_________________________________________________________________
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)
October 15, 1996
ContiMortgage Home Equity Loan Trust 1996-2
(Exact name of registrant as specified in its charter)
New York 33-99340-02 13-3888491
(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 October 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
September 1996 dated October 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 September, 1996 was $196,172.85.
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 September,
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: October 18, 1996
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of September, 1996.
Page 5
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-2
Distribution Per 15-Oct-96
<TABLE>
<CAPTION>
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>
21075WCM A-1 29,000,000.00 21,464,825.48 2,491,666.37 102,017.55 2,593,683.92 18,973,159.11
21075WCN A-2 118,000,000.00 110,968,062.96 3,461,920.61 601,077.01 4,062,997.62 107,506,142.35
21075WCP8 A-3 54,000,000.00 54,000,000.00 0.00 301,500.00 301,500.00 54,000,000.00
21075WCQ A-4 82,500,000.00 82,500,000.00 0.00 470,937.50 470,937.50 82,500,000.00
21075WCR A-5 21,500,000.00 21,500,000.00 0.00 126,312.50 126,312.50 21,500,000.00
21075WCS2 A-6 62,500,000.00 62,500,000.00 0.00 377,604.17 377,604.17 62,500,000.00
21075WCT A-7 43,000,000.00 43,000,000.00 0.00 272,333.33 272,333.33 43,000,000.00
21075WCV A-8 39,500,000.00 39,500,000.00 0.00 260,041.67 260,041.67 39,500,000.00
21075WCU A-9 55,000,000.00 53,222,353.22 551,142.39 250,120.50 801,262.89 52,671,210.83
B-IO 0.00 0.00 0.00 7,572.65 7,572.65 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total Cl 505,000,000.00 488,655,241.66 6,504,729.37 2,761,944.23 9,266,673.60 482,150,512.29
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct: 7,572.65
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WCW A-10IO 450,000,000.00 435,432,888.44 0.00 545,860.50 545,860.50 429,479,301.46
</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>
21075WCM A-1 85.91953000 3.51784655 89.43737655 654.24686586 A-1 5.90000% 5.90000%
21075WCN A-2 29.33831025 5.09387297 34.43218322 911.06900297 A-2 6.50000% 6.50000%
21075WCP8 A-3 0.00000000 5.58333333 5.58333333 1,000.00000000 A-3 6.70000% 6.70000%
21075WCQ A-4 0.00000000 5.70833333 5.70833333 1,000.00000000 A-4 6.85000% 6.85000%
21075WCR A-5 0.00000000 5.87500000 5.87500000 1,000.00000000 A-5 7.05000% 7.05000%
21075WCS2 A-6 0.00000000 6.04166672 6.04166672 1,000.00000000 A-6 7.25000% 7.25000%
21075WCT A-7 0.00000000 6.33333326 6.33333326 1,000.00000000 A-7 7.60000% 7.60000%
21075WCV A-8 0.00000000 6.58333342 6.58333342 1,000.00000000 A-8 7.90000% 7.90000%
21075WCU A-9 10.02077073 4.54764545 14.56841618 957.65837873 A-9 * 5.76750% 5.83391%
A-10IO 1.52836% 1.50433%
Total 12.88065222 5.46919650 18.34984871 954.75348968
* Based on a LIBOR of: 5.50391%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WCW A-10IO 0.00000000 1.21302333 1.21302333 954.39844769
</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>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-2
Distribution Per 15-Oct-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-1 350,505.49 2,141,160.88 0.00 0.00 0.00 2,491,666.37
Per $1000 Unit 12.08639621 73.83313379 0.00000000 0.00000000 0.00000000 85.91953000
Class A-2 0.00 2,626,046.08 0.00 835,874.53 0.00 3,461,920.61
Per $1000 Unit 0.00000000 22.25462780 0.00000000 7.08368246 0.00000000 29.33831025
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 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-9 24,316.26 359,552.04 0.00 0.00 167,274.09 551,142.39
Per $1000 Unit 0.44211382 6.53730982 0.00000000 0.00000000 3.04134709 10.02077073
Class A Certs 374,821.75 5,126,759.00 0.00 835,874.53 167,274.09 6,504,729.37
Per $1000 Unit 0.74222129 10.15199802 0.00000000 1.65519709 0.33123582 12.88065222
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-9 Carry-Forward Amount 0.00
Class A-10IO Carry-Forward Amount 0.00
SEC. 7.09 (a) (v) Class A Insured Payment 0.00
</TABLE>
<TABLE>
<CAPTION>
Fixed Group Adj. Group Total
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (vii) Outstanding Group Loan Balance: 432,815,640.77 53,256,490.33 486,072,131.10
SEC. 7.09 (a) (viii) Subordinated Amount 3,336,339.31 585,279.50
Subordination Deficit 0.00 0.00
</TABLE>
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 11.2542% 9.9227%
SEC. 7.09 (a) (xii) Largest Loan Balance Outstanding 364,796.95 332,000.00
<TABLE>
<CAPTION>
SEC. 7.09 (b) (ii) & (iii) Delinquencies Period Number Percentage * Prin. Balance Percentage *
<S> <C> <C> <C> <C> <C> <c
30-59 Days 177 2.57604% 10,546,213.93 2.43665%
Fixed Group 60-89 Days 55 0.80047% 3,000,808.18 0.69332%
90+ Days 78 1.13521% 4,868,030.44 1.12474%
30-59 Days 23 3.49544% 1,618,112.53 3.03834%
Adj. Group 60-89 Days 4 0.60790% 303,039.19 0.56902%
90+ Days 7 1.06383% 826,353.90 1.55165%
Total Fixed 6871 100.00000% 432,815,640.77 100.00000%
Total Adjust. 658 100.00000% 53,256,490.33 100.00000%
* 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): 66 4,290,065.14 6 755,132.84
Newly Commenced LIF: 49 2,940,800.48 4 396,793.12
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 10 746,625.90 2 148,271.87
SEC. 7.09(b)(v)(b) Balloon Loans 3456 261,050,619.70 3 175,683.19
SEC. 7.09 (b) (vi&vii) REO Properties 0 0.00 0 0.00
SEC. 7.09 (b) (viii) Cumulative Losses 0.00 0.00
</TABLE>
Page 2
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-2
Distribution Per 15-Oct-96
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 9,855,034.32
Class A-1 Allocation 2,593,683.92
Class A-2 Allocation 4,062,997.62
Class A-3 Allocation 301,500.00
Class A-4 Allocation 470,937.50
Class A-5 Allocation 126,312.50
Class A-6 Allocation 377,604.17
Class A-7 Allocation 272,333.33
Class A-8 Allocation 260,041.67
Class A-9 Allocation 801,262.89
Class A-10IO Allocation 545,860.50
SEC. 7.08(b)(2) Class A Distribution Amount 9,812,534.10
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 1,003,148.62
Class A-1 Allocation 0.00
Class A-2 Allocation 835,874.53
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-9 Allocation 167,274.09
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-9 Allocation 0.00
Class A-10IO Allocation 0.00
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 21,464,825.48 2,491,666.37 18,973,159.11
A-2 110,968,062.96 3,461,920.61 107,506,142.35
A-3 54,000,000.00 0.00 54,000,000.00
A-4 82,500,000.00 0.00 82,500,000.00
A-5 21,500,000.00 0.00 21,500,000.00
A-6 62,500,000.00 0.00 62,500,000.00
A-7 43,000,000.00 0.00 43,000,000.00
A-8 39,500,000.00 0.00 39,500,000.00
A-9 53,222,353.22 551,142.39 52,671,210.83
A-10IO 435,432,888.44 NA 429,479,301.46
* Denotes Notional Amounts for Class A-10IO.
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 0.00
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
