______________________________________________________________________________
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)
July 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____________________________
(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 July 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 June 1996 dated July 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 June, 1996 was $182,437.05.
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 June,
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: July 30, 1996
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the
Month of June, 1996.
Page 5
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-2
Distribution Period: 15-Jul-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 29,000,000.00 2,521,809.31 161,594.44 2,683,403.75 26,478,190.69
21075WCN3 A-2 118,000,000.00 118,000,000.00 1,648,696.46 639,166.67 2,287,863.13 116,351,303.54
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 55,000,000.00 702,411.79 299,589.58 1,002,001.37 54,297,588.21
B-IO 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total Class A 505,000,000.00 505,000,000.00 4,872,917.56 2,909,079.86 7,781,997.42 500,127,082.44
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 0.00
</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 450,000,000.00 450,000,000.00 0.00 573,133.33 573,133.33 445,829,494.23
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
Principal Interest Total Certificate OriginalPass 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 86.95894172 5.57222207 92.53116379 913.04105828 A-1 5.90000% 5.90000%
21075WCN3 A-2 13.97200390 5.41666669 19.38867059 986.02799610 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 12.77112345 5.44708327 18.21820673 987.22887655 A-9 * 5.76750% 5.76750%
A-10IO 1.52836% 1.52836%
Total 9.64934170 5.76055418 15.40989588 990.35065830
* Based on a LIBOR of: 5.43750%
</TABLE>
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WCW3 A-10IO 0.00000000 1.27362962 1.27362962 990.73220940
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-Jul-96
<TABLE>
<CAPTION>
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-1 308,631.83 2,213,177.48 0.00 0.00 0.00 2,521,809.31
Per $1000 Unit 10.64247690 76.31646483 0.00000000 0.00000000 0.00000000 86.95894172
Class A-2 0.00 823,814.16 0.00 824,882.30 0.00 1,648,696.46
Per $1000 Unit 0.00000000 6.98147593 0.00000000 6.99052797 0.00000000 13.97200390
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 21,252.33 555,726.35 0.00 0.00 125,433.11 702,411.79
Per $1000 Unit 0.38640600 10.10411545 0.00000000 0.00000000 2.28060200 12.77112345
Class A Certs 329,884.16 3,592,717.99 0.00 824,882.30 125,433.11 4,872,917.56
Per $1000 Unit0 .65323596 7.11429305 0.00000000 1.63343030 0.24838240 9.64934170
</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 0.00
SEC. 7.09 (a) (v) Class A Insured Payment 0.00
<TABLE>
<CAPTION>
Fixed Group Adj. Group Total
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (vii) Outstanding Group Loan Balance: 446,654,376.53 54,423,021.32 501,077,397.85
SEC. 7.09 (a) (viii)Subordinated Amount 824,882.30 125,433.11
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.
<TABLE>
<CAPTION>
Fixed Group Adj. Group
<S> <C> <C> <C>
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 11.2738% 9.8594%
SEC. 7.09 (a) (xiii)Largest Loan Balance Outstanding 365,000.00 336,809.13
</TABLE>
<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 164 2.31410% 9,071,389.20 2.03096%
Fixed Group 60-89 Days 12 0.16932% 691,563.32 0.15483%
90+ Days 6 0.08466% 322,110.06 0.07212%
30-59 Days 21 3.13433% 1,340,605.54 2.46331%
Adj. Group 60-89 Days 1 0.14925% 26,339.72 0.04840%
90+ Days 0 0.00000% 0.00 0.00000%
Total Fixed 7087 100.00000% 446,654,376.53 100.00000%
Total Adjust. 670 100.00000% 54,423,021.32 100.00000%
</TABLE>
<TABLE>
<CAPTION>
* Based upon each respective Group's loan count and balance.
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): 2 86,943.10 0 0.00
Newly Commenced LIF: 2 86,943.10 0 0.00
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 0 0.00 1 76,000.00
SEC. 7.09(b)(v)(b) Balloon Loans 3562 269,116,362.25 3 175,883.12
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
Page 2
</TABLE>
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-2
Distribution Period: 15-Jul-96
SEC. 7.08(b)(1)&(5)Amount on Deposit in the Certificate Account 8,391,213.25
Class A-1 Allocation 2,683,403.75
Class A-2 Allocation 2,287,863.13
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 1,002,001.37
Class A-10IO Allocation 573,133.33
SEC. 7.08(b)(2) Class A Distribution Amount 8,355,130.75
SEC. 7.08(b)(3)&(5)Subordination Increase/(Reduction) Amount 950,315.41
Class A-1 Allocation 0.00
Class A-2 Allocation 824,882.30
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 125,433.11
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 29,000,000.00 2,521,809.31 26,478,190.69
A-2 118,000,000.00 1,648,696.46 116,351,303.54
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 55,000,000.00 702,411.79 54,297,588.21
A-10IO 450,000,000.00 NA 445,829,494.23
* 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
