|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: FIRST TRUST SPECIAL SITUATIONS TRUST SERIES 210, 487, 1997-09-23 |
Next: TOWER REALTY TRUST INC, S-11/A, 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 1997-2
-------------------------------------------
(Exact name of registrant as specified in its charter)
16-1521364
New York 33-319427-01 16-1521366
-------- ------------ ----------
(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 $299,874.97.
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.
Page 5
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2
<TABLE>
<CAPTION>
Distribution Period: 15-Sep-97
<S> <C> <C> <C> <C> <C> <C>
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
21075WEJ0 A-1 81,000,000.00 43,083,415.76 10,266,105.34 226,905.99 10,493,011.33 32,817,310.42
21075WEK7 A-2 65,800,000.00 65,800,000.00 0.00 350,933.33 350,933.33 65,800,000.00
21075WEL5 A-3 113,400,000.00 113,400,000.00 0.00 620,865.00 620,865.00 113,400,000.00
21075WEM3 A-4 42,800,000.00 42,800,000.00 0.00 241,463.33 241,463.33 42,800,000.00
21075WEN1 A-5 39,200,000.00 39,200,000.00 0.00 227,686.67 227,686.67 39,200,000.00
21075WEP6 A-6 21,300,000.00 21,300,000.00 0.00 126,380.00 126,380.00 21,300,000.00
21075WEQ4 A-7 35,500,000.00 35,500,000.00 0.00 217,141.67 217,141.67 35,500,000.00
21075WER2 A-8 26,250,000.00 26,250,000.00 0.00 166,687.50 166,687.50 26,250,000.00
21075WES0 A-9 39,375,000.00 39,375,000.00 0.00 232,640.63 232,640.63 39,375,000.00
21075WEU5 M-1F 23,625,000.00 23,625,000.00 0.00 144,506.25 144,506.25 23,625,000.00
21075WEV3 M-2F 30,187,000.00 30,187,000.00 0.00 190,178.10 190,178.10 30,187,000.00
21075WEW1 B-1F 6,563,000.00 6,563,000.00 0.00 43,042.34 43,042.34 6,563,000.00
21075X1G8 C 0.00 0.00 0.00 2,164,803.74 2,164,803.74 0.00
R 0.00 0.00 0.00 155,965.47 155,965.47 0.00
Total 525,000,000.00 487,083,415.76 10,266,105.34 5,109,200.02 15,375,305.36 476,817,310.42
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
21075WET8 A-10 251,100,000.00 222,237,739.81 8,271,778.21 1,116,143.00 9,387,921.21 213,965,961.60
21075WEX9 M-1A 24,800,000.00 24,800,000.00 0.00 127,969.75 127,969.75 24,800,000.00
21075WEY7 M-2A 19,375,000.00 19,375,000.00 0.00 103,480.01 103,480.01 19,375,000.00
21075WEZ4 B-1A 14,725,000.00 14,725,000.00 0.00 82,448.77 82,448.77 14,725,000.00
Total 310,000,000.00 281,137,739.81 8,271,778.21 1,430,041.53 9,701,819.74 272,865,961.60
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075X1K9 A-11IO 524,923,376.08 492,333,415.76 0.00 410,277.85 410,277.85 482,067,310.42
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Principal Interest Total Ending Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WEJ0 A-1 126.74204123 2.80130852 129.54334975 405.15198049 A-1 6.32000% 6.32000%
21075WEK7 A-2 0.00000000 5.33333328 5.33333328 1,000.00000000 A-2 6.40000% 6.40000%
21075WEL5 A-3 0.00000000 5.47500000 5.47500000 1,000.00000000 A-3 6.57000% 6.57000%
21075WEM3 A-4 0.00000000 5.64166659 5.64166659 1,000.00000000 A-4 6.77000% 6.77000%
21075WEN1 A-5 0.00000000 5.80833342 5.80833342 1,000.00000000 A-5 6.97000% 6.97000%
21075WEP6 A-6 0.00000000 5.93333333 5.93333333 1,000.00000000 A-6 7.12000% 7.12000%
21075WEQ4 A-7 0.00000000 6.11666676 6.11666676 1,000.00000000 A-7 7.34000% 7.34000%
21075WER2 A-8 0.00000000 6.35000000 6.35000000 1,000.00000000 A-8 7.62000% 7.62000%
21075WES0 A-9 0.00000000 5.90833346 5.90833346 1,000.00000000 A-9 7.09000% 7.09000%
21075WEU5 M-1F 0.00000000 6.11666667 6.11666667 1,000.00000000 A-11IO 1.00000% 1.00000%
21075WEV3 M-2F 0.00000000 6.30000000 6.30000000 1,000.00000000 M-1F 7.34000% 7.34000%
21075WEW1 B-1F 0.00000000 6.55833308 6.55833308 1,000.00000000 M-2F 7.56000% 7.56000%
Total 19.55448636 5.31129678 24.86578314 908.22344842 B-1F 7.87000% 7.87000%
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Principal Interest Total Ending Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
21075WET8 A-10 32.94216730 4.44501394 37.38718124 852.11454241 A-10 5.83625% 5.83234%
21075WEX9 M-1A 0.00000000 5.16007056 5.16007056 1,000.00000000 M-1A 5.99625% 5.99234%
21075WEY7 M-2A 0.00000000 5.34090374 5.34090374 1,000.00000000 M-2A 6.20625% 6.20234%
21075WEZ4 B-1A 0.00000000 5.59923735 5.59923735 1,000.00000000 B-1A 6.50625% 6.50234%
Total 26.68315552 4.61303719 31.29619271 880.21277935 * Based on a LIBOR of: 5.65234%
Principal Interest Total Ending Notional
Class Distribution Distribution Distribution Amount
21075X1K9 A-11IO 0.00000000 0.78159569 0.78159569 918.35748299
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 Page 1
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Sep-97
Total Principal Scheduled *Overcollateralization
Distribution Principal Prepayments Liquidations Grp I Inc/(Red) Grp II Inc/(Red) Total
<S> <C> <C> <C> <C> <C> <C> <C>
SEC. 7.09(a)(ii)Class A-1 347,045.67 9,684,181.50 234,878.17 0.00 0.00 10,266,105.34
Per $1000 Unit 4.28451444 119.55779630 2.89973049 0.00000000 0.00000000 126.74204123
Class A-2 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-3 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-4 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-5 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-6 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-7 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-8 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-9 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class M-1F 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class M-2F 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class B-1F 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-10 103,414.79 8,168,363.42 0.00 0.00 0.00 8,271,778.21
Per $1000 Unit 0.41184703 32.53032027 0.00000000 0.00000000 0.00000000 32.94216730
Class M-1A 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class M-2A 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class B-1A 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Total 450,460.46 17,852,544.92 234,878.17 0.00 0.00 18,537,883.55
Per $1000 Unit 0.53947360 21.38029332 0.28129122 0.00000000 0.00000000 22.20105814
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-10 Interest Carry-Forward Amount 0.00
Class A-11IO Interest Carry-Forward Amount 0.00
Class M-1F Interest Carry-Forward Amount 0.00
Class M-1A Interest Carry-Forward Amount 0.00
Class M-2F Interest Carry-Forward Amount 0.00
Class M-2A Interest Carry-Forward Amount 0.00
Class B-1F Interest Carry-Forward Amount 0.00
Class B-1A Interest Carry-Forward Amount 0.00
Group I Group II Total
SEC. 7.09 (a) (vi) Outstanding Group Balance: 482,067,310.42 275,965,961.60 758,033,272.02
SEC. 7.09 (a) (vii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
Group I Group II
SEC. 7.09 (a) (viii) Loan Purchase Prices 0.00 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.5072% 10.7202%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 0.00 0.00
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 13.6132% 22.4665%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 5,250,000.00 3,100,000.00
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Sep-97
SEC. 7.09 (a) (xiv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
<S> <C> <C> <C> <C>
Class M-1F 0.00 0.00 0.00
Class M-1A 0.00 0.00 0.00
Class M-2F 0.00 0.00 0.00
Class M-2A 0.00 0.00 0.00
Class B-1F 0.00 0.00 0.00
Class B-1A 0.00 0.00 0.00
SEC. 7.09 (b) (i)
Delinquencies(1) Period Number Percentage(2) Prin. Balance Percentage(2)
30-59 Days 335 4.17810% 17,882,201.11 3.70948%
Group I 60-89 Days 121 1.50910% 6,994,196.27 1.45088%
90+ Days 206 2.56922% 14,147,759.69 2.93481%
30-59 Days 125 3.74925% 9,455,766.44 3.42642%
Group II 60-89 Days 46 1.37972% 3,571,856.19 1.29431%
90+ Days 76 2.27954% 6,612,830.73 2.39625%
Total Fixed 8018 100.00000% 482,067,310.42 100.00000%
Total Adjust. 3334 100.00000% 275,965,961.60 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs; Based upon each respective Group's loan count and balance.
Group I No. Grp. I Bal. Group II No. Grp. II Bal.
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): 143 9,396,176.19 51 4,561,905.11
Newly Commenced LIF: 35 2,615,552.88 12 1,098,091.59
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 38 2,422,760.51 16 1,520,337.21
SEC. 7.09(b)(iii)(b) Balloon Loans 4764 333,663,794.79 5 443,490.59
SEC. 7.09 (b) (iv&v) REO Properties 0 0.00 0 0.00
SEC. 7.09 (b) (vi) Cumulative Losses 8,307.92 4,267.92
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 21,141,955.96 10,184,686.92
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Sep-97
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 25,489,463.26
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 10,493,011.33 10,493,011.33
Class A-2 Allocation 350,933.33 350,933.33
Class A-3 Allocation 620,865.00 620,865.00
Class A-4 Allocation 241,463.33 241,463.33
Class A-5 Allocation 227,686.67 227,686.67
Class A-6 Allocation 126,380.00 126,380.00
Class A-7 Allocation 217,141.67 217,141.67
Class A-8 Allocation 166,687.50 166,687.50
Class A-9 Allocation 232,640.63 232,640.63
Class A-10 Allocation 9,387,921.21 9,387,921.21
Class A-11IO Allocation 410,277.85 410,277.85
Class A Distribution Amount 22,475,008.52 22,475,008.52
Class M-1F Allocation 144,506.25 144,506.25
Class M-1A Allocation 127,969.75 127,969.75
Class M-2F Allocation 190,178.10 190,178.10
Class M-2A Allocation 103,480.01 103,480.01
Class B-1F Allocation 43,042.34 43,042.34
Class B-1A Allocation 82,448.77 82,448.77
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 43,083,415.76 10,266,105.34 32,817,310.42
A-2 65,800,000.00 0.00 65,800,000.00
A-3 113,400,000.00 0.00 113,400,000.00
A-4 42,800,000.00 0.00 42,800,000.00
A-5 39,200,000.00 0.00 39,200,000.00
A-6 21,300,000.00 0.00 21,300,000.00
A-7 35,500,000.00 0.00 35,500,000.00
A-8 26,250,000.00 0.00 26,250,000.00
A-9 39,375,000.00 0.00 39,375,000.00
A-10 222,237,739.81 8,271,778.21 213,965,961.60
A-11IO 492,333,415.76 NA 482,067,310.42
M-1F 23,625,000.00 0.00 23,625,000.00
M-1A 24,800,000.00 0.00 24,800,000.00
M-2F 30,187,000.00 0.00 30,187,000.00
M-2A 19,375,000.00 0.00 19,375,000.00
B-1F 6,563,000.00 0.00 6,563,000.00
B-1A 14,725,000.00 0.00 14,725,000.00
* Denotes Notional Amounts for Class A-11IO.
Group I Group II
------- --------
SEC. 7.08(a)(5) Current Period Realized Losses (Recoveries) 6,838.28 0.00
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 21,141,955.96 10,184,686.92
</TABLE>
|
|