Credit Suisse First Boston was the buyer of most of the manufactured housing-backed bonds that blew a hole in the Federal Home Loan Bank of New York's balance sheet this quarter, a source familiar with the matter has told MortgageWire.As of MW's deadline, CSFB had yet to comment on the matter. The bonds had a face value of about $1 billion, and the FHLBank said recently that it lost $183 million on the sale. Conseco and Oakwood Homes were the issuers of the bonds, a source noted. Conseco went bankrupt and is no longer in business, and Oakwood recently filed for bankruptcy protection. Fannie Mae also invested in some of Conseco's asset-backed bonds.
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