Fitch Takes Various Actions on Green Tree Recreational, Equipment & Consumer Trusts

Fitch Ratings has taken the following rating actions on the Green Tree Recreational, Equipment & Consumer Trust transactions as seen below:

Green Tree Recreational, Equipment & Consumer Trust 1996-B

--Certificate downgraded to 'C/RR5' from 'CC/RR4';

Green Tree Recreational, Equipment & Consumer Trust 1996-C

--Certificate affirmed at 'CC/RR2';

Green Tree Recreational, Equipment & Consumer Trust 1996-D

--Certificate downgraded to 'C/RR2' from 'CC/RR2';

Green Tree Recreational, Equipment & Consumer Trust 1997-A

--Certificate affirmed at 'C' and recovery rating revised to 'RR6' from 'RR5';

Green Tree Recreational, Equipment & Consumer Trust 1997-D

--Certificate affirmed at 'CC/RR2';

Green Tree Recreational, Equipment & Consumer Trust 1998-B

--B-2 certificate affirmed at 'C/RR5';

Green Tree Recreational, Equipment & Consumer Trust 1998-C

--B-2 certificate affirmed at 'C/RR6'.

The downgrade and negative recovery rating revisions are results of higher than expected cumulative net losses as well as under collateralization of the respective transactions. Fitch's recovery expectations are based collateral-specific cash flow expectations. Fitch's Recovery Ratings (RR) are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money.

The securities are backed by a pool of secured loans consisting primarily of marine and recreational vehicles originated by Conseco Finance Corp. (originally Green Tree Financial Corporation). The loans are now serviced by Green Tree Servicing (GTS) LLC, a byproduct of Conseco Inc.'s 2003 restructuring.

Fitch will continue to closely monitor performance of the transactions and may raise, lower, or withdraw ratings as appropriate.

These rating actions reflect the application of Fitch's current criteria which are available at 'www.fitchratings.com' and specifically include the following reports:

--'Criteria for Structured Finance Recovery Ratings,' dated Aug. 17, 2009;

--'Global Structured Finance Rating Criteria', dated Sept. 30, 2009.

Additional information is available at 'www.fitchratings.com'.

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Fitch Ratings
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