SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
[ X ]
.
ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File number 33-99340
ContiMortgage Home Equity Loan Trust 1996-4
(Exact name of registrant as specified in its charter)
16-1512507 and
New York 16-1512506
-------- ----------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Manufacturers and Traders
Trust Company
Corporate Trust Department
One M&T Plaza 14240-2599
Buffalo, New York (Zip Code)
- ----------------- ----------
(Address of principal executive offices)
Registrant's telephone number, including area code: (716) 842-5589
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on
which registered:
None None
---- ----
None
----
(Title of class)
Indicated by check mark whether the registrant (1) has filed all
reports required to be file by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes X
No .
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K (Subsection 229.405 of this chapter) is not
contained herein, and will not be contained, to the best of registrant's
knowledge,in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [X ]
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be
computed by reference to the price at which the stock was sold, or the
average bid and asked prices of such stock, as of specified date within 60
days prior to the date of filing:
Not Applicable
Documents Incorporated by Reference: None
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1996-4
INDEX
PART 1.......................................................... 3
ITEM 1 - BUSINESS............................ 3
ITEM 2 - PROPERTIES...................... 3
ITEM 3 - LEGAL PROCEEDINGS............... 3
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS............................. 3
PART II............................................. 3
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND
RELATED STOCKHOLDER MATTERS........... 3
ITEM 6 - SELECTED FINANCIAL DATA............... 3
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS 4
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA......4
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE.................................... 4
PART III................................................................. 4
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE
REGISTRANT.................................... 4
ITEM 11 - EXECUTIVE COMPENSATION ..................... 4
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT......................... 4
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS.................................. 11
PART IV.............................................................. 11
ITEM 14 - EXHIBITS,FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K..............................11
SIGNATURES ............................................................ 12
INDEX TO EXHIBITS......................................................... 13
-2-
<PAGE>
PART I
ITEM 1 - BUSINESS
Not Applicable.
ITEM 2 - PROPERTIES
Not Applicable.
ITEM 3 - LEGAL PROCEEDINGS
The Depositor is not aware of any material pending legal proceedings
involving either the ContiMortgage Home Equity Loan Trust 1996-4 (the
"Trust") established pursuant to the Pooling and Servicing Agreement (the
"Agreement") dated November 1, 1996, among Manufacturers and Traders Trust
Company, as trustee (the "Trustee"), ContiSecurities Asset Funding Corp.,
as depositor (the "Depositor") and ContiMortgage Corporation, as servicer
(the "Servicer"), the Trustee, the Depositor or the Servicer which relates
to the Trust.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial
interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER
MATTERS
To the best knowledge of the Depositor, there is no established
public trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3
Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6
Certificates, Class A-7 Certificates, Class A-8 Certificates, Class A-9
Certificates, and Class A-10 Certificate issued by the Trust are held by
the Depository Trust Company ("DTC") which in turn maintains records of
holders of beneficial interests in such Certificates. Based on
information obtained by the Trust from DTC, as of March 10, 1997, there
was 1 holder of the Class A-1 Certificates, 10 holders of the Class A-2
Certificates, 17 holders of the Class A-3 Certificates, 9 holders of the
Class A-4 Certificates, 17 holders of the Class A-5 Certificates, 6
holders of the Class A-6 Certificates, 14 holders of the Class A-7
Certificates, 2 holders of the Class A-8 Certificate, 12 holders of the
Class A-9 Certificates, 4 holders of the Class A-10 Certificates, 5
holders of the Class A-11-IO Certificates, and 5 holders of the A-12-IO
Certificates.
ITEM 6 - SELECTED FINANCIAL DATA
Not applicable.
<PAGE>
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Not applicable.
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
In addition to the information included in the Annual Compilation of
Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross
servicing compensation paid to the Servicer for the year ended December
31, 1996 was $415,739.64.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting
or financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not applicable.
ITEM 11 - EXECUTIVE COMPENSATION
Not applicable.
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth (i) the name and address of each
entity owning more than 5% of the outstanding principal amount of each
Class of Certificates of the Trust; (ii) the principal amount of the Class
of Certificates owned by each and (iii) the percent that the principal
amount of the Class of Certificates owned by such entity represents of the
outstanding principal amount of such Class of Certificates. The
information set forth in the table for the Certificates is based upon
information obtained by the Trust from DTC and represents ownership of
beneficial interest in the Certificates held by DTC. The Depositor is not
aware of any Schedules 13D or 13G filed with the Securities and Exchange
Commission in respect of the Certificates.
<PAGE>
<TABLE>
<CAPTION>
Amount Owned
Name and Address All Dollar Amounts are in Thousands
Principal Percent
Class A-1 Certificates
<S> <C> <C>
Chase Manhattan Bank $96,650 100.00%
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Class A-2 Certificates
Bank of New York $15,700 13.82%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Co./Investment A/C 51,150 45.03
16 Wall Street, 5th Floor
New York, NY 10005
Chase Manhattan Bank/Chemical 18,000 15.85
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
Investors Fiduciary Trust 10,000 8.80
Company/SSB
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-3 Certificates
Bank of New York $13,600 9.99%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company 11,500 8.45
c/o BT Services Tennessee, Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Boston Safe Deposit & Trust Co. 12,000 8.82
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank Trust Co. 16,000 11.76
of California
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Citicorp Services, Inc, 11,500 8.45
P.O. Box 30576
Tampa, FL 33630-3576
Daiwa Securities Trust Co. 16,000 11.76
One EverTrust Plaza
jersey City, NJ 07302
Investors Fiduciary Trust 10,000 7.35
Company/SSB
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
PNC Bank, NA/Pittsburgh 20,000 14.70
One PNC Plaza, 9th Floor, 249
5th Avenue
Pittsburgh, PA 15222-7707
Class A-4 Certificates
Bank of New York $6,250 9.36%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company 5,000 7.49
c/o BT Services Tennessee, Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Boston Safe Deposit & Trust Co. 6,000 8.98
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank 5,400 8.08
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Citicorp Services, Inc, 8,000 11.98
P.O. Box 30576
Tampa, FL 33630-3576
First National Bank of Boston 4,500 6.74
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
SSB-Custodian 29,400 44.01
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-5 Certificates
Bank of New York $17,310 25.09%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company 3,850 5.58
c/o BT Services Tennessee, Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Boston Safe Deposit & Trust Co. 5,370 7.78
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Citicorp Services, Inc, 23,995 34.78
P.O. Box 30576
Tampa, FL 33630-3576
SSB-Custodian 8,550 12.39
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-6 Certificates
Bank of New York $10,500 25.77%
925 Patterson Plank Road
Secaucus, NJ 07094
Chase Manhattan Bank 6,400 15.71
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Investors Bank & Trust/M.F. 6,500 15.95
Custody
89 South Street 6th Floor
Corp. Action Dept.
Boston, MA 02111
16,200 39.75
SSB-Custodian
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-7 Certificates
Bank of New York $11,000 19.06%
925 Patterson Plank Road
Secaucus, NJ 07094
Bankers Trust Company 6,000 10.40
c/o BT Services Tennessee, Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Chase Manhattan Bank 18,050 31.28
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Comerica Bank 8,500 14.73
411 W. Lafayette Capital
Change-Proxy
Detroit, MI 48286
Corestates Bank, N.A. 7,380 12.79
P.O. Box 7618 F.C. # 1-9-1-21
Philadelphia, PA 19106-7618
SSB-Custodian 3,000 5.20
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-8 Certificates
Bankers Trust Company $14,100 31.76%
c/o BT Services Tennessee, Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Chase Manhattan Bank/Chemical 30,300 68.24
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
Class A-9 Certificates
Bank of New York $11,500 23.00%
925 Patterson Plank Road
Secaucus, NJ 07094
National City Bank 5,300 10.60
1900 East 9th Street
Cleveland, OH 44114
Northern Trust Company 16,000 32.00
801 S. Canal C-In
Chicago, IL 60607
SSB-Custodian 10,425 20.85
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-10 Certificate
Chase Manhattan Bank $217,000 96.44%
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Class A-11-IO Certificates
Chase Manhattan Bank 310,500 (1) 46.00
Two Chase Manhattan Plaza, 5th
Floor
New York, New York 10081
Chase Manhattan Bank 236,090 (1) 34.98
Two Chase Manhattan Plaza, 5th
Floor
New York, New York 10081
SSB-Custodian
Global Proxy Unit, A5NW 92,500 (1) 13.70%
P.O. Box 1631
Boston, MA 02105-1631
Class A-12-IO Certificates
Chase Manhattan Bank $103,500 (2) 46.00%
Two Chase Manhattan Plaza, 5th
Floor
New York, New York 10081
Chase Manhattan Bank 78,731 (2) 34.98
Two Chase Manhattan Plaza, 5th
Floor
New York, New York 10081
SSB-Custodian 30,800 (2) 13.69
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
<FN>
(1) Represents the "Notional Principal Amount" of the Class A-11-IO
Certificates which is based on the aggregate outstanding Certificate
Pincipal Balance.
(2) Represents the "Notional Principal Amount" of the Class A-12-IO
Certificates which is based on the aggregate outstanding Certificate
Pincipal Balance.
</FN>
</TABLE>
<PAGE>
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
[None]
PART IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
Exhibit No. Description
99.1 Statement of Compliance of the
Servicer.
99.2 Annual Report of Independent
Accountants with respect to
the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly
Trustee's Statement.
b) Reports on Form 8-K.
1 report on Form 8-K has been filed by the Issuer during the period
covered by this report.
Items Reported/Financial
Date of Report on Form 8-K Statements Filed
January 15, 1997 Trustee's Monthly Report for
the December Monthly Period.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Depositor has duly caused this Report
to be signed on its behalf by the undersigned, thereunto 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 & Chief Financial Officer
Date: March 27, 1997
<PAGE>
INDEX TO EXHIBITS
Item 14(C)
Exhibit No. Description
99.1 Statement of Compliance of the
Servicer.
99.2 Annual Report of Independent
Accountants with respect to
the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly
Trustee's Statement.
ContiMortgage
500 Enterprise Road
Horsham, Pa. 19044
(215) 957-3700
March 24, 1997
ContiSecurities Asset Funding Corporation
277 Park Avenue
New York, NY 10172
RE: CMC Home Equity Loan Trust 1996-4
Dear Sirs:
In accordance with Section 8.16 of the Pooling and Servicing Agreement,
ContiMortgage Corporation, as Servicer, confirms that as of December 31,
1996:
(i) we have completed a review of the activities of the
Servicer during the year ended December 31, 1996, and of
performance under the Pooling and Servicing Agreement has
been made under my supervision;
(ii) to the best of my knowledge, based on such review, the
Servicer has fulfilled all its obligations under the
Pooling and Servicing Agreement for the year ended
December 31, 1996.
Sincerely yours,
/s/ Margaret M. Curry
Margaret M. Curry
Sr. Vice President - Servicing
Arthur Andersen LLP
Independent Accountant's Report
To the Board of Directors of
ContiMortgage Corporation:
We have examined management's assertion about ContiMortgage Corporation's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP) and that ContiMortgage Corporation had in effect a fidelity bond
and errors and omissions policy in the amount of $11,200,000 as of and for the
year ended December 31, 1996, included in the accompanying management assertion.
Management is responsible for ContiMortgage Corporation's compliance with those
minimum servicing standards and for maintaining a fidelity bond and errors and
omissions policy. Our responsibility is to express an opinion on management's
assertion about the entity's compliance with the minimum servicing standards and
maintenance of a fidelity bond and errors and omissions policy based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about ContiMortgage Corporation's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on ContiMortgage Corporation's compliance with
the minimum servicing standards.
In our opinion, management's assertion that ContiMortgage Corporation complied
with the aforementioned minimum servicing standards and that ContiMortgage
Corporation had in effect a fidelity bond and errors and omissions policy in the
amount of $11,200,000 as of and for the year ended December 31, 1996 is fairly
stated, in all material respects.
/s/ Arthur Andersen LLP
New York, New York
March 7, 1997
<PAGE>
ContiMortgage
500 Enterprise Road
Horsham, PA 19044
(215) 957-3700
As of and for the year ended December 31, 1996, ContiMortgage Corporation has
complied with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage
Bankers. As of and for this same period, ContiMortgage Corporation had in effect
a fidelity bond and errors omissions policy in the amount of $11,200,000.
/s/ Daniel J. Egan /s/ Margaret M. Curry
Daniel J. Egan Margaret M. Curry
Sr. Vice President and CFO Sr. Vice President
March 7, 1997 March 7, 1997
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-4
CERTIFICATE HOLDER'S REPORT
ANNUAL STATEMENT
Year Ending: December 31, 1996
<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>
21075WDH5 A-1 96,650,000.00 96,650,000.00 0.00 0.00 0.00 96,650,000.00
21075WDJ1 A-2 113,600,000.00 113,600,000.00 0.00 0.00 0.00 113,600,000.00
21075WDK8 A-3 136,100,000.00 136,100,000.00 0.00 0.00 0.00 136,100,000.00
21075WDL6 A-4 66,800,000.00 66,800,000.00 0.00 0.00 0.00 66,800,000.00
21075WDM4 A-5 69,000,000.00 69,000,000.00 0.00 0.00 0.00 69,000,000.00
21075WDN2 A-6 40,750,000.00 40,750,000.00 0.00 0.00 0.00 40,750,000.00
21075WDP7 A-7 57,700,000.00 57,700,000.00 0.00 0.00 0.00 57,700,000.00
21075WDQ5 A-8 44,400,000.00 44,400,000.00 0.00 0.00 0.00 44,400,000.00
21075WDR3 A-9 50,000,000.00 50,000,000.00 0.00 0.00 0.00 50,000,000.00
21075WDS1 A-10 225,000,000.00 225,000,000.00 0.00 0.00 0.00 225,000,000.00
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 900,000,000.00 900,000,000.00 0.00 0.00 0.00 900,000,000.00
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 0.00
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WDT9 A-11IO 675,000,000.00 675,000,000.00 0.00 0.00 0.00 675,000,000.00
21075WDU6 A-12IO 225,000,000.00 225,000,000.00 0.00 0.00 0.00 225,000,000.00
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
Principal Interest Total Certificate Original Pass Current Pass**
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
21075WDH5 A-1 0.00000000 0.00000000 0.00000000 1,000.00000000 A-1 * 5.63766% 5.63766%
21075WDJ1 A-2 0.00000000 0.00000000 0.00000000 1,000.00000000 A-2 6.23000% 6.23000%
21075WDK8 A-3 0.00000000 0.00000000 0.00000000 1,000.00000000 A-3 6.19000% 6.19000%
21075WDL6 A-4 0.00000000 0.00000000 0.00000000 1,000.00000000 A-4 6.37000% 6.37000%
21075WDM4 A-5 0.00000000 0.00000000 0.00000000 1,000.00000000 A-5 6.60000% 6.60000%
21075WDN2 A-6 0.00000000 0.00000000 0.00000000 1,000.00000000 A-6 6.71000% 6.71000%
21075WDP7 A-7 0.00000000 0.00000000 0.00000000 1,000.00000000 A-7 6.99000% 6.99000%
21075WDQ5 A-8 0.00000000 0.00000000 0.00000000 1,000.00000000 A-8 7.22000% 7.22000%
21075WDR3 A-9 0.00000000 0.00000000 0.00000000 1,000.00000000 A-9 6.88000% 6.88000%
21075WDS1 A-10 0.00000000 0.00000000 0.00000000 1,000.00000000 A-10 * 5.83766% 5.83766%
Total 0.00000000 0.00000000 0.00000000 1,000.00000000 A-11IO 1.10000% 1.10000%
A-12IO 1.05000% 1.05000%
* Based on a LIBOR of: 5.59766%
Ending ** As of the December 15, 1996
Principal Interest Total Notional Distribution Date.
Class Distribution Distribution Distribution Amount
21075WDT9 A-11IO 0.00000000 0.00000000 0.00000000 1,000.00000000
21075WDU6 A-12IO 0.00000000 0.00000000 0.00000000 1,000.00000000
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
</TABLE>
Page 1
<PAGE>
<TABLE>
<CAPTION>
Year Ended: 31-Dec-96
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 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-2 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-3 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-4 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-5 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-6 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-7 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-8 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A Certs 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
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-10 Carry-Forward Amount 0.00
Class A-11IO Carry-Forward Amount 0.00
Class A-12IO Carry-Forward Amount 0.00
SEC. 7.09 (a) (v) Class A Insured Payment 0.00
Fixed Group Adj. Group Total
SEC. 7.09 (a) (vii) Outstanding Group Loan Balance: 667,065,684.94 223,678,628.01 890,744,312.95
SEC. 7.09 (a) (viii) Subordinated Amount 0.00 0.00
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.
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 11.8691% 10.4230%
SEC. 7.09 (a) (xii)Amount on deposit in the Supplemental Interest Account 0.00
Amount distributed from Supplemental Interest Account 0.00
SEC. 7.09 (a) (xiv)Largest Loan Balance Outstanding Fixed Group: 449,650.91 Adj. Group: 444,275.56
SEC. 7.09 (b) (ii) & (iii)
Delinquencies Period Number Percentage * Prin. Balance Percentage *
30-59 Days 306 2.71036% 16,275,935.76 2.43993%
Fixed Group 60-89 Days 74 0.65545% 4,346,554.76 0.65159%
90+ Days 19 0.16829% 1,099,583.30 0.16484%
30-59 Days 58 2.08109% 3,455,275.90 1.54475%
Adj. Group 60-89 Days 16 0.57409% 910,258.20 0.40695%
90+ Days 0 0.00000% 0.00 0.00000%
Total Fixed 11290 100.00000% 667,065,684.94 100.00000%
Total Adjust. 2787 100.00000% 223,678,628.01 100.00000%
* Based upon each respective Group's loan count and balance.
Fixed Grp. No. Fixed Grp. Bal. Adj. Group No. Adj. Group Bal.
SEC. 7.09 (b) (iv) Loans in Foreclosure (LIF): 9 648,990.00 0 0.00
Newly Commenced LIF: 9 648,990.00 0 0.00
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 2 86,728.38 0 0.00
SEC. 7.09(b)(v)(b) Balloon Loans 6437 451,306,976.25 2 134,037.04
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>
Year Ended: 31-Dec-96
<TABLE>
<CAPTION>
<S> <C> <C>
SEC. 7.08(b)(1)&(5)Amount on Deposit in the
Certificate Account 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-10 Allocation 0.00
Class A-11IO Allocation 0.00
Class A-12IO Allocation 0.00
SEC. 7.08(b)(2) Class A Distribution Amount 0.00
SEC. 7.08(b)(3)&(5)Subordination Increase/(Reduction) Amount 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-10 Allocation 0.00
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-10 Allocation 0.00
Class A-11IO Allocation 0.00
Class A-12IO Allocation 0.00
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 96,650,000.00 0.00 96,650,000.00
A-2 113,600,000.00 0.00 113,600,000.00
A-3 136,100,000.00 0.00 136,100,000.00
A-4 66,800,000.00 0.00 66,800,000.00
A-5 69,000,000.00 0.00 69,000,000.00
A-6 40,750,000.00 0.00 40,750,000.00
A-7 57,700,000.00 0.00 57,700,000.00
A-8 44,400,000.00 0.00 44,400,000.00
A-9 50,000,000.00 0.00 50,000,000.00
A-10 225,000,000.00 0.00 225,000,000.00
A-11IO 675,000,000.00 NA 675,000,000.00
A-12IO 225,000,000.00 NA 225,000,000.00
* Denotes Notional Amounts for Class A-11IO and A-12IO.
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 0.00
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
SEC. 7.08(b)(9) Amount Distributed to the Class A-1 Certificates from the
Supplemental Interest Account 0.00
SEC. 7.08(b)(10) Amount of Cap Payment 0.00
SEC. 7.08(b)(11) Amount on deposit in the Supplemental Interest Account 0.00
Supplemental Interest Account Earnings 0.00
</TABLE>
