Seven Ways To Fail Big
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"Faulty Financial Engineering"
Green Tree made its fortune in the 1990s issuing 30-year mortgages on trailer homes with a 10-year life expectancy. Indiana-based insurer Conseco bought the company in 1998 for $6.5 billion to diversify into financial services. Innumerable mortgage defaults at Green Tree led to $3 billion in write-downs and Conseco took a huge hit, negating all profits earned by the unit from 1994 to 2001.
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