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 May 14, 1999
HOUSEHOLD CONSUMER LOAN TRUST 1996-2
(Exact name of registrant as specified in its charter)
HOUSEHOLD FINANCE CORPORATION
(Administrator of the Trust)
(Exact name as specified in Administrator's charter)
To be
Delaware 0-21981 Applied For
(State or other juris- (Commission File Numbers) (IRS Employer
diction of incorpora- Identification
tion of Administrator) Number of
Registrant)
2700 Sanders Road, Prospect Heights, Illinois 60070
(Address of principal executive offices of (Zip Code)
Administrator)
Administrator's telephone number, including area code 847/564-5000
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99 Statement to Series 1996-2 Participants with respect to the
distribution on May 14, 1999 as provided for under Article V
of the Pooling and Servicing Agreement dated as of September
1, 1995 among Household Finance Corporation, as Servicer and
The Chase Manhattan Bank, N.A., as Deposit Trustee and Section
5 of the Series 1996-2 Supplement to the Pooling and Servicing
Agreement, (b) Noteholders with respect to the Payment Date on
May 17, 1999 as provided for under Section 3.23 of the
Indenture dated as of August 1, 1996 between Household
Consumer Loan Trust 1996-2 and The Bank of New York, as
Indenture Trustee, and (c) Certificateholders with respect to
the Payment Date on May 17, 1999 as provided for under Section
5.04 of the Trust Agreement dated as of August 1, 1996 between
Household Consumer Loan Corporation and The Chase Manhattan
Bank Delaware, as Owner Trustee.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Administrator has duly caused this report to be signed on behalf of the
undersigned hereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION,
as Administrator of and on behalf of the
HOUSEHOLD CONSUMER LOAN TRUST 1996-2
(Registrant)
By: /s/ J. W. Blenke
J. W. Blenke
Authorized Representative
Dated: May 24, 1999
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Administrator has duly caused this report to be signed on behalf of the
undersigned hereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION,
as Administrator of and on behalf of the
HOUSEHOLD CONSUMER LOAN TRUST 1996-2
(Registrant)
By:
J. W. Blenke
Authorized Representative
Dated: May 24, 1999
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EXHIBIT INDEX
Exhibit
Number Exhibit Page
5
99 Statement to Series 1996-2 Participants with respect to the
distribution on May 14, 1999 as provided for under Article V
of the Pooling and Servicing Agreement dated as of September
1, 1995 among Household Finance Corporation, as Servicer and
The Chase Manhattan Bank, N.A., as Deposit Trustee and Section
5 of the Series 1996-2 Supplement to the Pooling and Servicing
Agreement, (b) Noteholders with respect to the Payment Date on
May 17, 1999 as provided for under Section 3.23 of the
Indenture dated as of August 1, 1996 between Household
Consumer Loan Trust 1996-2 and The Bank of New York, as
Indenture Trustee, and (c) Certificateholders with respect to
the Payment Date on May 17, 1999 as provided for under Section
5.04 of the Trust Agreement dated as of August 1, 1996 between
Household Consumer Loan Corporation and The Chase Manhattan
Bank Delaware, as Owner Trustee.
U:\WP\HFS088\8K\HCLT96-2.8K
-4-
Household Consumer Loan Trust, Series 1996-2 Deposit Trust
Calculations
Previous Due Period Ending
Mar 31, 1999
Current Due Period Ending
Apr 30, 1999
Prior Distribution Date
Apr 14, 1999
Distribution Date
May 14, 1999
Beginning Trust Principal Receivables
4,271,285,936.24
FC&A Collections (Includes Recoveries)
68,863,656.32
Principal Collections
138,530,617.72
Additional Balances
59,687,529.47
Net Principal Collections
78,843,088.25
Defaulted Amount
31,797,083.36
Miscellaneous Payments
0.00
Principal Recoveries
1,278,559.00
Beginning Participation Invested Amount
518,971,396.27
Beginning Participation Unpaid Principal Balance
518,971,396.27
Ending Participation Invested Amount
505,528,352.37
Ending Participation Unpaid Principal Balance
505,528,352.37
Accelerated Amortization Date
Jul 31, 2001
Is it the Accelerated Amortization Period? 0=No
0
OC Balance as % of Ending Participation Invested Amount (3 month
average) 8.947%
Is it Early Amortization? (No, if 3 month OC Average >or=4.25%)
0
Investor Finance Charges and Administrative Collections
Numerator for Floating Allocation
518,971,396.27
Numerator for Fixed Allocation
533,069,129.35
Denominator - Max(Sum of Numerators, Principal Receivables)
4,271,285,936.24
Applicable Allocation Percentage
12.1502%
Investor FC&A Collections
8,367,097.97
Series Participation Interest Default Amount
Numerator for Floating Allocation
518,971,396.27
Denominator - Max(Sum of Numerators, Principal Receivables)
4,271,285,936.24
Floating Allocation Percentage
12.1502%
Series Participation Interest Default Amount
3,863,421.23
Principal Allocation Components
Numerator for Floating Allocation
518,971,396.27
Numerator for Fixed Allocation
533,069,129.35
Denominator - Max(Sum of Numerators, Principal Receivables)
4,271,285,936.24
Series Participation Interest Monthly Interest
(a) Series Participation Interest Pass Through Rate, [Max(b,c)]
6.2500%
(b) Prime Rate minus 1.50%
6.2500%
(c) Rate Sufficient to Cover Interest, Yield and Accelerated
Principal Pmt Amount 5.3830%
(d) Series Participation Interest Unpaid Principal Balance
518,971,396.27
(e) Actual days in the Interest Period
30
Series Participation Monthly Interest, [a*d*e]
2,702,976.02
Series Participation Interest Interest Shortfall
0.00
Previous Series Participation Interest Interest Shortfall
0.00
Additional Interest
0.00
Series Participation Interest Monthly Principal
Available Investor Principal Collections, [a+m+n]
13,443,043.90
(a) Investor Principal Collections, [Max(b,h) or e]
9,579,622.67
(b) prior to Accelerated Amort. Date or not Early Amort. Period,
[c*d] 9,579,622.67
(c) Floating Allocation Percentage
12.1502%
(d) Net Principal Collections
78,843,088.25
(e) after Accelerated Amort Date or Early Amort Period, [f*g]
17,289,031.19
(f) Fixed Allocation Percentage
12.4803%
(g) Collections of Principal
138,530,617.72
(h) Minimum Principal Amount, [Min(i,l)]
5,478,063.90
(i) Floating Allocation Percentage of Principal Collections
16,831,799.41
(j) 1.8% of the Series Participation Interest Invested Amount
9,341,485.13
(k) Series Participation Interest Net Default Payment Amount
3,863,421.23
(l) the excess of (j) over (k)
5,478,063.90
(m) Series Participation Interest Net Default Payment Amount
3,863,421.23
(n) Optional Repurchase Amount (principal only) at Sec. 9
0.00
Application of Investor Finance Charges and Admin Collections
Investor Finance Charges and Admin. Collections [Sec. 4.11(a)]
8,367,097.97
Series Servicing Fee paid if HFC is not the Servicer [Sec.
4.11(a)(i)] 0.00
plus any unpaid Series Servicing Fee of other than HFC
0.00
Series Participation Interest Monthly Interest [Sec. 4.11(a)(ii)]
2,702,976.02
Series Participation Interest Interest Shorfall [Sec. 4.11(a)(ii)]
0.00
Additional Interest [Sec. 4.11(a)(ii)]
0.00
Series Participation Interest Default Amount [Sec. 4.11(a)(iii)]
3,863,421.23
Reimbursed Series Participation Interest Charge-Offs [Sec.
4.11(a)(iv)] 0.00
Servicing Fee Paid [Sec. 4.11(a)(v)]
864,952.33
Excess [Sec. 4.11(a)(vi)]
935,748.39
Series Participation Investor Charge Off [Sec. 4.12(a)]
0.00
Series 1996-2 Owner Trust Calculations
Due Period Ending Apr 30,
1999
Payment Date May 17,
1999
Calculation of Interest Expense
Index (LIBOR)
4.926250%
Accrual end date, accrual beginning date and days in May 17,
1999 Apr 15, 1999 32
Interest Period
Class
A-1 Class A-2 Class A-3 Class B
Certificates Overcoll Amount
Beginning Unpaid Principal Balance
269,754,069.99 52,240,000.00 67,900,000.00 49,370,000.00
35,483,701.53 44,223,624.75
Previously unpaid interest/yield
0.00 0.00 0.00 0.00
0.00
Spread to index
0.17% 0.32% 0.42% 0.65%
1.00%
Rate (capped at 13%, 15%, 15%, 15%, 16%)
5.096250% 5.246250% 5.346250% 5.576250%
5.926250%
Interest/Yield Payable on the Principal Balance
1,221,985.94 243,612.53 322,675.89 244,710.63
186,920.25
Interest on previously unpaid interest/yield
0.00 0.00 0.00 0.00
0.00
Interest/Yield Due
1,221,985.94 243,612.53 322,675.89 244,710.63
186,920.25
Interest/Yield Paid
1,221,985.94 243,612.53 322,675.89 244,710.63
186,920.25
Summary
Beginning Security Balance
269,754,069.99 52,240,000.00 67,900,000.00 49,370,000.00
35,483,701.53 44,223,624.75
Beginning Adjusted Balance
269,754,069.99 52,240,000.00 67,900,000.00 49,370,000.00
35,483,701.53
Principal Paid
0.00 0.00 0.00
5,310,002.34 1,253,714.80
6,987,445.80
Ending Security Balance
262,766,624.19 52,240,000.00 67,900,000.00 49,370,000.00
30,173,699.19 43,078,028.99
Ending Adjusted Balance
262,766,624.19 52,240,000.00 67,900,000.00 49,370,000.00
30,173,699.19
Ending Certificate Balance as % Participation
5.9687%
Interest Invested Amount
Targeted Balance
73,162,374.15 56,794,923.33
30,173,699.19
262,874,743.23 54,528,310.20
Minimum Adjusted Balance
18,800,000.00 24,500,000.00 17,800,000.00
7,900,000.00 14,800,000.00
Certificate Minimum Balance
15,319,531.19
Ending OC Amount as Holdback Amount
37,981,306.03
Ending OC Amount as Accelerated Prin Pmts
5,096,722.96
Beginning Net Charge offs
0.00 0.00 0.00 0.00
0.00 0.00
Reversals
0.00 0.00 0.00 0.00
0.00 0.00
Charge offs
0.00 0.00 0.00 0.00
0.00 0.00
Ending Net Charge Offs
0.00 0.00 0.00 0.00
0.00 0.00
Interest/Yield Paid per $1000
$1.5390251 $4.6633333 $4.7522222 $4.9566666
$5.0675121
Principal Paid per $1000
$8.8003096 $0.0000000 $0.0000000 $0.0000000
$143.9571203
Series 1996-2 Owner Trust Calculations
Due Period
April 1999
Payment Date
May 17, 1999
Optimum Monthly Principal [a+b+c]
(a) Available Investor Principal Collections
13,443,043.90
(b) Series Participation Interest Charge Offs
0.00
(c) Lesser of Excess Interest and Carryover Charge offs
0.00
Accelerated Principal Payment
108,119.04
Series Participation Interest Monthly Interest
2,702,976.02
Allocation of Optimum Monthly Principal and Series Part. Interest
Monthly Interest
Interest and Yield
Pay Class A-1 Interest Distribution- Sec. 3.05(a)(i)(a)
1,221,985.94
Pay Class A-2 Interest Distribution- Sec. 3.05(a)(i)(b)
243,612.53
Pay Class A-3 Interest Distribution- Sec. 3.05(a)(i)(c)
322,675.89
Pay Class B Interest Distribution- Sec. 3.05(a)(i)(d)
244,710.63
Pay Certificates the Certificate Yield- Sec. 3.05(a)(i)(e)
186,920.25
Principal up to Optimum Monthly Principal Balance
Pay Class A-1 to Targeted Principal Balance- Sec. 3.05(a)(ii)(a)
6,879,326.76
Pay Class A-2 to Targeted Principal Balance subject to Min Adj
Bal- Sec. 0.00
3.05(a)(ii)(b)
Pay Class A-3 to Targeted Principal Balance subject to Min Adj
Bal- Sec. 0.00
3.05(a)(ii)(c)
Pay Class B to Targeted Principal Balance subject to Min Adj Bal-
Sec. 0.00
3.05(a)(ii)(d)
Pay Certificate Yield if not paid pursuant to Sec. 3.05 (a)(i)(e)
0.00
Principal up to Optimal Monthly Principal
Pay Certificate to Targeted Principal Balance subject to Min Adj
Bal- Sec. 5,310,002.34
3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt subject to OC Min Bal-
Sec. 3.05(a)(iv) 1,253,714.80
Principal up to Accelerated Principal Payment Amout
Pay Class A-1 to Targeted Principal Balance subject to Min Adj
Bal- Sec. 0.00
3.05(a)(v)(a)
Pay Class A-2 to Targeted Principal Balance subject to Min Adj
Bal- Sec. 0.00
3.05(a)(v)(b)
Pay Class A-3 to Targeted Principal Balance subject to Min Adj
Bal- Sec. 0.00
3.05(a)(v)(c)
Pay Class B to Targeted Principal Balance subject to Min Adj Bal-
Sec. 0.00
3.05(a)(v)(d)
Pay Class A-1 to zero- Sec. 3.05(a)(v)(e)
108,119.04
Pay Class A-2 to zero- Sec. 3.05(a)(v)(f)
0.00
Pay Class A-3 to zero- Sec. 3.05(a)(v)(g)
0.00
Pay Class B to zero- Sec. 3.05(a)(v)(h)
0.00
Principal up to Optimal Monthly Principal
Pay Class A-1 to zero- Sec. 3.05(a)(vi)(a)
0.00
Pay Class A-2 to zero- Sec. 3.05(a)(vi)(b)
0.00
Pay Class A-3 to zero- Sec. 3.05(a)(vi)(c)
0.00
Pay Class B to zero- Sec. 3.05(a)(vi)(d)
0.00
Pay Certificates up to Certificate Minimum Balance or zero- Sec.
3.05(a)(vi)(e) 0.00
Pay HCLC Optimum Monthly Principal provided OC >0- Sec.
3.05(a)(vi)(f) 0.00
Remaining Amounts to Holder of Designated Certificate - Sec.
3.05(a)(vii) 374,951.74
Allocations of Distributions to Overcollateralization Amount
Available Distributions
Pay OC Remaining Optimal Monthly Prin Amt subject to OC Min
Bal- Sec. 1,253,714.80
3.05(a)(iv)
Pay HCLC Optimum Monthly Principal provided OC >0- Sec.
3.05(a)(vi) 0.00
To Designated Certificate Holder up to total Accelerated Principal
Payments 108,119.04
To Designated Certificate Holder up to Holdback Amount
1,145,595.76
To HCLC any remaining amounts
0.00