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Previous: NELLIE MAE EDUCATION FUNDING LLC, 8-K, 1996-11-26 |
Next: THINK NEW IDEAS INC, SB-2/A, 1996-11-26 |
_________________________________________________________________
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)
November 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 November 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
October 1996 dated November 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 October, 1996 was $195,682.44.
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 October,
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: November 26, 1996
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of October,
1996.
Page 5
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-2
Distribution Period: 15-Nov-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>
21075WCM5 A-1 29,000,000.00 18,973,159.11 2,481,728.81 93,284.70 2,575,013.51 16,491,430.30
21075WCN3 A-2 118,000,000.00 107,506,142.35 5,622,850.29 582,324.94 6,205,175.23 101,883,292.06
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 52,671,210.83 1,339,958.20 259,286.21 1,599,244.41 51,331,252.63
B-IO 0.00 0.00 0.00 6,288.20 6,288.20 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- --------- ----- -------------- -------------- ------------ ------------ ------------- --------------
Total Class A 505,000,000.00 482,150,512.29 9,444,537.30 2,743,625.02 12,188,162.32 472,705,974.99
- --------- ----- -------------- -------------- ------------ ------------ ------------- --------------
<S> <C>
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 6,288.20
<CAPTION>
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
- --------- ----- -------------- -------------- ------------ ------------ ------------- --------------
21075WCW3 A-10IO 450,000,000.00 429,479,301.46 0.00 535,008.06 535,008.06 421,374,722.36
</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 85.57685552 3.21671379 88.79356931 568.67001034 A-1 5.90000% 5.90000%
21075WCN3 A-2 47.65127364 4.93495712 52.58623076 863.41772932 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 24.36287636 4.71429473 29.07717109 933.29550236 A-9 * 5.76750% 5.71672%
- --------- --- ----------- ---------- ----------- -------------- --- ------- -------
A-10IO 1.52836% 1.49486%
Total 18.70205406 5.43292083 24.13497489 936.05143562
----------- ---------- ----------- ------------
* Based on a LIBOR of: 5.38672%
--------
<CAPTION>
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
----- ------------ ------------ ------------ ------------
<C> <C> <C> <C> <C> <C>
21075WCW3 A-10IO 0.00000000 1.18890680 1.18890680 936.38827191
</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-Nov-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-1 358,222.21 2,123,506.60 0.00 0.00 0.00 2,481,728.81
Per $1000 12.35249000 73.22436552 0.00000000 0.00000000 0.00000000 85.57685552
Unit
Class A-2 0.00 4,796,840.79 0.00 826,009.50 0.00 5,622,850.29
Per $1000 0.00000000 40.65119314 0.00000000 7.00008051 0.00000000 47.65127364
Unit
Class A-3 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-4 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-5 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-6 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-7 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-8 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-9 23,377.95 1,150,012.50 0.00 0.00 166,567.75 1,339,958.20
Per $1000 0.42505364 20.90931818 0.00000000 0.00000000 3.02850455 24.36287636
Unit
=========== ========== =========== ========== ========== ========== ===========
Class A Certs 381,600.16 8,070,359.89 0.00 826,009.50 166,567.75 9,444,537.30
Per $1000 0.75564388 15.98091067 0.00000000 1.63566238 0.32983713 18.70205406
Unit
----------- ---------- ----------- ---------- ---------- ---------- -----------
</TABLE>
<TABLE>
<S> <C>
SEC. 7.09 (a) (iv) Total Class A Carry-Forward Amount 0.00
Class A-1 Carry-Forward 0.00
Amount
Class A-2 Carry-Forward 0.00
Amount
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: 425,537,071.17 52,083,099.88 477,620,171.05
SEC. 7.09 (a) (viii) Subordinated Amount 4,162,348.81 751,847.25
Subordination Deficit 0.00 0.00
<CAPTION>
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 11.2465% 10.1804%
SEC. 7.09 (a) (xiii) Largest Loan Balance
Outstanding 364,589.77 332,000.00
</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 261 3.86323% 16,096,515.83 3.78264%
Fixed Group 60-89 Days 62 0.91770% 3,690,996.26 0.86737%
90+ Days 102 1.50977% 6,501,389.01 1.52781%
---------- --- ------- ------------ -------
30-59 Days 18 2.79503% 1,369,837.47 2.63010%
Adj. Group 60-89 Days 8 1.24224% 716,276.98 1.37526%
90+ Days 9 1.39752% 953,576.21 1.83087%
---------- - ------- ---------- -------
Total Fixed 6756 100.00000% 425,537,071.17 100.00000%
----------- ---- --------- -------------- ---------
Total 644 100.00000% 52,083,099.88 100.00000%
----- --- --------- ------------- ---------
</TABLE>
* Based upon each respective Group's
loan count and balance.
<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): 75 4,522,533.91 7 837,747.79
Newly Commenced LIF: 20 939,157.11 2 163,556.28
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 18 1,355,824.79 1 55,936.65
SEC. 7.09(b)(v)(b) Balloon Loans 3399 256,790,236.86 3 175,568.94
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 Period: 15-Nov-96
<TABLE>
<S> <C> <C>
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 12,763,926.30
Class A-1 Allocation 2,575,013.51
Class A-2 Allocation 6,205,175.23
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 1,599,244.41
Class A-10IO Allocation 535,008.06
SEC. 7.08(b)(2) Class A Distribution Amount 12,723,170.38
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 992,577.25
Class A-1 Allocation 0.00
Class A-2 Allocation 826,009.50
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 166,567.75
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
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
----- --------- ------------ ---------
<S> <C> <C> <C> <C>
A-1 18,973,159.11 2,481,728.81 16,491,430.30
A-2 107,506,142.35 5,622,850.29 101,883,292.06
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 52,671,210.83 1,339,958.20 51,331,252.63
A-10IO 429,479,301.46 NA 421,374,722.36
</TABLE>
* Denotes Notional Amounts for Class A-10IO.
<TABLE>
<S> <C>
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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