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): May 15, 1997
COUNTRYWIDE HOME EQUITY LOAN TRUST 1996-A
(Exact name of registrant as specified in its charter)
CALIFORNIA 333-11095 13-2631719
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification
No.)
c/o The First National Bank of Chicago.
Corporate Trust Services Division - 9th floor
1 N. State Street, Chicago IL 60670-0126
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 312/407-1902
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Item 5. Other Events
On behalf of Countrywide Home Equity Loan Trust 1996-A, a Trust created
pursuant to the Pooling Agreement, dated October 31, 1996, by The First
National Bank of Chicago, as trustee for the Trust, the Trustee has caused
to be filed with the Commission, the Monthly Report dated May 15, 1997. The
Monthly Report is filed pursuant to and in accordance with (1) numerous
no-action letters (2) current Commission policy in the area. The filing of
the Monthly Report will occur subsequent to each monthly distribution to the
holders of the Trust's Investor Certificates, Due January 15, 2028.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date May 15, 1997.
Principal Interest Ending Balance
Cede & Co. $1,473,809.86 $1,156,992.54 $235,150,144.61
B. No delinquency in payment under the Transferor
Certificate, or the Financial Guaranty Insurance Policy
has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable under
the Financial Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the
Financial Guaranty Insurance Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H. Item 4: Submission of Matters to a Vote of Security
Holders: NONE
I. Item 5: Other Information - Items 1, 2, 4, 5 if
applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Statement to Certificateholders dated May 15 , 1997
Statement to Certificateholders (Page 1 of 2)
Distribution Date:4/15/97 5/15/97
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL
PRINCIPAL AMOUNT)
A.INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed4.404861 4.702589
Investor Certificate Interest Shortfall Distributed0.000000 0.000000
Remaining Unpaid Investor Certificate Interest Shortfall0.000000 0.000000
Managed Amortization Period ? (Yes=1; No=0)11
Investors Certificate Principal Distributed11.648655 5.990291
Principal Distribution Amount8.318869 5.418605
Maximum Principal Payment25.805316 32.223994
Alternative Principal Payment8.318869 5.418605
Principal Collections less Additional Balances8.318869 5.418605
Investor Loss Amount Distributed to Investors0.000000 0.000000
Accelerated Principal Distribution Amount3.329786 0.571685
Credit Enhancement Draw Amount0.00 0.00
Total Amount Distributed to Certificateholders (P & I)16.053516 10.692879
B.INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance"239,489,909.38 ""236,623,954.46 "
Ending Investor Certificate Balance"236,623,954.46 ""235,150,144.61 "
Beginning Invested Amount"242,546,885.36 ""240,500,168.14 "
Ending Invested Amount"240,500,168.14 ""239,167,011.84 "
Investor Certificateholder Floating Allocation Percentage97.6945% 97.6753%
Pool Factor0.9617565 0.9557662
Liquidation Loss Amount for Liquidated Loans0.00 0.00
Unreimbursed Liquidation Loss Amount0.00 0.00
Additional Servicing Fee#REF!#REF!
C.POOL INFORMATION
Beginning Pool Balance"248,270,738.21 ""246,224,020.99 "
Ending Pool Balance"246,224,020.99 ""244,890,864.69 "
Servicer Removals form the Trust (Section 2.06)0.00 0.00
Servicing Fee"103,446.14 ""102,593.34 "
D.INVESTOR CERTIFICATE RATE
Investor Certificate Rate5.617500% 5.867500%
LIBOR Rate5.437500% 5.687500%
Maximum Rate9.695863% 9.941452%
E.DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts16 14
Trust Balances"611,772.42 ""355,211.34 "
Delinquent 60-89 days
No. of Accounts6 3
Trust Balances"302,126.45 ""74,734.98 "
Delinquent 90+ days
No. of Accounts12 16
Trust Balances"498,908.00 ""674,703.00 "
Delinquent 9+ Months
No. of Accounts0 0
Trust Balances0 0
REO
No. of Accounts0 1
Trust Balances0.00 "17,450.00 "
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 4/15/97
5/15/97
"IN WITNESS WHEREOF, the undersigned has caused this Certificate to be
duly executed"
"this 12th day of May, 1997"
Countrywide Home Loans Formerly Known as Countrywide Funding
Corporation
as Servicer
_______________________________________
Sam Ilagan
Vice-President
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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 thereunto duly authorized.
COUNTRYWIDE HOME EQUITY LOAN TRUST
1996-A
By _______________________________________
Name: Barbara Grosse
Title: Assistant Vice President
Dated: May 31, 1997
