Consulting Corner

MH Collateral Performance Update
By Anne Ching

We provide a snapshot of the recent performance of 1999 - 2002 Conseco Manufactured Housing Deals. Tables 1, 2 and 3 (please click here to view) show the historical performance of defaults, repossession inventory and 90+ delinquencies for the past year. We compared the most recent 3-month performance (Dec, Jan Feb 2004) to the 3-month period in April, May and June 2003 when the majority of these deals were experiencing peak defaults.

The ratios of the recent 3-month averages of CDR, repossession inventory and delinquency rates for all deals show an overall improving picture and were about only 83% of the 3-month averages experienced in April, May and June of 2003. Figure 1 graphically depicts the improving performance of deals originated in 1999 through 2002 from February 2003 to February 2004.

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