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Previous: ASSET SECURITIZATION CORP COMM MORT PASS THR CER SER 1997-D4, 424B5, 1997-03-28 |
Next: ZARING NATIONAL CORP, S-4/A, 1997-03-28 |
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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)
March 15, 1997
ContiMortgage Home Equity Loan Trust 1997-1
-------------------------------------------
(Exact name of registrant as specified in its charter)
16-1516516
New York 33-99340 16-1516514
-------- -------- ----------
(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 March 15, 1997 a scheduled distribution was made from the Trust to
holders of the Class A,M and B Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of February, 1997 dated March
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 February,
1997 was $209,776.92.
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 February, 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/ Jerome M. Perelson
Name: Jerome M. Perelson
Title: Vice President
By: /s/ Susan E. O'Donovan
Name: Susan E. O'Donovan
Title: Vice President and Chief Financial Officer
Dated: March 26, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of February,
1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-1
Distribution Period: 15-Mar-97
<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>
21075WDV4 A-1 50,750,000.00 50,750,000.00 5,836,242.62 378,862.85 6,215,105.47 44,913,757.38
21075WDW2 A-2 57,500,000.00 57,500,000.00 0.00 433,374.31 433,374.31 57,500,000.00
21075WDX0 A-3 84,500,000.00 84,500,000.00 0.00 654,030.00 654,030.00 84,500,000.00
21075WDY8 A-4 37,250,000.00 37,250,000.00 0.00 297,213.61 297,213.61 37,250,000.00
21075WDZ5 A-5 28,250,000.00 28,250,000.00 0.00 233,164.51 233,164.51 28,250,000.00
21075WEA9 A-6 20,000,000.00 20,000,000.00 0.00 168,655.56 168,655.56 20,000,000.00
21075WEB7 A-7 24,250,000.00 24,250,000.00 0.00 212,025.83 212,025.83 24,250,000.00
21075WEC5 A-8 21,500,000.00 21,500,000.00 0.00 195,685.83 195,685.83 21,500,000.00
21075WED3 A-9 30,000,000.00 30,000,000.00 0.00 252,625.00 252,625.00 30,000,000.00
21075WEF8 M-1 18,000,000.00 18,000,000.00 0.00 159,530.00 159,530.00 18,000,000.00
21075WEG6 M-2 23,000,000.00 23,000,000.00 0.00 210,711.94 210,711.94 23,000,000.00
21075WEH4 B 5,000,000.00 5,000,000.00 0.00 47,300.00 47,300.00 5,000,000.00
21075X1A1 C 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 400,000,000.00 400,000,000.00 5,836,242.62 3,243,179.44 9,079,422.06 394,163,757.38
Class Notional Notional Principal Interest Total Notional
Amount Amount Distribution Distribution Distribution Amount
21075WEE1 A-10 400,001,834.97 400,001,834.97 0.00 525,557.97 525,557.97 395,676,913.34
</TABLE>
<TABLE>
<CAPTION>
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
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WDV4 A-1 114.99985458 7.46527783 122.46513241 885.00014542 A-1 6.25000% 6.25000%
21075WDW2 A-2 0.00000000 7.53694452 7.53694452 1,000.00000000 A-2 6.31000% 6.31000%
21075WDX0 A-3 0.00000000 7.74000000 7.74000000 1,000.00000000 A-3 6.48000% 6.48000%
21075WDY8 A-4 0.00000000 7.97888886 7.97888886 1,000.00000000 A-4 6.68000% 6.68000%
21075WDZ5 A-5 0.00000000 8.25361097 8.25361097 1,000.00000000 A-5 6.91000% 6.91000%
21075WEA9 A-6 0.00000000 8.43277800 8.43277800 1,000.00000000 A-6 7.06000% 7.06000%
21075WEB7 A-7 0.00000000 8.74333320 8.74333320 1,000.00000000 A-7 7.32000% 7.32000%
21075WEC5 A-8 0.00000000 9.10166651 9.10166651 1,000.00000000 A-8 7.62000% 7.62000%
21075WED3 A-9 0.00000000 8.42083333 8.42083333 1,000.00000000 A-9 7.05000% 7.05000%
21075WEF8 M-1 0.00000000 8.86277778 8.86277778 1,000.00000000 A-10IO 1.10000% 1.10000%
21075WEG6 M-2 0.00000000 9.16138870 9.16138870 1,000.00000000 M-1 7.42000% 7.42000%
21075WEH4 B 0.00000000 9.46000000 9.46000000 1,000.00000000 M-2 7.67000% 7.67000%
B 7.92000% 7.92000%
Total 14.59060655 8.10794860 22.69855515 985.40939345
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WEE1 A-10IO 0.00000000 1.31388890 1.31388890 989.18774553
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-Mar-97
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
<S> <C> <C> <C> <C> <C> <C>
SEC.7.09(a)(ii) Class A-1 368,893.64 3,956,027.99 0.00 1,511,320.99 5,836,242.62
Per $1000 Unit 7.26884020 77.95129044 0.00000000 29.77972394 114.99985458
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 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Total 368,893.64 3,956,027.99 0.00 1,511,320.99 5,836,242.62
Per $1000 Unit 0.92223410 9.89006998 0.00000000 3.77830248 14.59060655
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
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: 395,676,913.34
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 Price \ Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.5559%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 1,511,320.99
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 11.6255%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 1,513,155.96
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 170 2.63362% 10,092,665.38 2.55073%
Pool 60-89 Days 48 0.74361% 3,702,437.68 0.93572%
90+ Days 7 0.10844% 342,256.42 0.08650%
Total 6455 100.00000% 395,676,913.34 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs
Number Balance
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): 4 490,050.00
Newly Commenced LIF: 4 490,050.00
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 1 55,660.02
SEC. 7.09(b)(iii)(b) Balloon Loans 3885 278,783,271.67
SEC. 7.09 (b) (iv&v) REO Properties 0 0.00
SEC. 7.09 (b) (vi) Cumulative Losses 0.00
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 4,044,694.10
</TABLE>
Page 2
<PAGE>
Distribution Period: 15-Mar-97
<TABLE>
<CAPTION>
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 9,607,209.20
<S> <C> <C> <C>
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
Class A-1 Allocation 6,215,105.47 6,215,105.47
Class A-2 Allocation 433,374.31 433,374.31
Class A-3 Allocation 654,030.00 654,030.00
Class A-4 Allocation 297,213.61 297,213.61
Class A-5 Allocation 233,164.51 233,164.51
Class A-6 Allocation 168,655.56 168,655.56
Class A-7 Allocation 212,025.83 212,025.83
Class A-8 Allocation 195,685.83 195,685.83
Class A-9 Allocation 252,625.00 252,625.00
Class A-10IO Allocation 525,557.97 525,557.97
Class A Distribution Amount 9,187,438.09 9,187,438.09
Class M-1 Allocation 159,530.00 159,530.00
Class M-2 Allocation 210,711.94 210,711.94
Class B Allocation 47,300.00 47,300.00
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 50,750,000.00 5,836,242.62 44,913,757.38
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 400,001,834.97 NA 395,676,913.34
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) 0.00
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 4,044,694.10
</TABLE>
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