Conseco Auction Delayed, Buffet Involved?

The auction of Conseco's manufactured housing and subprime division, scheduled for Feb. 28, has been delayed until the following week due to the number and complexity of the bids submitted, the company said.Moreover, according to a report in the St. Paul Pioneer Press, an investor group that includes Warren Buffet's Berkshire Hathaway is one of several bidders. As MortgageWire went to press, Conseco Finance officials could not be reached for comment. The parent of Conseco Finance is in bankruptcy. Conseco Finance has $23 billion in MH receivables and about $10 billion in subprime. In December CFN Investment Holdings agreed to acquire most of Conseco Finance for a price equal to the unit's outstanding debt. Recently, Fannie Mae made a floor bid of $70 million for Conseco's servicing platform, but since that time the bankruptcy court has received higher bids.