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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)
September 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 September 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 August 1996 dated
September 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 August, 1996 was $195,607.13.
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 August,
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: September 20, 1996
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the
Month of August, 1996.
Page 5
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-2
<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>
21075WCM5 A-1 29,000,000.00 23,966,484.30 2,501,658.82 121,763.05 2,623,421.87 21,464,825.48
21075WCN3 A-2 118,000,000.00 114,147,541.30 3,179,478.34 618,299.18 3,797,777.52 110,968,062.96
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 54,014,971.79 792,618.57 276,166.79 1,068,785.36 53,222,353.22
B-IO 0.00 0.00 0.00 6,474.20 6,474.20 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total 505,000,000.00 495,128,997.39 6,473,755.73 2,824,958.19 9,298,713.92 488,655,241.66
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 6,474.20
</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 450,000,000.00 441,114,025.60 0.00 556,278.32 556,278.32 435,432,888.44
</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>
21075WCM5 A-1 86.26409724 4.19872586 90.46282310 740.16639586 A-1 5.90000% 5.90000%
21075WCN3 A-2 26.94473169 5.23982356 32.18455525 940.40731322 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 14.41124673 5.02121436 19.43246109 967.67914945 A-9 * 5.76750% 5.75188%
A-10IO 1.52836% 1.51329%
Total 12.81931828 5.59397661 18.41329489 967.63414190
* Based on a LIBOR of: 5.42188%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WCW3 A-10IO 0.00000000 1.23617404 1.23617404 967.62864098
</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 Period 15-Sep-96
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Fixed Group Adj. Group
Total Principal Scheduled Subordination Subordination
SEC. 7.09 (a)(ii) Distribution Principal Prepayments Liquidations Incr./(Red.) Incr./(Red.) Total
Class A-1 347,762.11 2,153,896.71 0.00 0.00 0.00 2,501,658.82
Per $1000 Unit 11.99179690 74.27230034 0.00000000 0.00000000 0.00000000 86.26409724
Class A-2 0.00 2,345,142.85 0.00 834,335.49 0.00 3,179,478.34
Per $1000 Unit 0.00000000 19.87409195 0.00000000 7.07063975 0.00000000 26.94473169
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 24,336.55 624,140.78 0.00 0.00 144,141.24 792,618.57
Per $1000 Unit 0.44248273 11.34801418 0.00000000 0.00000000 2.62074982 14.41124673
Class A Certs 372,098.66 5,123,180.34 0.00 834,335.49 144,141.24 6,473,755.73
Per $1000 Unit 0.73682903 10.14491156 0.00000000 1.65214949 0.28542820 12.81931828
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
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>
SEC. 7.09 (a)(vii) Outstanding Group Loan Balance: 437,933,353.22 53,640,358.63 491,573,711.85
SEC. 7.09 (a)(viii) Subordinated Amount 2,500,464.78 418,005.41
Subordination Deficit 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
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 11.2618% 9.8758%
SEC. 7.09 (a)(xiii) Largest Loan Balance Outstanding 364,796.95 332,000.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (b) (ii) & (iii)
Delinquencies Period Number Percentage * Prin. Balance Percentage *
30-59 Days 163 2.34431% 10,043,278.05 2.29333%
Fixed Group 60-89 Days 54 0.77664% 3,342,773.60 0.76331%
90+ Days 39 0.56091% 2,267,889.79 0.51786%
30-59 Days 18 2.71493% 1,169,791.08 2.18080%
Adj. Group 60-89 Days 6 0.90498% 510,916.10 0.95248%
90+ Days 3 0.45249% 416,395.28 0.77627%
Total Fixed 6953 100.00000% 437,933,353.22 100.00000%
Total Adjust. 663 100.00000% 53,640,358.63 100.00000%
* 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): 18 1,336,179.19 2 358,339.72
Newly Commenced LIF: 13 1,151,936.09 1 332,000.00
SEC. 7.09 (b)(v) (a)
Loans in Bankruptcy 3 253,822.69 2 148,271.87
SEC. 7.09 (b)(v) (b)
Balloon Loans 3498 263,929,267.25 3 175,773.12
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
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-2
Distribution Period 15-Sep-96
<TABLE>
<CAPTION>
<S> <C>
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 9,896,851.75
Class A-1 Allocation 2,623,421.87
Class A-2 Allocation 3,797,777.52
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 1,068,785.36
Class A-10IO Allocation 556,278.32
SEC. 7.08(b)(2) Class A Distribution Amount 9,854,992.24
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 978,476.73
Class A-1 Allocation 0.00
Class A-2 Allocation 834,335.49
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 144,141.24
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 23,966,484.30 2,501,658.82 21,464,825.48
A-2 114,147,541.30 3,179,478.34 110,968,062.96
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 54,014,971.79 792,618.57 53,222,353.22
A-10IO 441,114,025.60 NA 435,432,888.44
* 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
</TABLE>
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