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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)
January 15, 1997
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
---------------------------------------------------------------
(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 January 15, 1997 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 December, 1996 dated January 15, 1997
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 December, 1996 was $187,149.48.
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 December, 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: January 29, 1997
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of December, 1996.
Page 5
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Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-2
----------------------------------------------
Distribution Period: 15-Jan-97
<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 14,019,584.35 2,462,017.52 66,631.97 2,528,649.49 11,557,566.83
21075WCN3 A-2 118,000,000.00 96,509,906.77 6,313,797.36 522,762.00 6,836,559.36 90,196,109.41
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 49,975,958.74 1,760,969.01 247,192.34 2,008,161.35 48,214,989.73
B-IO 0.00 0.00 0.00 9,616.18 9,616.18 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total Class A 505,000,000.00 463,505,449.86 10,536,783.89 2,645,315.48 13,182,099.37 452,968,665.97
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 9,616.18
<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 450,000,000.00 413,529,491.12 0.00 506,794.92 506,794.92 404,753,676.24
</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 84.89715586 2.29765414 87.19481000 398.53678724 A-1 5.90000% 5.90000%
21075WCN3 A-2 53.50675729 4.43018644 57.93694373 764.37380856 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 32.01761836 4.49440618 36.51202455 876.63617691 A-9* 5.76750% 5.93547%
A-10IO 1.52836% 1.47064%
Total 20.86491859 5.23824848 26.10316707 896.96765539
- ---------- ----- ------------ ------------ ------------ ------------
* Based on a LIBOR of: 5.60547%
<CAPTION>
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- ---------- ----- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
21075WCW3 A-10IO 0.00000000 1.12621093 1.12621093 899.45261387
</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-Jan-97
<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-1 349,895.99 2,112,121.53 0.00 0.00 0.00 2,462,017.52
Per $1000 Unit 12.06537897 72.83177690 0.00000000 0.00000000 0.00000000 84.89715586
---------------- ---------- ------------ ------------ ------------ ------------ -------------
Class A-2 0.00 5,506,167.86 0.00 807,629.50 0.00 6,313,797.36
Per $1000 Unit 0.00000000 46.66243949 0.00000000 6.84431780 0.00000000 53.50675729
---------------- ---------- ------------ ------------ ------------ ------------ -------------
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 19,272.20 1,556,261.83 0.00 0.00 185,434.98 1,760,969.01
Per $1000 Unit 0.35040364 28.29566964 0.00000000 0.00000000 3.37154509 32.01761836
---------------- ---------- ------------ ------------ ------------ ------------ -------------
Class A Certs 369,168.19 9,174,551.22 0.00 807,629.50 185,434.98 10,536,783.89
Per $1000 Unit 0.73102612 18.16742816 0.00000000 1.59926634 0.36719798 20.86491859
---------------- ---------- ------------ ------------ ------------ ------------ -------------
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: 410,529,536.33 49,331,223.58 459,860,759.91
SEC. 7.09 (a) (viii) Subordinated Amount 5,775,860.09 1,116,233.85
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 0.00 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (xi) Weighted Average Coupon 11.2303% 10.7824%
SEC. 7.09 (a) (xiii) Largest Loan Balance Outstanding 364,378.37 332,000.00
<CAPTION>
SEC. 7.09(b)(ii)&(iii) Delinquencies Period Number Percentage * Prin. Balance Percentage *
------------- ------ ------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
30-59 Days 275 4.22882% 16,804,274.15 4.09332%
Fixed Group 60-89 Days 76 1.16869% 5,155,783.49 1.25589%
90+ Days 160 2.46040% 10,441,989.11 2.54354%
30-59 Days 38 6.20915% 2,836,261.65 5.74942%
Adj. Group 60-89 Days 8 1.30719% 595,320.79 1.20678%
90+ Days 12 1.96078% 1,360,391.75 2.75767%
Total Fixed 6503 100.00000% 410,529,536.33 100.00000%
Total Adjust. 612 100.00000% 49,331,223.58 100.00000%
* 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): 118 7,576,286.99 8 828,796.33
Newly Commenced LIF: 33 2,146,149.56 2 140,000.03
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 29 2,419,810.95 1 55,936.65
SEC. 7.09(b)(v)(b) Balloon Loans 3258 247,552,680.21 3 175,476.72
SEC. 7.09 (b) (vi&vii) REO Properties 1 34,300.00 1 332,000.00
SEC. 7.09 (b) (viii) Cumulative Losses 7,788.53 0.00
</TABLE>
Page 2
<PAGE>
----------------------------------------------
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-2
----------------------------------------------
Distribution Period: 15-Jan-97
REO Status
SEC. 7.09 (b) (vi&vii) Loan Number Book Value Status
----------- ---------- ------
2305761 $332,000.00 REO List Pend
2297570 $34,300.00 REO Evictiion
<PAGE>
----------------------------------------------
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-2
----------------------------------------------
Distribution Period: 15-Jan-97
<TABLE>
<S> <C> <C>
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 13,731,660.82
Class A-1 Allocation 2,528,649.49
Class A-2 Allocation 6,836,559.36
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 2,008,161.35
Class A-10IO Allocation 506,794.92
SEC. 7.08(b)(2) Class A Distribution Amount 13,688,894.29
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 993,064.48
Class A-1 Allocation 0.00
Class A-2 Allocation 807,629.50
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 185,434.98
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 14,019,584.35 2,462,017.52 11,557,566.83
A-2 96,509,906.77 6,313,797.36 90,196,109.41
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 49,975,958.74 1,760,969.01 48,214,989.73
A-10IO 413,529,491.12 NA 404,753,676.24
* Denotes Notional Amounts for Class A-10IO.
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 1,008.99
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
</TABLE>
