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Previous: PROBUSINESS SERVICES INC, 8-A12G, 1997-09-04 |
Next: HEMLOCK FEDERAL FINANCIAL CORP, DEF 14A, 1997-09-04 |
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, 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
<PAGE>
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 July 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 July 15, 1997.
Principal Interest Ending Balance
Cede & Co. $2,687,305.74 $1,092,963.08 $228,549,464.93
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 July 15 , 1997
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 6/16/97 7/15/97
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER
$1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed
4.984852 4.442341
Investor Certificate Interest Shortfall Distributed
0.000000 0.000000
Remaining Unpaid Investor Certificate Interest Shortfall
0.000000 0.000000
Managed Amortization Period ? (Yes=1; No=0)
1 1
Investors Certificate Principal Distributed
15.905883 10.922537
Principal Distribution Amount 15.905883
10.922537
Maximum Principal Payment 31.725418
27.927137
Alternative Principal Payment
15.905883 10.922537
Principal Collections less Additional Balances
15.905883 10.922537
Investor Loss Amount Distributed to Investors
0.000000 0.000000
Accelerated Principal Distribution Amount
0.000000 0.000000
Credit Enhancement Draw Amount
0.00 0.00
Total Amount Distributed to Certificateholders (P & I)
20.890735 15.364878
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance
"235,150,144.61 " "231,236,770.67 "
Ending Investor Certificate Balance
"231,236,770.67 " "228,549,464.93 "
Beginning Invested Amount
"239,167,011.84 " "235,253,637.90 "
Ending Invested Amount "235,253,637.90
" "232,566,332.16 "
Investor Certificateholder Floating Allocation Percentage
97.6627% 97.6247%
Pool Factor 0.9398603 0.9289378
Liquidation Loss Amount for Liquidated Loans
0.00 0.00
Unreimbursed Liquidation Loss Amount
0.00 0.00
Additional Servicing Fee 0 0
C. POOL INFORMATION
Beginning Pool Balance "244,890,864.69"
"240,977,490.75 "
Ending Pool Balance "240,977,490.75"
"238,290,185.01 "
Servicer Removals form the Trust (Section 2.06)
0.00 0.00
Servicing Fee "102,037.86 "
"100,407.29 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.867500%
5.867500%
LIBOR Rate 5.687500%
5.687500%
Maximum Rate 9.435534%
9.426658%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 35 29
Trust Balances "1,226,062.66 "
"873,009.63 "
Delinquent 60-89 days
No. of Accounts 5 9
Trust Balances "128,739.24 "
"255,264.54 "
Delinquent 90+ days
No. of Accounts 18 20
Trust Balances "712,705.48 "
"691,238.45 "
Delinquent 9+ Months
No. of Accounts 0 1
Trust Balances 0 "75,592 "
REO
No. of Accounts 3 3
Trust Balances "242,992.07 "
"242,992.07 "
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 6/16/97 7/15/97
"IN WITNESS WHEREOF, the undersigned has caused this Certificate
to be duly executed"
"this 10th day of July, 1997"
Countrywide Home Loans Formerly Known as Countrywide
Funding Corporation
as Servicer
_______________________________________
Sam Ilagan
Vice-President
Distribution List:
Barbara Grosse - First National Bank of Chicago
Lupe Montero - Countrywide Home Loans
Frank Skibo - FSA Jose Baltasar - Countrywide Home Loans
Paul Marsilio - Lehman Brothers Richard Pohl -Countrywide Home Loans
Margarette Carrette - Moody's Investors Service
Richard Marron - Countrywide Home Loans
Gail Brennan - Standard & Poor's Corp.
Dave Walker- Countrywide Home Loans
Brain Sulker - Hall - Countrywide Home Loans
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: July 31, 1997
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