|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: RWD TECHNOLOGIES INC, S-8, 1997-09-23 |
Next: FIRST TRUST SPECIAL SITUATIONS TRUST SERIES 210, 487, 1997-09-23 |
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)
September 15, 1997
ContiMortgage Home Equity Loan Trust 1997-1
-------------------------------------------
(Exact name of registrant as specified in its charter)
16-1516514
New York 33-99340 16-1516516
-------- -------- ----------
(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
-------------------------------- ----------
(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)
- --------------------------------------------------------------------
Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. Other Events.
On September 15, 1997 a scheduled distribution was made from the Trust to
holders of the Class A,M,B,C and R Certificates. The information contained in
the Trustee's Monthly Servicing Report for the month of August, 1997 dated
September 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 for the month of August,
1997 was $136,477.59
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 August, 1997.
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/ Susan E. O'Donovan
Name: Susan E. O'Donovan
Title: Vice President and Chief Financial Officer
Dated: September 23, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of August,
1997.
<TABLE>
<CAPTION>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-1
Distribution Period: 15-Sep-97
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>
21075WDV4 A-1 50,750,000.00 8,854,700.65 8,373,431.57 46,118.23 8,419,549.80 481,269.08
21075WDW2 A-2 57,500,000.00 57,500,000.00 0.00 302,354.17 302,354.17 57,500,000.00
21075WDX0 A-3 84,500,000.00 84,500,000.00 0.00 456,300.00 456,300.00 84,500,000.00
21075WDY8 A-4 37,250,000.00 37,250,000.00 0.00 207,358.33 207,358.33 37,250,000.00
21075WDZ5 A-5 28,250,000.00 28,250,000.00 0.00 162,672.92 162,672.92 28,250,000.00
21075WEA9 A-6 20,000,000.00 20,000,000.00 0.00 117,666.67 117,666.67 20,000,000.00
21075WEB7 A-7 24,250,000.00 24,250,000.00 0.00 147,925.00 147,925.00 24,250,000.00
21075WEC5 A-8 21,500,000.00 21,500,000.00 0.00 136,525.00 136,525.00 21,500,000.00
21075WED3 A-9 30,000,000.00 30,000,000.00 0.00 176,250.00 176,250.00 30,000,000.00
21075WEF8 M-1 18,000,000.00 18,000,000.00 0.00 111,300.00 111,300.00 18,000,000.00
21075WEG6 M-2 23,000,000.00 23,000,000.00 0.00 147,008.33 147,008.33 23,000,000.00
21075WEH4 B 5,000,000.00 5,000,000.00 0.00 33,000.00 33,000.00 5,000,000.00
21075X1A1 C 0.00 0.00 0.00 854,884.12 854,884.12 0.00
R 0.00 0.00 0.00 12,544.03 12,544.03 0.00
Total 400,000,000.00 358,104,700.65 8,373,431.57 2,911,906.80 11,285,338.37 349,731,269.08
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WEE1 A-10IO 400,001,834.97 362,104,700.65 0.00 331,929.31 331,929.31 353,731,269.08
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
21075WDV4 A-1 164.99372552 0.90873360 165.90245911 9.48313458 A-1 6.25000% 6.25000%
21075WDW2 A-2 0.00000000 5.25833339 5.25833339 1,000.00000000 A-2 6.31000% 6.31000%
21075WDX0 A-3 0.00000000 5.40000000 5.40000000 1,000.00000000 A-3 6.48000% 6.48000%
21075WDY8 A-4 0.00000000 5.56666658 5.56666658 1,000.00000000 A-4 6.68000% 6.68000%
21075WDZ5 A-5 0.00000000 5.75833345 5.75833345 1,000.00000000 A-5 6.91000% 6.91000%
21075WEA9 A-6 0.00000000 5.88333350 5.88333350 1,000.00000000 A-6 7.06000% 7.06000%
21075WEB7 A-7 0.00000000 6.10000000 6.10000000 1,000.00000000 A-7 7.32000% 7.32000%
21075WEC5 A-8 0.00000000 6.35000000 6.35000000 1,000.00000000 A-8 7.62000% 7.62000%
21075WED3 A-9 0.00000000 5.87500000 5.87500000 1,000.00000000 A-9 7.05000% 7.05000%
21075WEF8 M-1 0.00000000 6.18333333 6.18333333 1,000.00000000 A-10IO 1.10000% 1.10000%
21075WEG6 M-2 0.00000000 6.39166652 6.39166652 1,000.00000000 M-1 7.42000% 7.42000%
21075WEH4 B 0.00000000 6.60000000 6.60000000 1,000.00000000 M-2 7.67000% 7.67000%
B 7.92000% 7.92000%
Total 20.93357893 5.11119663 26.04477555 874.32817270
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WEE1 A-10IO 0.00000000 0.82981947 0.82981947 884.32411593
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>
Distribution Period: 15-Sep-97
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
<S> <C> <C> <C> <C> <C> <C> <C>
SEC. 7.09(a)(ii)Class A-1 250,661.95 7,766,848.46 281,667.93 74,253.23 8,373,431.57
Per $1000 Unit 4.93915172 153.04134897 5.55010700 1.46311783 164.99372552
Class A-2 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-3 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-4 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-5 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-6 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-7 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-8 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-9 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class M-1 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class M-2 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class B 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Total 250,661.95 7,766,848.46 281,667.93 74,253.23 8,373,431.57
Per $1000 Unit 0.62665488 19.41712115 0.70416983 0.18563308 20.93357893
SEC. 7.09 (a) (iv) Total Certificate Interest Carry-Forward Amount 0.00
Class A-1 Interest Carry-Forward Amount 0.00
Class A-2 Interest Carry-Forward Amount 0.00
Class A-3 Interest Carry-Forward Amount 0.00
Class A-4 Interest Carry-Forward Amount 0.00
Class A-5 Interest Carry-Forward Amount 0.00
Class A-6 Interest Carry-Forward Amount 0.00
Class A-7 Interest Carry-Forward Amount 0.00
Class A-8 Interest Carry-Forward Amount 0.00
Class A-9 Interest Carry-Forward Amount 0.00
Class A-10IO Interest Carry-Forward Amount 0.00
Class M-1 Interest Carry-Forward Amount 0.00
Class M-2 Interest Carry-Forward Amount 0.00
Class B Interest Carry-Forward Amount 0.00
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 353,731,269.08
SEC. 7.09 (a) (vii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
SEC. 7.09 (a) (viii) Loan Purchase Prices \ Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.5167%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 74,253.23
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 14.1350%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 4,000,000.00
SEC. 7.09 (a) (xiv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
Class M-1 0.00 0.00 0.00
Class M-2 0.00 0.00 0.00
Class B 0.00 0.00 0.00
SEC. 7.09(b)(i)
Delinquencies(1) Period Number Percentage Prin. Balance Percentage
30-59 Days 273 4.68348% 15,362,826.02 4.34308%
Pool 60-89 Days 107 1.83565% 6,811,939.24 1.92574%
90+ Days 237 4.06588% 14,366,136.13 4.06131%
Total 5829 100.00000% 353,731,269.08 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs
Number Balance
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): 160 10,174,202.31
Newly Commenced LIF: 26 1,848,548.82
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 42 2,236,805.00
SEC. 7.09(b)(iii)(b) Balloon Loans 3503 249,065,006.28
SEC. 7.09 (b) (iv&v) REO Properties 5 581,255.71
SEC. 7.09 (b) (vi) Cumulative Losses 164,242.22
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 21,178,075.37 Page 2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Sep-97
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 11,619,304.83
<S> <C> <C> <C>
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
Class A-1 Allocation 8,419,549.80 8,419,549.80
Class A-2 Allocation 302,354.17 302,354.17
Class A-3 Allocation 456,300.00 456,300.00
Class A-4 Allocation 207,358.33 207,358.33
Class A-5 Allocation 162,672.92 162,672.92
Class A-6 Allocation 117,666.67 117,666.67
Class A-7 Allocation 147,925.00 147,925.00
Class A-8 Allocation 136,525.00 136,525.00
Class A-9 Allocation 176,250.00 176,250.00
Class A-10IO Allocation 331,929.31 331,929.31
Class A Distribution Amount 10,458,531.20 10,458,531.20
Class M-1 Allocation 111,300.00 111,300.00
Class M-2 Allocation 147,008.33 147,008.33
Class B Allocation 33,000.00 33,000.00
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 8,854,700.65 8,373,431.57 481,269.08
A-2 57,500,000.00 0.00 57,500,000.00
A-3 84,500,000.00 0.00 84,500,000.00
A-4 37,250,000.00 0.00 37,250,000.00
A-5 28,250,000.00 0.00 28,250,000.00
A-6 20,000,000.00 0.00 20,000,000.00
A-7 24,250,000.00 0.00 24,250,000.00
A-8 21,500,000.00 0.00 21,500,000.00
A-9 30,000,000.00 0.00 30,000,000.00
A-10IO 362,104,700.65 NA 353,731,269.08
M-1 18,000,000.00 0.00 18,000,000.00
M-2 23,000,000.00 0.00 23,000,000.00
B 5,000,000.00 0.00 5,000,000.00
* Denotes Notional Amounts for Class A-10IO.
SEC. 7.08(a)(5) Current Period Realized Losses (Recoveries) 90,994.10
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 21,178,075.37
</TABLE>
<PAGE>
REO Status
SEC. 7.09 (b) (iv&v) Loan Number Book Value Status
2765899 $342,000.00 NOT PROVIDED
3076627 $34,800.00 REO LIST PEND
3086360 $54,005.71 REO REPAIRS
3094554 $61,200.00 REO REPAIRS
3277258 $89,250.00 REO REPAIRS
|
|