Seemingly forever cleansing its balance sheet, Conseco Finance is near securitizing up to $1 billion of its private-label credit card portfolio, which, in its entirety, is worth approximately $3.9 billion, according to the company's most recent earnings report.

While specifics on the transaction are as of yet vague, a source confirmed Conseco has been in talks with Credit Suisse First Boston concerning the securitization of the portfolio.

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