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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 27, 2000
CONSECO FINANCE SECURITIZATIONS CORP.
(Exact name of registrant as specified in its charter)
Delaware 333-85119-01 41-1807858
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(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification No.)
1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota 55102-1639
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(Address of principal executive offices)
Registrant's telephone number, including area code: (651) 293-3400
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 1. Changes in Control of Registrant.
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Not applicable.
Item 2. Acquisition or Disposition of Assets.
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Not applicable.
Item 3. Bankruptcy or Receivership.
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Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
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Not applicable.
Item 5. Other Events.
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On March 27, 2000, the Registrant sold approximately $985,000,000
principal amount of Loan-Backed Certificates. The Class AF, Class MF
and Class BF Certificates were sold pursuant to a Prospectus
Supplement and Prospectus, each dated March 1, 2000 (together, the
"Prospectus").
Item 6. Resignations of Registrant's Directors.
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Not applicable.
Item 7. Financial Statements and Exhibits.
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(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
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(c) Exhibits.
The following is filed herewith. The exhibit numbers correspond
with Item 601(b) of Regulation S-K.
Exhibit No. Description
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99.1 On March 27, 2000, the Registrant sold approximately
$985,000,000 Certificates for Conseco Finance Home
Equity Loans, Series 2000-A, issued by Conseco
Finance Securitizations Corp., as Seller. The Trust
property consists of home equity loans, including
the right to receive payments due on and after the
applicable cut-off date. Filed herewith as Exhibit
99.1 are tables providing information with respect
to the Loans in the aggregate, similar to the
information provided with respect to the Initial
Loans in the Prospectus Supplement dated March 1,
2000 Capitalized terms used herein and not defined
have the meanings assigned in the Trust Agreement
and Indenture, each dated as of March 1, 2000.
3
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONSECO FINANCE SECURITIZATIONS CORP.
By: /s/ Phyllis A. Knight
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Phyllis A. Knight
Vice President and Treasurer
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EXHIBIT 99.1
CONSECO FINANCE SECURITIZATIONS
HOME EQUITY LOAN TRUST, SERIES 2000-B
As of the Cut-off Date, the loans had loan rates ranging from 7.04% to
21.30% and a weighted average loan rate of 12.38%. As of the Cut-off Date, the
loans had remaining maturities of at least 13 months but not more than 360
months and original maturities of at least 36 months but not more than 360
months. The loans had a weighted average term to scheduled maturity, as of
origination, of 241 months, and a weighted average term to scheduled maturity,
as of the Cut-off Date, of 240 months. The average principal balance of the
loans as of the Cut-off Date was approximately $59,984.02 and the principal
balances on the loans as of the Cut-off Date ranged from $251.91 to $356,949.99.
The loans arise from loans relating to real property located in 48 states and
the District of Columbia. By principal balance as of the Cut-off Date,
approximately 10.10% of the loans were secured by real property located in
California, 5.39% in Florida and 5.52% in Ohio. No other state represented 5% or
more of the aggregate Cut-off Date principal balance of the loans. All of the
loans are secured by a first, second or third lien on the related real estate
and have a loan-to-value ratio, based on the current principal balances as of
the Cut-off Date and except for those loans described in the next sentence, less
than or equal to 100%.
For purposes of the above calculations and the tables that follow, the
outstanding principal balance of 1,937 loans that have a loan-to-value ratio
greater than 100% was reduced to the principal balance that produces a current
loan-to-value ratio of 100%, which we refer to as the collateral principal
balance of that loan. The trust will be entitled to all principal payments made
on these loans, and all calculations of principal amounts due on the
certificates on each payment date will be calculated based on the the full
amount of principal due on these loans.
The following tables show the agregate characteristics of the loans.
Percentages in these tables may not add up to 100.00% due to rounding.
1
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Geographical Distribution of Mortgaged Properties
<TABLE>
<CAPTION>
% of Loans by
Aggregate Principal Outstanding Principal
Number of Loans Balance Outstanding Balance as of
as of Cut-off Date as of Cut-off Date Cut-off Date
------------------ ------------------- ---------------------
<S> <C> <C> <C>
Alabama................. 382 $ 22,855,005.14 2.29%
Arizona................. 306 18,129,253.08 1.81
Arkansas................ 173 8,723,148.86 0.87
California.............. 1,353 101,034,136.28 10.10
Colorado................ 324 22,075,639.59 2.21
Connecticut............. 265 16,484,087.76 1.65
Delaware................ 72 4,877,212.62 0.49
District Of Columbia.... 35 1,765,397.12 0.18
Florida................. 847 53,913,673.12 5.39
Georgia................. 463 29,499,911.47 2.95
Idaho................... 64 3,755,063.50 0.38
Illinois................ 877 46,135,890.98 4.61
Indiana................. 400 21,445,646.43 2.14
Iowa.................... 322 17,654,682.23 1.77
Kansas.................. 327 16,445,660.53 1.64
Kentucky................ 252 14,251,122.42 1.43
Louisiana............... 328 17,381,935.26 1.74
Maine................... 49 2,676,840.53 0.27
Maryland................ 331 16,789,469.02 1.68
Massachusetts........... 220 13,352,661.22 1.34
Michigan................ 805 48,906,064.37 4.89
Minnesota............... 379 23,187,169.02 2.32
Mississippi............. 202 11,135,611.06 1.11
Missouri................ 553 32,123,590.14 3.21
Montana................. 43 2,439,037.91 0.24
Nebraska................ 228 13,618,447.39 1.36
Nevada.................. 183 8,827,855.03 0.88
New Hampshire........... 41 2,738,043.64 0.27
New Jersey.............. 254 18,377,688.41 1.84
New Mexico.............. 93 6,482,501.76 0.65
New York................ 704 44,285,613.60 4.43
North Carolina.......... 470 30,055,996.94 3.01
North Dakota............ 29 1,544,123.44 0.15
Ohio.................... 954 55,216,139.35 5.52
Oklahoma................ 162 6,893,385.26 0.69
Oregon.................. 135 8,967,374.04 0.90
Pennsylvania............ 695 36,915,925.50 3.69
Rhode Island............ 52 2,805,346.73 0.28
South Carolina.......... 394 24,368,866.90 2.44
South Dakota............ 55 2,914,120.46 0.29
Tennessee............... 364 25,366,069.36 2.54
Texas................... 905 41,117,925.69 4.11
Utah.................... 134 7,214,866.05 0.72
Vermont................. 24 1,451,074.66 0.15
Virginia................ 578 34,541,264.83 3.45
Washington.............. 409 32,541,522.09 3.25
West Virginia........... 79 4,303,970.83 0.43
Wisconsin............... 278 17,934,847.16 1.79
Wyoming................. 79 4,472,768.30 0.45
------ --------------- ------
Total............... 16,671 $999,993,647.08 100.00%
====== =============== ======
</TABLE>
2
<PAGE>
Years of Origination
<TABLE>
<CAPTION>
% of Loans by
Aggregate Principal Outstanding Principal
Number of Loans Balance Outstanding Balance as of
Year of Origination as of Cut-off Date as of Cut-off Date Cut-off Date
- ------------------- ------------------ ------------------- ---------------------
<S> <C> <C> <C>
1989.................... 1 $ 8,546.50 0.00%
1992.................... 1 10,816.82 0.00
1994.................... 2 20,070.97 0.00
1995.................... 4 87,043.19 0.01
1996.................... 60 2,576,307.92 0.26
1997.................... 97 3,798,667.64 0.38
1998.................... 221 8,954,899.98 0.90
1999.................... 11,758 692,793,274.66 69.28
2000.................... 4,527 291,744,019.40 29.17
------ --------------- ------
Total............... 16,671 $999,993,647.08 100.00%
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Distribution of Original Loan Amounts
% of Loans by
Aggregate Principal Outstanding Principal
Original Loan Amount Number of Loans Balance Outstanding Balance as of
(in Dollars) as of Cut-off Date as of Cut-off Date Cut-off Date
-------------------- ------------------ ------------------- ---------------------
$ 10,000.00 or less..... 303 $ 2,960,485.00 0.30%
$ 10,000.01 to
$ 20,000.00............ 2,479 38,373,806.77 3.84
$ 20,000.01 to
$ 30,000.00............ 2,541 63,192,979.05 6.32
$ 30,000.01 to
$ 40,000.00............ 1,933 67,111,668.02 6.71
$ 40,000.01 to
$ 50,000.00............ 1,603 71,950,626.04 7.20
$ 50,000.01 to
$ 60,000.00............ 1,366 74,925,668.97 7.49
$ 60,000.01 to
$ 70,000.00............ 1,269 81,819,537.39 8.18
$ 70,000.01 to
$ 80,000.00............ 1,069 79,420,939.66 7.94
$ 80,000.01 to
$ 90,000.00............ 815 68,624,951.82 6.86
$ 90,000.01 to
$100,000.00............ 639 60,083,432.09 6.01
$100,000.01 to
$110,000.00............ 486 50,654,769.21 5.07
$110,000.01 to
$120,000.00............ 422 48,323,791.62 4.83
$120,000.01 to
$130,000.00............ 347 43,173,321.69 4.32
$130,000.01 to
$140,000.00............ 275 36,871,857.90 3.69
$140,000.01 to
$150,000.00............ 194 28,017,254.71 2.80
$150,000.01 to
$160,000.00............ 156 24,113,885.13 2.41
$160,000.01 to
$170,000.00............ 148 24,272,424.04 2.43
$170,000.01 to
$180,000.00............ 126 21,984,121.63 2.20
$180,000.01 to
$190,000.00............ 88 16,256,410.53 1.63
$190,000.01 to
$200,000.00............ 92 18,003,443.35 1.80
$200,000.01 to
$210,000.00............ 49 10,042,926.17 1.00
$210,000.01 to
$220,000.00............ 48 10,316,710.52 1.03
$220,000.01 to
$230,000.00............ 39 8,778,180.80 0.88
$230,000.01 to
$240,000.00............ 32 7,540,420.91 0.75
$240,000.01 to
$250,000.00............ 23 5,650,529.66 0.57
$250,000.01 to
$260,000.00............ 28 7,087,159.94 0.71
$260,000.01 to
$270,000.00............ 18 4,767,356.28 0.48
$270,000.01 to
$280,000.00............ 17 4,651,599.27 0.47
$280,000.01 to
$290,000.00............ 4 1,129,822.91 0.11
$290,000.01 to
$300,000.00............ 12 3,563,765.06 0.36
Over $300,000.00........ 50 16,329,800.94 1.63
------ --------------- ------
Total............... 16,671 $999,993,647.08 100.00%
====== =============== ======
</TABLE>
3
<PAGE>
Current Loan Rates
<TABLE>
<CAPTION>
Aggregate Principal % of Loans by
Number of Loans Balance Outstanding Outstanding Principal
Range of Loan Rates as of Cut-off Date as of Cut-off Date Balance as of Cut-off Date
- ------------------- ------------------ ------------------- --------------------------
<S> <C> <C> <C>
8.000% or less......... 10 $ 1,463,240.54 0.15%
8.001% to 8.500%...... 40 5,017,382.88 0.50
8.501% to 9.000%...... 104 14,026,548.97 1.40
9.001% to 9.500%...... 116 14,214,629.76 1.42
9.501% to 10.000%...... 432 52,454,474.24 5.25
10.001% to 10.500%...... 395 39,479,631.34 3.95
10.501% to 11.000%...... 1,058 99,522,535.80 9.95
11.001% to 11.500%...... 750 65,264,462.97 6.53
11.501% to 12.000%...... 2,205 182,781,099.03 18.28
12.001% to 12.500%...... 1,470 112,070,235.63 11.21
12.501% to 13.000%...... 1,812 116,774,736.95 11.68
13.001% to 13.500%...... 1,324 65,202,303.19 6.52
13.501% to 14.000%...... 1,682 65,842,039.59 6.58
14.001% to 14.500%...... 1,760 61,025,486.91 6.10
14.501% to 15.000%...... 1,427 47,156,253.82 4.72
15.001% to 15.500%...... 652 21,034,813.17 2.10
15.501% to 16.000%...... 481 14,034,507.21 1.40
16.001% to 16.500%...... 189 5,700,192.13 0.57
16.501% to 17.000%...... 253 6,274,343.78 0.63
17.001% to 17.500%...... 149 3,245,913.20 0.32
17.501% to 18.000%...... 132 2,930,595.41 0.29
18.001% to 18.500%...... 114 2,230,545.72 0.22
18.501% to 19.000%...... 33 787,062.37 0.08
19.001% to 19.500%...... 52 878,711.87 0.09
19.501% to 20.000%...... 21 424,419.67 0.04
20.001% to 20.500%...... 6 88,730.30 0.01
20.501% to 21.000%...... 2 43,141.78 0.00
21.001% to 21.500%...... 2 25,608.85 0.00
------ --------------- ------
Total............... 16,671 $999,993,647.08 100.00%
====== =============== ======
</TABLE>
4
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Remaining Months to Maturity
<TABLE>
<CAPTION>
Months Remaining to Aggregate Principal % of Loans by
Scheduled Maturity Number of Loans Balance Outstanding Outstanding Principal
as of Cut-off Date as of Cut-off Date as of Cut-off Date Balance as of Cut-off Date
- ------------------- ------------------ ------------------- --------------------------
<S> <C> <C> <C>
0 to 168................ 1,603 $ 47,545,321.47 4.75%
169 to 180.............. 4,752 269,337,574.24 26.93
181 to 192.............. 13 540,292.78 0.05
193 to 204.............. 43 2,730,192.34 0.27
205 to 216.............. 46 1,983,652.72 0.20
217 to 228.............. 64 2,994,675.35 0.30
229 to 240.............. 6,731 408,176,590.61 40.82
241 to 252.............. 3 94,303.78 0.01
253 to 264.............. 2 277,785.77 0.03
265 to 276.............. 3 386,700.09 0.04
277 to 288.............. 59 2,166,755.58 0.22
289 to 300.............. 2,076 138,006,251.68 13.80
301 to 312.............. 3 262,018.43 0.03
313 to 324.............. 13 895,629.52 0.09
325 to 336.............. 24 1,550,472.46 0.16
337 to 348.............. 250 18,562,683.78 1.86
349 to 360.............. 986 104,482,746.48 10.45
------ --------------- ------
Total............... 16,671 $999,993,647.08 100.00%
====== =============== ======
</TABLE>
Lien Positions
<TABLE>
<CAPTION>
Aggregate Principal % of Loans by
Number of Loans Balance Outstanding Outstanding Principal
Position as of Cut-off Date as of Cut-off Date Balance as of Cut-off Date
- -------- ------------------ ------------------- --------------------------
<S> <C> <C> <C>
First........ 9,213 $770,721,692.63 77.07%
Second....... 7,215 223,926,052.85 22.39
Third........ 243 5,345,901.60 0.53
------ --------------- ------
Total.... 16,671 $999,993,647.08 100.00%
====== =============== ======
</TABLE>
5
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Combined Loan-to-Value Ratio
<TABLE>
<CAPTION>
Aggregate Principal % of Loans by
Number of Loans Balance Outstanding Outstanding Principal
Combined Loan-to-Value Ratio as of Cut-off Date as of Cut-off Date Balance as of Cut-off Date
- ---------------------------- ------------------ ------------------- --------------------------
<S> <C> <C> <C>
20.00% or less.............. 35 $ 574,550.00 0.06%
20.01% to 30.00%........... 63 1,970,422.91 0.20
30.01% to 40.00%........... 111 3,761,412.17 0.38
40.01% to 50.00%........... 159 6,032,390.72 0.60
50.01% to 60.00%........... 270 11,973,809.63 1.20
60.01% to 70.00%........... 553 26,763,652.83 2.68
70.01% to 80.00%........... 1,646 84,424,064.59 8.44
80.01% to 90.00%........... 3,403 213,242,681.99 21.32
90.01% to 100.00%........... 8,494 534,347,188.73 53.44
100.00%(1).................. 1,937 116,903,473.51 11.69
------ --------------- ------
Total................... 16,671 $999,993,647.08 100.00%
====== =============== ======
</TABLE>
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(1) Represents those loans with a loan-to-value ratio higher than 100% as
described above.
6
