|
|
|
|
|
|
|
|
|
|
|
|
|
-----------------------------------------------------------------
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)
April 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 April 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 March, 1997 dated April
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 March,
1997 was $306,203.92.
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 March, 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: April 29, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of March,
1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2
Distribution Period: 15-Apr-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>
21075WEJ0 A-1 81,000,000.00 81,000,000.00 4,420,262.83 383,940.00 4,804,202.83 76,579,737.17
21075WEK7 A-2 65,800,000.00 65,800,000.00 0.00 315,840.00 315,840.00 65,800,000.00
21075WEL5 A-3 113,400,000.00 113,400,000.00 0.00 558,778.50 558,778.50 113,400,000.00
21075WEM3 A-4 42,800,000.00 42,800,000.00 0.00 217,317.00 217,317.00 42,800,000.00
21075WEN1 A-5 39,200,000.00 39,200,000.00 0.00 204,918.00 204,918.00 39,200,000.00
21075WEP6 A-6 21,300,000.00 21,300,000.00 0.00 113,742.00 113,742.00 21,300,000.00
21075WEQ4 A-7 35,500,000.00 35,500,000.00 0.00 195,427.50 195,427.50 35,500,000.00
21075WER2 A-8 26,250,000.00 26,250,000.00 0.00 150,018.75 150,018.75 26,250,000.00
21075WES0 A-9 39,375,000.00 39,375,000.00 0.00 209,376.56 209,376.56 39,375,000.00
21075WEU5 M-1F 23,625,000.00 23,625,000.00 0.00 130,055.63 130,055.63 23,625,000.00
21075WEV3 M-2F 30,187,000.00 30,187,000.00 0.00 171,160.29 171,160.29 30,187,000.00
21075WEW1 B-1F 6,563,000.00 6,563,000.00 0.00 38,738.11 38,738.11 6,563,000.00
21075X1G8 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 525,000,000.00 525,000,000.00 4,420,262.83 2,689,312.34 7,109,575.17 520,579,737.17
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
21075WET8 A-10 251,100,000.00 251,100,000.00 4,345,171.87 814,156.88 5,159,328.75 246,754,828.13
21075WEX9 M-1A 24,800,000.00 24,800,000.00 0.00 82,615.00 82,615.00 24,800,000.00
21075WEY7 M-2A 19,375,000.00 19,375,000.00 0.00 66,803.39 66,803.39 19,375,000.00
21075WEZ4 B-1A 14,725,000.00 14,725,000.00 0.00 53,224.74 53,224.74 14,725,000.00
Total 310,000,000.00 310,000,000.00 4,345,171.87 1,016,800.01 5,361,971.88 305,654,828.13
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075X1K9 A-11IO 524,923,376.08 524,923,376.08 0.00 393,692.53 393,692.53 521,765,099.36
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
21075WEJ0 A-1 54.57114605 4.74000000 59.31114605 945.42885395 A-1 6.32000% 6.32000%
21075WEK7 A-2 0.00000000 4.80000000 4.80000000 1,000.00000000 A-2 6.40000% 6.40000%
21075WEL5 A-3 0.00000000 4.92750000 4.92750000 1,000.00000000 A-3 6.57000% 6.57000%
21075WEM3 A-4 0.00000000 5.07750000 5.07750000 1,000.00000000 A-4 6.77000% 6.77000%
21075WEN1 A-5 0.00000000 5.22750000 5.22750000 1,000.00000000 A-5 6.97000% 6.97000%
21075WEP6 A-6 0.00000000 5.34000000 5.34000000 1,000.00000000 A-6 7.12000% 7.12000%
21075WEQ4 A-7 0.00000000 5.50500000 5.50500000 1,000.00000000 A-7 7.34000% 7.34000%
21075WER2 A-8 0.00000000 5.71500000 5.71500000 1,000.00000000 A-8 7.62000% 7.62000%
21075WES0 A-9 0.00000000 5.31749994 5.31749994 1,000.00000000 A-9 7.09000% 7.09000%
21075WEU5 M-1F 0.00000000 5.50500021 5.50500021 1,000.00000000 A-11IO 1.00000% 1.00000%
21075WEV3 M-2F 0.00000000 5.67000000 5.67000000 1,000.00000000 M-1F 7.34000% 7.34000%
21075WEW1 B-1F 0.00000000 5.90250038 5.90250038 1,000.00000000 M-2F 7.56000% 7.56000%
Total 8.41954825 5.12249970 13.54204794 991.58045175 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 17.30454747 3.24236113 20.54690860 982.69545253 A-10 5.83625% 5.83625%
21075WEX9 M-1A 0.00000000 3.33125000 3.33125000 1,000.00000000 M-1A 5.99625% 5.99625%
21075WEY7 M-2A 0.00000000 3.44791690 3.44791690 1,000.00000000 M-2A 6.20625% 6.20625%
21075WEZ4 B-1A 0.00000000 3.61458336 3.61458336 1,000.00000000 B-1A 6.50625% 6.50625%
Total 14.01668345 3.28000003 17.29668348 985.98331655 * Based on a LIBOR of: 5.65625%
Principal Interest Total Ending Notional
Class Distribution Distribution Distribution Amount
21075X1K9 A-11IO 0.00000000 0.75000000 0.75000000 993.98335669
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>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2
Distribution Period: 15-Apr-97
<TABLE>
<CAPTION>
Total Principal Scheduled Overcollateralization
<S> <C> <C> <C> <C> <C> <C> <C>
Distribution Principal Prepayments Liquidations Grp I Inc/(Red) Grp II Inc/(Red) Total
SEC.7.09(a)(ii) Class A-1 335,920.35 2,822,356.37 0.00 1,261,986.11 0.00 4,420,262.83
Per $1000 Unit 4.14716481 34.84390580 0.00000000 15.58007543 0.00000000 54.57114605
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-10 111,043.24 2,990,886.50 0.00 0.00 1,243,242.13 4,345,171.87
Per $1000 Unit 0.44222716 11.91113700 0.00000000 0.00000000 4.95118331 17.30454747
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 446,963.59 5,813,242.87 0.00 1,261,986.11 1,243,242.13 8,765,434.70
Per $1000 Unit 0.53528574 6.96196751 0.00000000 1.51136061 1.48891273 10.49752659
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: 521,765,099.36 306,974,354.19 828,739,453.55
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 59,262.61
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.5400% 10.2217%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 1,261,986.11 1,243,242.13
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 11.7985% 19.6171%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 1,185,362.19 1,319,526.06
</TABLE>
Page 2
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2
Distribution Period: 15-Apr-97
<TABLE>
<CAPTION>
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 145 1.68272% 7,830,594.14 1.50079%
Group I 60-89 Days 35 0.40617% 2,076,030.87 0.39789%
90+ Days 2 0.02321% 64,800.00 0.01242%
30-59 Days 53 1.44493% 3,885,822.73 1.26585%
Group II 60-89 Days 20 0.54526% 1,532,456.22 0.49921%
90+ Days 6 0.16358% 590,800.00 0.19246%
Total Fixed 8617 100.00000% 521,765,099.36 100.00000%
Total Adjust. 3668 100.00000% 306,974,354.19 100.00000%
(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): 2 241,000.00 5 811,400.00
Newly Commenced LIF: 2 241,000.00 5 811,400.00
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 1 122,500.00 0 0.00
SEC. 7.09(b)(iii)(b) Balloon Loans 5133 361,362,952.94 5 444,693.30
SEC. 7.09 (b) (iv&v) REO Properties 0 0.00 0 0.00
SEC. 7.09 (b) (vi) Cumulative Losses 0.00 0.00
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 2,140,830.87 2,123,256.22
</TABLE>
Page 3
<PAGE>
Distribution Period: 15-Apr-97
SEC. 7.08 (a)(1) Amount on Deposit in the Certificate Account 12,867,444.58
<TABLE>
<CAPTION>
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 4,804,202.83 4,804,202.83
Class A-2 Allocation 315,840.00 315,840.00
Class A-3 Allocation 558,778.50 558,778.50
Class A-4 Allocation 217,317.00 217,317.00
Class A-5 Allocation 204,918.00 204,918.00
Class A-6 Allocation 113,742.00 113,742.00
Class A-7 Allocation 195,427.50 195,427.50
Class A-8 Allocation 150,018.75 150,018.75
Class A-9 Allocation 209,376.56 209,376.56
Class A-10 Allocation 5,159,328.75 5,159,328.75
Class A-11IO Allocation 393,692.53 393,692.53
Class A Distribution Amount 12,322,642.42 12,322,642.42
Class M-1F Allocation 130,055.63 130,055.63
Class M-1A Allocation 82,615.00 82,615.00
Class M-2F Allocation 171,160.29 171,160.29
Class M-2A Allocation 66,803.39 66,803.39
Class B-1F Allocation 38,738.11 38,738.11
Class B-1A Allocation 53,224.74 53,224.74
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 81,000,000.00 4,420,262.83 76,579,737.17
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-10 251,100,000.00 4,345,171.87 246,754,828.13
A-11IO 524,923,376.08 NA 521,765,099.36
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) 0.00 0.00
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 2,140,830.87 2,123,256.22
</TABLE>
|
|