_________________________________________________________________
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 1996-2
(Exact name of registrant as specified in its charter)
New York 33-99340 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
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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 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 $204,607.76
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 1996-2
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>
21075WCM5 A-1 29,000,000.00 26,478,190.69 2,511,706.39 130,184.44 2,641,890.83 23,966,484.30
21075WCN3 A-2 118,000,000.00 116,351,303.54 2,203,762.24 630,236.23 2,833,998.47 114,147,541.30
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 54,297,588.21 282,616.42 272,406.16 555,022.58 54,014,971.79
B-10 0.00 0.00 0.00 5,387.40 5,387.40 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total Class A 505,000,000.00 500,127,082.44 4,998,085.05 2,841,556.00 7,839,641.05 495,128,997.39
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 5,387.40
</TABLE>
<TABLE>
<CAPTION>
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
<S> <C> <C> <C> <C> <C> <C> <C>
21075WCW3 A-10IO 450,000,000.00 445,829,494.23 0.00 565,142.97 565,142.97 441,114,025.60
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
Principal Interest Total Certificate Original Pass Current Pa
CUSIP Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WCM5 A-1 86.61056517 4.48911862 91.09968379 826.43049310 A-1 5.90000% 5.90000%
21075WCN3 A-2 18.67595119 5.34098500 24.01693619 967.35204492 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 5.13848036 4.95283927 10.09131964 982.09039618 A-9 * 5.76750% 5.82609%
A-10IO 1.52836% 1.52115%
Total 9.89719812 5.62684356 15.52404168 980.45346018
* 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>
21075WCW3 A-10IO 0.00000000 1.25587327 1.25587327 980.25339022
</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-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-1 361,404.63 2,150,301.76 0.00 0.00 0.00 2,511,706.39
Per $1000 Unit 12.46222862 74.14833655 0.00000000 0.00000000 0.00000000 86.61056517
Class A-2 0.00 1,362,515.25 0.00 841,246.99 0.00 2,203,762.24
Per $1000 Unit 0.00000000 11.54673941 0.00000000 7.129211.78 0.00000000 18.67595119
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 Certs 26,243.97 107,941.39 0.00 0.00 148,431.06 282,616.42
Per $1000 Unit 0.47716309 1.96257073 0.00000000 0.00000000 2.69874655 5.13848036
Class A Certs 387,648.60 3,620,758.40 0.00 841,246.99 148,431.06 4,998,085.05
Per $1000 Unit 0.76762099 7.16981861 0.00000000 1.66583562 0.29392289 9.89719812
</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-9 Carry-Forward Amount 0.00
Class A-10IO Carry-Forward Amount 00.0
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: 442,780,154.89 54,288,835.96 497,068,990.85
SEC. 7.09 (a) (viii) Subordinated Amount 1,666,129.29 273,864.17
Subordination Deficit 00.0 00.0
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 11.2664% 9.8648%
SEC. 7.09 (a) (xiii) Largest Loan Balance Outstanding 364,796.95 336,575.78
</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 159 2.26141% 8,481,968.92 1.91562%
Fixed Group 60-89 Days 57 0.81070% 3,451,897.87 0.77960%
90+ Days 9 0.12800% 487,534.25 0.11011%
30-59 Days 11 1.64918% 719,071.33 1.32453%
Adj. Group 60-89 Days 5 0.74963% 647,305.56 1.19234%
90+ Days 1 0.14993% 26,339.72 0.04852%
Total Fixed 7031 100.00000% 442,780,154.89 100.00000%
Total Adjust. 667 100.00000% 54,288,835.96 100.00000%
* 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>
SEC. 7.09 (b) (iv) Loans in Foreclosure (LIF): 5 184,243.10 1 26,339.72
Newly Commenced LIF: 5 184,243.10 1 26,339.72
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 1 28,000.00 2 168,367.76
SEC. 7.09(b)(v)(b) Balloon Loans 3530 266,614,194.73 3 175,819.66
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
Page 2
</TABLE>
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-2
Distribution Period: 15-Aug-96
SEC. 7.08(b)(1)&(5)Amount on Deposit in the Certificate Account 8,445,910.06
Class A-1 Allocation 2,641,890.83
Class A-2 Allocation 2,833,998.47
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 555,022.58
Class A-10IO Allocation 565,142.97
SEC. 7.08(b)(2) Class A Distribution Amount 8,404,784.02
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 989,678.05
Class A-1 Allocation 0.00
Class A-2 Allocation 841,246.99
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 148,431.06
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 26,478,190.69 2,511,706.39 23,966,484.30
A-2 116,351,303.54 2,203,762.24 114,147,541.30
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 54,297,588.21 282,616.42 54,014,971.79
A-10IO 445,829,494.23 Na 441,114,025.60
* 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