-' from 'A';

--Class M-2 downgraded to 'BB' from 'BBB';

--Class B-1 downgraded to 'B-' from 'BB'.

Series 2000-5:

--Class A-3 affirmed at 'AAA';

--Class A-4 downgraded to 'AA-' from 'AA';

--Classes A-5 - A-7 downgraded to 'A-' from 'AA';

--Class M-1 downgraded to 'BBB-' from 'A';

--Class M-2 downgraded to 'BB' from 'BBB';

--Class B-1 downgraded to 'B-' from 'BB'.

Series 2000-6:

--Class A-3 affirmed at 'AAA';

--Class A-4 downgraded to 'AA-' from 'AA';

--Class A-5 downgraded to 'A-' from 'AA';

--Class M-1 downgraded to 'BBB-' from 'A';

--Class M-2 downgraded to 'BB' from 'BBB';

--Class B-1 downgraded to 'B-' from 'BB'.

Series 2001-1:

--Class A-3 affirmed at 'AAA';

--Class A-4 downgraded to 'AA-' from 'AA';

--Class A-5 downgraded to 'A-' from 'AA';

--Class M-1 downgraded to 'BBB-' from 'A+';

--Class M-2 downgraded to 'BB' from 'BBB+';

--Class B-1 downgraded to 'B-' from 'BB'.

Series 2001-2:

--Class A-1 affirmed at 'AAA';

--Class M-1 downgraded to 'A-' from 'AA';

--Class M-2 downgraded to 'BBB-' from 'A+';

--Class B-1 downgraded to 'BB-' from 'BBB';

--Class B-2 downgraded to 'C' from 'BB'.

Series 2001-4:

--Class A-1 affirmed at 'AAA';

--Classes A-2 - A-3 downgraded to 'AA' from 'AAA';

--Class A-4 downgraded to 'AA-' from 'AAA';

--Class M-1 downgraded to 'A-' from 'AA';

--Class M-2 downgraded to 'BBB-' from 'A';

--Class B-1 downgraded to 'BB-' from 'BBB'.

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Publication:	Business Wire
Date:	Jul 21, 2003
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