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Fannie Prefers Berkadia for Conseco.(Brief Article)
Even though CFN Investment Holdings was the winning bidder for Conseco Finance, the bankrupt manufactured housing and home equity lender, Fannie Mae prefers that losing bidder Berkadia take over the servicing portfolio for the government-sponsored enterprise's Conseco-related securities.
A Fannie Mae spokeswoman confirmed that it has reached an agreement with Berkadia to service the manufactured housing securities the agency owns or guarantees from St. Paul, Minn.-based Conseco Finance. Berkadia is a venture between Warren Buffett's Berkshire Hathaway, Omaha, Neb., and Leucadia National Corp., New York.
Berkadia agreed to use Fannie Mae's servicing protocol. In return, Fannie Mae agreed to waive the securitization adequate protection lien, to increase the servicing fee to 125 basis points and to designate only Berkadia as the successor servicer.
Attempts to reach an agreement with CFN were not successful, she added. CFN bid $700 million to acquire the assets of Conseco Finance, excluding Mill Creek Bank, which went to ...
- Conseco Finance is finally sold.
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...industry observers said. Conseco Finance officials had no comment. Conseco Finance employs about 5,400...largest private employers. Fannie Mae Corp. bid $70 million...the rights to service Conseco Finance's $23 billion in mobile...
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...bankruptcy proceedings for Conseco Finance, the nation's largest...parties bid for all of Conseco Finance: Berkadia, which...Corp. In addition, Fannie Mae, the government...for just one part of Conseco Finance's business. CFN...
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...sources said. Neither Conseco Finance nor Goldman returned...those two groups, Conseco Finance also received bids...million offer from Fannie Mae Inc. to win the servicing...now are what parts of Conseco Finance are up for sale. Its...
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...The bidding war for Conseco Finance between Berkshire Hathaway...those two groups, Conseco Finance also received bids...million offer from Fannie Mae Inc. to win the servicing...manufactured housing loans. Conseco Finance has also secured an...
Source: HighBeam Research, Fannie Prefers Berkadia for Conseco.(Brief Article)