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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)
December 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
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(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
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(Former name or former address, if changed since last report)
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Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. OTHER EVENTS.
On December 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 November 1996 dated December
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 November, 1996 was $184,582.15.
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 November, 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: December 20, 1996
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of November, 1996.
Page 5
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CONTIMORTGAGE CORPORATION
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES
SERIES 1996-2
--------------------------------------------------
DISTRIBUTION PERIOD: 15-DEC-96
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE
CUSIP CLASS FACE VALUE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
- ----------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C>
21075WCM5 A-1 29,000,000.00 16,491,430.30 2,471,845.95 83,785.63 2,555,631.58 14,019,584.35
21075WCN3 A-2 118,000,000.00 101,883,292.06 5,373,385.29 551,867.83 5,925,253.12 96,509,906.77
21075WCP8 A-3 54,000,000.00 54,000,000.00 0.00 301,500.00 301,500.00 54,000,000.00
21075WCQ6 A-4 82,500,000.00 82,500,000.00 0.00 470,937.50 470,937.50 82,500,000.00
21075WCR4 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
21075WCT0 A-7 43,000,000.00 43,000,000.00 0.00 272,333.33 272,333.33 43,000,000.00
21075WCV5 A-8 39,500,000.00 39,500,000.00 0.00 260,041.67 260,041.67 39,500,000.00
21075WCU7 A-9 55,000,000.00 51,331,252.63 1,355,293.89 252,171.91 1,607,465.80 49,975,958.74
B-IO 0.00 0.00 0.00 11,494.47 11,494.47 0.00
- --------------
R 0.00 0.00 0.00 0.00 0.00 0.00
--------------------------------------------------------------------------------------------------------------
Total Class A 505,000,000.00 472,705,974.99 9,200,525.13 2,696,554.54 11,897,079.67 463,505,449.86
--------------------------------------------------------------------------------------------------------------
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 11,494.47
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
NOTIONAL NOTIONAL PRINCIPAL INTEREST TOTAL NOTIONAL
CLASS AMOUNT AMOUNT DISTRIBUTION DISTRIBUTION DISTRIBUTION AMOUNT
--------------------------------------------------------------------------------------------------------------
- ----------------
<C> <C> <C> <C> <C> <C> <C> <C>
21075WCW3 A-10IO 450,000,000.00 421,374,722.36 0.00 520,689.78 520,689.78 413,529,491.12
- ------------------------------------------------------------------------------------------------------------------------------
</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
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
21075WCM5 A-1 85.23606724 2.88915966 88.12522690 483.43394310 A-1 5.90000% 5.90000%
21075WCN3 A-2 45.53716347 4.67684602 50.21400949 817.88056585 A-2 6.50000% 6.50000%
21075WCP8 A-3 0.00000000 5.58333333 5.58333333 1,000.00000000 A-3 6.70000% 6.70000%
21075WCQ6 A-4 0.00000000 5.70833333 5.70833333 1,000.00000000 A-4 6.85000% 6.85000%
21075WCR4 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%
21075WCT0 A-7 0.00000000 6.33333326 6.33333326 1,000.00000000 A-7 7.60000% 7.60000%
21075WCV5 A-8 0.00000000 6.58333342 6.58333342 1,000.00000000 A-8 7.90000% 7.90000%
21075WCU7 A-9 24.64170709 4.58494382 29.22665091 908.65379527 A-97* 5.76750% 5.70500%
A-10IO 1.52836% 1.48283%
- ---------------
---------------------------------------------------------------------------
Total 18.21886164 5.33971196 23.55857360 917.83257398
---------------------------------------------------------------------------------------------------------------------
* Based on a LIBOR of: 5.37500%
----------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
ENDING
PRINCIPAL INTEREST TOTAL NOTIONAL
CLASS DISTRIBUTION DISTRIBUTION DISTRIBUTION AMOUNT
------------------------------------------------------------------------------
- ---------------
<C> <C> <C> <C> <C> <C>
21075WCW3 A-10IO 0.00000000 1.15708840 1.15708840 918.95442471
- ---------------------------------------------------------------------------------------------
</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 1996-2
--------------------------------------------------
DISTRIBUTION PERIOD: 15-DEC-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> <C>
Class A-1 343,965.00 2,127,880.95 0.00 0.00 0.00 2,471,845.95
Per $1000 Unit 11.86086207 73.37520517 0.00000000 0.00000000 0.00000000 85.23606724
----------------------------------------------------------------------------------------------------------
Class A-2 0.00 4,561,410.19 0.00 811,975.10 0.00 5,373,385.29
Per $1000 Unit 0.00000000 38.65601856 0.00000000 6.88114492 0.00000000 45.53716347
----------------------------------------------------------------------------------------------------------
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 20,789.85 1,155,552.42 0.00 0.00 178,951.62 1,355,293.89
Per $1000 Unit 0.37799727 21.01004400 0.00000000 0.00000000 3.25366582 24.64170709
==========================================================================================================
Class A Certs 364,754.85 7,844,843.56 0.00 811,975.10 178,951.62 9,200,525.13
Per $1000 Unit 0.72228683 15.53434368 0.00000000 1.60787149 0.35435964 18.21886164
----------------------------------------------------------------------------------------------------------
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
<CAPTION>
Fixed Group Adj. Group Total
----------- ---------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (vii) Outstanding Group Loan Balance: 418,498,684.27 50,906,757.61 469,405,441.88
SEC. 7.09 (a) (viii) Subordinated Amount 4,969,193.15 930,798.87
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.
<CAPTION>
Fixed Group Adj. Group
----------- ----------
<S> <C> <C> <C>
SEC. 7.09 (a) (x) Loan Purchase Prices 103,917.35 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (xi) Weighted Average Coupon 11.2408% 10.5177%
SEC. 7.09 (a) (xiii) Largest Loan Balance Outstanding 364,484.60 332,000.00
<CAPTION>
-------------------------------------------------------------------------------
SEC. 7.09 (b) (ii)&(iii) Delinquencies PERIOD NUMBER PERCENTAGE * PRIN. BALANCE PERCENTAGE *
-------------------------------------------------------------------------------
-----------------
<S> <C> <C> <C> <C> <C>
30-59 Days 260 3.91979% 17,080,696.65 4.08142%
Fixed Group 60-89 Days 69 1.04025% 4,476,942.62 1.06976%
90+ Days 126 1.89959% 8,149,907.91 1.94742%
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
30-59 Days 34 5.37975% 2,302,284.17 4.52255%
Adj. Group 60-89 Days 5 0.79114% 519,843.52 1.02117%
90+ Days 9 1.42405% 1,177,165.36 2.31240%
------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total Fixed 6633 100.00000% 418,498,684.27 100.00000%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total Adjust. 632 100.00000% 50,906,757.61 100.00000%
-------------------------------------------------------------------------------
* Based upon each respective Group's loan count and balance.
<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): 91 6,070,469.70 6 689,133.72
Newly Commenced LIF: 21 1,803,520.80 2 312,662.55
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 23 1,627,150.09 1 55,936.65
SEC. 7.09(b)(v)(b) Balloon Loans 3329 252,399,670.68 3 175,536.77
SEC. 7.09 (b) (vi&vii) REO Properties 0 0.00 1 332,000.00
SEC. 7.09 (b) (viii) Cumulative Losses 6,779.54 0.00
</TABLE>
Page 2
<PAGE>
--------------------------------------------------
CONTIMORTGAGE CORPORATION
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES
SERIES 1996-2
--------------------------------------------------
DISTRIBUTION PERIOD: 15-DEC-96
REO STATUS
SEC. 7.09 (b) (vi&vii) LOAN NUMBER BOOK VALUE STATUS
----------- ---------- ------
2305761 $332,000.00 REO Eviction
Page 3
<PAGE>
--------------------------------------------------
CONTIMORTGAGE CORPORATION
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES
SERIES 1996-2
--------------------------------------------------
DISTRIBUTION PERIOD: 15-DEC-96
<TABLE>
<S> <C> <C>
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 12,463,064.01
Class A-1 Allocation 2,555,631.58
Class A-2 Allocation 5,925,253.12
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 1,607,465.80
Class A-10IO Allocation 520,689.78
SEC. 7.08(b)(2) Class A Distribution Amount 12,417,769.45
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 990,926.72
Class A-1 Allocation 0.00
Class A-2 Allocation 811,975.10
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 178,951.62
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
<CAPTION>
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 16,491,430.30 2,471,845.95 14,019,584.35
A-2 101,883,292.06 5,373,385.29 96,509,906.77
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 51,331,252.63 1,355,293.89 49,975,958.74
A-10IO 421,374,722.NA 413,529,491.12
* Denotes Notional Amounts for Class A-10IO.
<S> <C> <C>
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 6,779.54
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
</TABLE>
<PAGE>
--------------------------------------------------
CONTIMORTGAGE CORPORATION
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES
SERIES 1996-2
--------------------------------------------------
INSURER'S REPORT
DISTRIBUTION PERIOD: 15-DEC-96
<TABLE>
<CAPTION>
Fixed Group Adj. Group
----------- ----------
<S> <C> <C>
* Total Monthly Excess Spread $842,105.10 $182,621.71
* Net Monthly Excess Cashflow $811,975.10 $178,951.62
* Premium paid from cash flow (1) $28,232.11 $3,438.89
* Trustee Fee paid from cash flow (1) $1,897.89 $231.20
* Interest Collected on Mortgage
Loans (net of Service Fee) $3,807,177.51 $434,793.62
* Current Period Realized Losses:
Principal $5,130.76 $0.00
Interest $1,648.78 $0.00
</TABLE>
(1) Allocated based upon the related Certificate Balances.
