Word broke last week that equity buyout firm CFN Investment Holdings and a unit of GE Capital Corp. had won the bidding for the debt-laden Conseco Finance unit of bankrupt insurer Conseco Inc. As of late Thursday, there was still no announcement as to the future of the servicing fees within the CF/GT manufactured housing portfolio. Late on Thursday, negotiations were ongoing between CFN and bondholder representative groups over the treatment of the servicing fees for the platform that CFN was awarded.

Wednesday it was reported that CFN would pay $700 million for the majority of the company, including the entire MH platform, with GE Consumer Finance buying just the Mill Creek Bank assets for $310 million, netting Conseco just over $1 billion for the former Green Tree Financial unit it acquired in 1998. GE Consumer Finance acquired Mill Creek's consumer credit card business, including private label, credit card, residential and home improvement installment loans.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.