LYCOS RETRIEVER 
Conseco: Conseco Finance
built 635 days ago
Conseco Finance Corp., with managed assets of $48 billion, is one of America's largest finance companies and a leader in the home equity, home improvement, manufactured housing and private label credit card businesses. Conseco Finance is a subsidiary of Conseco, Inc. (NYSE: CNC - news), headquartered in Indianapolis, Ind. To learn more about Conseco, visit www.conseco.com.
Source:
The Conseco, Inc. public debt is a single issue that matures in October. Of teh remaining $296 million of Conseco Finance public debt, approximately $125 million matures in June; the balance matures in September.
Source:
Company officials have said Conseco's insurance subsidiaries have remained fundamentally sound despite the parent company's debt problems. However, the finance division, Conseco Finance, is insolvent after failing to make a $4.7m payment due December 4.
Source:
New talent has been recruited, talent with a proven track record in building operating companies.To head Conseco Finance, Wendt brought in Chuck Cremens, an executive with 20 years diverse experience in financial services. Cremens served as President and Chief Operating of WMF Group, Ltd., the largest originator of Fannie Mae and FHA multi-family loans, with a $15 billion mortgage-servicing portfolio. Prior to WMF, Cremens was Chief Investment Officer for Beacon Properties Corp., where he spearheaded the growth of the office REIT from $500 million to $4 billion in under two years. This new leadership signals a dramatic change in focus for Conseco
Source:
Conseco, Inc. provides insurance, investment, and lending services to more than 12 million customers. Targeting 'middle America,' or U.S. households with annual incomes between $25,000 and $75,000, Conseco's insurance products range from medical to life. Conseco ... offers mutual funds and annuities. The company grew quickly during the 1980s and 1990s through some 40 acquisitions. In 1998 Conseco diversified and moved into finance and lending by acquiring Green Tree Financial Corporation, the nation's leading lender of mobile home loans.
Source:
Conseco's most pressing problem is finding the cash to pay back money borrowed by the parent company, which is weighed down with $4.2 billion of debt. Wendt said last month that Conseco Finance can throw $310 million to $340 million of cash to the parent in 2002. That projection has been met with skepticism in many quarters because the company drastically slashed its cash flow projection for $26 billion of loans made before September 1999 under the previous management.
Source:
MORE ABOUT
Conseco Finance