home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Reorganization May Pre-empt Sale of Conseco Finance

Fannie, Buffet among suitors

March 3, 2003

By MortgageDaily.com staff

A group led by Warren Buffet's Berkshire Hathaway is one of many bidders for bankrupt Conseco Finance Corp., the St. Paul Pioneer Press reported. But the group -- or any other bidder -- may not get a piece of Conseco after all.

Adding to the buzz of an already much-talked about auction, Conseco this week agreed to a proposal for an $845 billion reorganization plan as an alternative to the sale of the company.

The proposal, made by a Goldman Sachs syndicate, was one of the auction's many points of drama. It would only go through if sale "for a reasonable value" isn't obtained at auction, the publication said. The auction was to be held Friday, Feb. 28, but has been delayed a week.

The $70 million bid Fannie Mae placed on Conseco's $23 billion mobile-home loan servicing portfolio recently raised the ire of the mortgage industry. But that bid most likely will fall flat, a source close to the auction told the Pioneer Press.

Fannie has said this week that its $70 million bid was only intended to stimulate activity in the bankruptcy proceedings, but critics said a government-sponsored enterprise shouldn't place itself in a competitive position against other companies. The winning bid for Conseco must surpass the pending sales agreement made in December with CFN Investment Holdings, a New York-based investment group, for about $1 billion.

Calls made to Conseco were not answered late Friday afternoon.

Conseco is a mobile-home and consumer lender based in St. Paul, Minn. It filed chapter 11 bankruptcy in December, in what is one of the largest filings in U.S. corporate history. At Sept. 30, it listed $52.2 billion in assets.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders