Fitch Ratings has downgraded 132 classes from 52 Conseco Finance/Green Tree Finance manufactured housing transactions.Fitch also affirmed the ratings on 96 classes from the deals. The total dollar amount of all rated classes is approximately $13 billion. Fitch said the downgrades reflect expectations of reduced credit enhancement combined with high losses and delinquencies. "While Fitch's rating actions reflect the deteriorating performance of the MH pools as well as the limitation of capital, changes in servicing fees from 125 basis points to 115 bps (as of July 2004) may be a source of future capital," the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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