______________________________________________________________________________
_________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
June 15, 1996
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1996-1
(Exact name of registrant as specified in its charter)
16-1496047 and
NEW YORK 33-96410 16-1496045
(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department 14203-2599
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
__________________________NO CHANGE____________________________
(Former name or former address, if changed since last report)
______________________________________________________________________
Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. OTHER EVENTS.
On June 15, 1996 a scheduled distribution was made from the Trust to
holders of the Class A Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of May 1996 dated June 15,
1996 attached hereto as Exhibit 19 is hereby incorporated by reference.
In addition to the information included in the Trustee's Monthly Report,
the gross servicing compensation paid to the Servicer and Subservicers for the
month of May, 1996 was $238,293.92.
Page 2
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of May, 1996
Page 3
<PAGE>
SIGNATURES
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.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ JEROME M. PERELSON
----------------------------
Name: Jerome M. Perelson
Title: Vice President
By: /s/ SUSAN E. O'DONOVAN
----------------------------
Name: Susan E. O'Donovan
Title: Vice President
Dated: July 11, 1996
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the
Month of May, 1996.
Page 5
<TABLE>
<CAPTION>
Contimortgage Corporation Exhibit 19
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Jun-96
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C>
21075W-CC7 A-1 182,562,000.00 162,648,951.26 9,093,354.12 772,582.52 9,865,936.64 153,555,597.14
21075W-CD5 A-2 96,901,000.00 96,900,263.49 0.00 450,586.23 450,586.23 96,900,263.49
21075W-CE3 A-3 79,097,000.00 79,096,398.81 0.00 382,958.40 382,958.40 79,096,398.81
21075W-CF0 A-4 49,696,000.00 49,695,622.28 0.00 247,649.85 247,649.85 49,695,622.28
21075W-CG8 A-5 55,320,000.00 55,319,579.53 0.00 283,512.85 283,512.85 55,319,579.53
21075W-CH6 A-6 68,447,000.00 68,446,479.76 0.00 381,589.12 381,589.12 68,446,479.76
21075W-CJ2 A-7 40,977,000.00 40,976,688.56 0.00 239,030.68 239,030.68 40,976,688.56
21075W-CK9 A-8 57,000,000.00 54,323,420.80 1,479,445.14 287,310.19 1,766,755.33 52,843,975.66
B-IO 0.00 0.00 0.00 8,781.92 8,781.92 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total Class A 630,000,000.00 607,407,404.49 10,572,799.26 3,045,219.84 13,618,019.10 596,834,605.23
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 8,781.92
</TABLE>
<TABLE>
<CAPTION>
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
<S> <C> <C> <C> <C> <C> <C> <C>
21075W-CL7 A-9IO 573,000,000.00 553,083,983.69 0.00 622,219.48 622,219.48 543,990,629.57
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
Principal Interest Total Certificate Original Pass Current Pass
CUSIP Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075W-CC7 A-1 49.80967627 4.23189119 54.04156747 841.11478369 A-1 5.70000% 5.70000%
21075W-CD5 A-2 0.00000000 4.64996471 4.64996471 999.99239936 A-2 5.58000% 5.58000%
21075W-CE3 A-3 0.00000000 4.84162990 4.84162990 999.99239933 A-3 5.81000% 5.81000%
21075W-CF0 A-4 0.00000000 4.98329544 4.98329544 999.99239939 A-4 5.98000% 5.98000%
21075W-CG8 A-5 0.00000000 5.12496114 5.12496114 999.99239931 A-5 6.15000% 6.15000%
21075W-CH6 A-6 0.00000000 5.57495756 5.57495756 999.99239937 A-6 6.69000% 6.69000%
21075W-CJ2 A-7 0.00000000 5.83328892 5.83328892 999.99239964 A-7 7.00000% 7.00000%
21075W-CK9 A-8 25.95517789 5.04052965 30.99570754 927.08729228 A-8* 5.65250% 5.76969%
A-9IO 1.35000% 1.35000%
Total 16.78222105 4.83368229 21.61590333 947.35651624
</TABLE>
<TABLE>
<CAPTION>
* Based on a LIBOR of: 5.42969%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
<S> <C> <C> <C> <C> <C>
21075W-CL7 A-9IO 0.00000000 1.08589787 1.08589787 949.37282647
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
Page 1
<PAGE>
Distribution Period: 15-Jun-96
<TABLE>
<CAPTION>
Fixed Group Adj. Group
Total Principal Scheduled Subordination Subordination
SEC. 7.09 (a) (ii) Distribution Principal Prepayments Liquidations Incr./(Red.) Incr./(Red.) Total
<S> <C> <C> <C> <C> <C> <C>
Class A-1 450,943.79 7,089,079.80 0.00 1,553,330.53 0.00 9,093,354.12
Per $1000 Unit 2.47008572 38.83108095 0.00000000 8.50850960 0.00000000 49.80967627
Class A-2 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-3 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-4 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-5 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-6 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-7 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-8 21,068.90 1,293,301.44 0.00 0.00 165,074.80 1,479,445.14
Per $1000 Unit 0.36962982 22.68949895 0.00000000 0.00000000 2.89604912 25.95517789
Class A Certs 472,012.69 8,382,381.24 0.00 1,553,330.53 165,074.80 10,572,799.26
Per $1000 Unit 0.74922649 13.30536705 0.00000000 2.46560402 0.26202349 16.78222105
</TABLE>
SEC. 7.09 (a) (iv) Total Class A Carry-Forward Amount 0.00
Class A-1 Carry-Forward Amount 0.00
Class A-2 Carry-Forward Amount 0.00
Class A-3 Carry-Forward Amount 0.00
Class A-4 Carry-Forward Amount 0.00
Class A-5 Carry-Forward Amount 0.00
Class A-6 Carry-Forward Amount 0.00
Class A-7 Carry-Forward Amount 0.00
Class A-8 Carry-Forward Amount 0.00
Class A-9IO Carry-Forward Amount 0.00
SEC. 7.09 (a) (v) Class A Insured Payment 0.00
<TABLE>
<CAPTION>
Fixed Group Adj. Group Total
<S> <C> <C> <C>
SEC. 7.09 (a) (vii) Outstanding Group Loan Balance: 550,037,272.44 53,668,059.53 603,705,331.97
SEC. 7.09 (a) (viii) Subordinated Amount 6,046,642.87 824,083.87
Subordination Deficit 0.00 0.00
SEC. 7.09 (a) (ix) Code Section 6049(d)(7)(C) Information-Required Market
Discount Information Provided at Calendar Year End.
Fixed Group Adj. Group
SEC. 7.09 (a) (x) Loan Purchase Prices 0.00 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (xi) Weighted Average Coupon 11.2131% 10.4685%
SEC. 7.09 (a) (xiii) Largest Loan Balance Outstanding 419,115.83 323,327.91
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.09 (b) (ii) & (iii) Delinquencies Period Number Percentage * Prin. Balance Percentage *
<S> <C> <C> <C> <C> <C>
30-59 Days 245 2.75250% 12,864,733.42 2.33888%
Fixed Group 60-89 Days 90 1.01112% 4,449,523.24 0.80895%
90+ Days 82 0.92124% 4,833,530.66 0.87876%
30-59 Days 22 3.29835% 1,353,886.01 2.52270%
Adj. Group 60-89 Days 6 0.89955% 341,022.17 0.63543%
90+ Days 4 0.59970% 174,757.71 0.32563%
Total Fixed 8901 100.00000% 550,037,272.44 100.00000%
Total Adjust. 667 100.00000% 53,668,059.53 100.00000%
* Based upon each respective Group's loan count and balance.
</TABLE>
<TABLE>
<CAPTION>
Fixed Grp. No. Fixed Grp. Bal. Adj. Group No. Adj. Group Bal.
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (b) (iv) Loans in Foreclosure (LIF): 57 3,570,433.77 3 105,220.36
Newly Commenced LIF: 11 730,610.25 1 66,354.56
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 11 532,831.68 0 0.00
SEC. 7.09(b)(v)(b) Balloon Loans 4335 333,456,876.30 1 35,616.64
SEC. 7.09 (b) (vi&vii) REO Properties 1 98,000.00 0 0.00
SEC. 7.09 (b) (viii) Cumulative Losses 0.00 0.00
</TABLE>
<PAGE>
Distribution Period: 15-Jun-96
SEC 7.09 (b) (vi&vii) Loan Number Book Value Status
1812817 $98,000.00 REO List Pend
Page 3
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 14,297,755.84
Class A-1 Allocation 9,865,936.64
Class A-2 Allocation 450,586.23
Class A-3 Allocation 382,958.40
Class A-4 Allocation 247,649.85
Class A-5 Allocation 283,512.85
Class A-6 Allocation 381,589.12
Class A-7 Allocation 239,030.68
Class A-8 Allocation 1,766,755.33
Class A-9IO Allocation 622,219.48
SEC. 7.08(b)(2) Class A Distribution Amount 14,240,238.58
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 1,718,405.33
Class A-1 Allocation 1,553,330.53
Class A-2 Allocation 0.00
Class A-3 Allocation 0.00
Class A-4 Allocation 0.00
Class A-5 Allocation 0.00
Class A-6 Allocation 0.00
Class A-7 Allocation 0.00
Class A-8 Allocation 165,074.80
SEC. 7.08(b)(4)&(5) Insured Payment 0.00
Class A-1 Allocation 0.00
Class A-2 Allocation 0.00
Class A-3 Allocation 0.00
Class A-4 Allocation 0.00
Class A-5 Allocation 0.00
Class A-6 Allocation 0.00
Class A-7 Allocation 0.00
Class A-8 Allocation 0.00
Class A-9IO Allocation 0.00
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
<S> <C> <C> <C>
A-1 162,648,951.26 9,093,354.12 153,555,597.14
A-2 96,900,263.49 0.00 96,900,263.49
A-3 79,096,398.81 0.00 79,096,398.81
A-4 49,695,622.28 0.00 49,695,622.28
A-5 55,319,579.53 0.00 55,319,579.53
A-6 68,446,479.76 0.00 68,446,479.76
A-7 40,976,688.56 0.00 40,976,688.56
A-8 54,323,420.80 1,479,445.14 52,843,975.66
A-9IO 553,083,983.69 NA 543,990,629.57
* Denotes Notional Amounts for Class A-9IO.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 0.00
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
</TABLE>
