Get Your Mortgage Rate Quote in Just 30 Seconds

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below.

Conseco Delays Q3 Results; on Verge of Bankruptcy

Conseco Delays Q3 Results; on Verge of Bankruptcy

Company warns of $8 billion loss

November 19, 2002


Conseco, Inc. announced it will delay filing of its third quarter results and warned of an $8 billion loss, The Wall Street Journal online reported.

The parent company of Conseco Finance, a mobile-home lender and formally Green Tree Financial Corp., said earlier this year it might seek Chapter 11 bankruptcy protection if it couldn’t restructure more than $4.5 billion of holding-company debt, the publication reported.

For the second quarter, Conseco reported a net loss of $1.3 billion because of a write-down, according to an announcement. In September, the company obtained temporary bank waivers for its debt.

Standard & Poor’s believes the uncertainty created by Conseco, Inc.’s difficulties, and the fact that Conseco Finance does not enjoy regulatory protection, leaves its creditors significantly vulnerable,” said Ernestine Warner, a director in Standard & Poor’s Structured Finance Surveillance group.

Moody’s Investor Service said last month that it’s “unlikely” insurance policyholders will lose value on Conseco policies, however, according to Reuters.

Gary Wendt stepped down last month as Conseco’s chief executive almost two years after joining the company to turn it around and rescue it from a big load of debt, Reuters said.

During Monday afternoon trading, Conseco, Inc. was down $0.01 at $0.07, according to The company is headquartered in suburban Indianapolis.

Christy Robinson is the editor of She received a bachelor’s degree in news-editorial journalism from The University of Texas at Arlington. Her work has previously been published in The Dallas Morning News.

email Christy at:

Popular posts

7 Refinance Strategies
7 Refinance Strategies

Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...

7 Refinance Strategies
Is Refinancing With Your Present Lender Preferable?

Do Not Accept the First Refinancing Offer You Receive Homeowners should not accept the first refinancing rate provided to them. This is particularly important if you are applying with your existing lender. Some mortgage lenders have mechanisms in place that prioritize...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

Fannie Mae Profile

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC...