The ratings on 128 classes from 43 manufactured housing deals by Conseco Finance Corp. (formerly Green Tree Financial Corp.) have been placed on review for possible downgrade by Moody's Investors Service.The actions were prompted by high levels of cumulative repossessions and losses, Moody's said. The repossessions were triggered by the company's suspension of its repossessed refinancing and default transfer-of-equity programs as well as poor industry conditions, the rating agency said. The suspension of the DTOE program "caused repossessions to spike because loans previously eligible for this program had to be reclassified as repossessions," Moody's said. "In addition, since Conseco's exit from the MH origination business, the company has been forced to liquidate repossessed units through wholesale channels rather than retail channels," Moody's said. This led to lower recovery rates and higher loss severities. The rating agency can be found online at http://www.moodys.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24