Interestingly, Moody's Investors Service has reported that in the second half of 1999, when Conseco Corp. guaranteed the outstanding bonds of Green Tree Financial Corp. (which had become Conseco Finance Corp.), the asset-backed market saw its first instance of significant bond upgrades due to an upgrade of the credit enhancer.

Because of that specific credit enhancement upgrade, 56 subordinated tranches were upgraded, Moody's said.

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.