|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: STRUCTURED ASSET SECURITIES CORP SERIES 1995-4, 8-K, 1996-08-30 |
Next: INTERNET FUND INC, N-1A, 1996-08-30 |
_________________________________________________________________
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)
August 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 August 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
July 1996 dated August 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 July, 1996 was $243,787.92.
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 July,
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: August 30, 1996
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the
Month of July, 1996.
Page 5
<TABLE>
<CAPTION>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Aug-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-1 182,562,000.00 143,708,442.07 10,009,136.04 682,615.10 10,691,751.14 133,699,306.03
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 51,910,330.80 1,104,747.70 260,876.51 1,365,624.21 50,805,583.10
B-IO 0.00 0.00 0.00 9,136.77 9,136.77 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total Class A 630,000,000.00 586,053,805.30 11,113,883.74 2,928,818.74 14,042,702.48 574,939,921.56
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 9,136.77
</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 573,000,000.00 534,143,474.50 0.00 600,911.41 600,911.41 524,134,338.46
</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 54.82595524 3.73908645 58.56504168 732.35013875 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 19.38153860 4.57678088 23.95831947 891.32601930 A-8 * 5.65250% 5.83609%
A-9IO 1.35000% 1.35000%
Total 17.64108530 4.64891863 22.29000394 912.60305010
* Based on a LIBOR of: 5.49609%
</TABLE>
<TABLE>
<CAPTION>
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
<S> <C> <C> <C> <C> <C>
21075W-CL7 A-9IO 0.00000000 1.04871101 1.04871101 914.71961337
</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>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Aug-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-1 479,997.75 8,011,845.47 0.00 1,517,292.82 0.00 10,009,136.04
Per $1000 Unit 2.62923144 43.88561404 0.00000000 8.31110976 0.00000000 54.82595524
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 20,373.95 886,263.32 0.00 0.00 198,110.43 1,104,747.70
Per $1000 Unit 0.35743772 15.54847930 0.00000000 0.00000000 3.47562158 19.38153860
Class A Certs 500,371.70 8,898,108.79 0.00 1,517,292.82 198,110.43 11,113,883.74
Per $1000 Unit 0.79424079 14.12398221 0.00000000 2.40840130 0.31446100 17.64108530
</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: 533,234,287.14 52,041,495.03 585,275,782.17
SEC. 7.09 (a) (viii) Subordinated Amount 9,099,948.68 1,235,911.93
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 11.1970% 10.9968%
SEC. 7.09 (a) (xiii) Largest Loan Balance Outstanding 418,711.95 323,153.54
</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 296 3.43268% 16,308,757.51 3.05846%
Fixed Group 60-89 Days 86 0.99733% 5,263,442.59 0.98708%
90+ Days 179 2.07584% 10,288,391.21 1.92943%
30-59 Days 24 3.69800% 1,689,006.24 3.24550%
Adj. Group 60-89 Days 5 0.77042% 268,323.98 0.51560%
90+ Days 14 2.15716% 852,933.66 1.63895%
Total Fixed 8623 100.00000% 533,234,287.14 100.00000%
Total Adjust. 649 100.00000% 52,041,495.03 100.00000%
* 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> <C>
SEC. 7.09 (b) (iv) Loans in Foreclosure (LIF): 115 7,069,412.32 10 533,464.82
Newly Commenced LIF: 36 2,704,133.84 4 256,376.02
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 28 1,651,994.42 1 117,980.21
SEC. 7.09(b)(v)(b) Balloon Loans 420 323,144,525.47 1 35,545.17
SEC. 7.09 (b) (vi&vii) REO Properties 2 193,200.00 0 0.00
SEC. 7.09 (b) (viii) Cumulative Losses 1,900.85 0.00
</TABLE>
Page 2
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Aug-96
REO Status
SEC. 7.09 (b) (vi&vii) Loan Number Book Value Status
1812817 $98,000.00 REO List Pend
1781939 $95,200.00 FC Attorney
Page 3
<PAGE>
<TABLE>
<CAPTION>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Aug-96
<S> <C> <C>
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 14,699,786.61
Class A-1 Allocation 10,691,751.14
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 1,365,624.21
Class A-9IO Allocation 600,911.41
SEC. 7.08(b)(2) Class A Distribution Amount 14,643,613.89
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 1,715,403.25
Class A-1 Allocation 1,517,292.82
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 198,110.43
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-1 143,708,442.07 10,009,136.04 133,699,306.03
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 51,910,330.80 1,104,747.70 50,805,583.10
A-9IO 534,143,474.50 0.00 524,134,338.46
* Denotes Notional Amounts for Class A-9IO.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 972.52
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
[TEXT]
</TABLE>
|
|