-----------------------------------------------------------------
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)
June 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 June 15, 1997 a scheduled distribution was made from the Trust to
holders of the Class A,M,B and R Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of May, 1997 dated June
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 May,
1997 was $327,750,50.
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 May, 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: Jun 19, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of May,
1997.
<TABLE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2
Distribution Period: 15-Jun-97
<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> <C>
21075WEJ0 A-1 81,000,000.00 70,105,361.97 8,307,272.32 369,221.57 8,676,493.89 61,798,089.65
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 0.00 0.00 0.00
R 0.00 0.00 0.00 12,658.74 12,658.74 0.00
Total 525,000,000.00 514,105,361.97 8,307,272.32 2,943,405.13 11,250,677.45 505,798,089.65
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
21075WET8 A-10 251,100,000.00 242,352,910.56 5,908,367.64 1,264,005.07 7,172,372.71 236,444,542.92
21075WEX9 M-1A 24,800,000.00 24,800,000.00 0.00 132,872.89 132,872.89 24,800,000.00
21075WEY7 M-2A 19,375,000.00 19,375,000.00 0.00 107,423.61 107,423.61 19,375,000.00
21075WEZ4 B-1A 14,725,000.00 14,725,000.00 0.00 85,568.61 85,568.61 14,725,000.00
Total 310,000,000.00 301,252,910.56 5,908,367.64 1,589,870.18 7,498,237.82 295,344,542.92
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075X1K9 A-11IO 524,923,376.08 516,687,259.37 0.00 430,572.72 430,572.72 509,831,413.77
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-1 102.55891753 4.55829099 107.11720852 762.93937840 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 15.82337585 5.58237408 21.40574992 963.42493267 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 23.52993883 5.03387125 28.56381008 941.63497778 A-10 5.83625% 5.86750%
21075WEX9 M-1A 0.00000000 5.35777782 5.35777782 1,000.00000000 M-1A 5.99625% 6.02750%
21075WEY7 M-2A 0.00000000 5.54444439 5.54444439 1,000.00000000 M-2A 6.20625% 6.23750%
21075WEZ4 B-1A 0.00000000 5.81111104 5.81111104 1,000.00000000 B-1A 6.50625% 6.53750%
Total 19.05925045 5.12861348 24.18786394 952.72433200 * Based on a LIBOR of: 5.68750%
Principal Interest Total Ending Notional
Class Distribution Distribution Distribution Amount
21075X1K9 A-11IO 0.00000000 0.82025823 0.82025823 971.24920894
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>
Distribution Period: 15-Jun-97
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Grp I Inc/(Red) Grp II Inc/(Red) Total
SEC.7.09(a)(ii)Class A-1 362,076.75 6,370,296.91 123,471.94 1,385,019.61 66,407.11 8,307,272.32
Per $1000 Unit 4.47008333 78.64564086 1.52434494 17.09900753 0.81984086 102.55891753
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
Class A-10 123,186.69 4,867,344.55 111,223.79 0.00 806,612.61 5,908,367.64
Per $1000 Unit 0.49058817 19.38408821 0.44294620 0.00000000 3.21231625 23.52993883
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 485,263.44 11,237,641.46 234,695.73 1,385,019.61 873,019.72 14,215,639.96
Per $1000 Unit 0.58115382 13.45825325 0.28107273 1.65870612 1.04553260 17.024781851
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: 509,831,413.77 298,444,542.92 808,275,956.69
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 11.5291% 10.2536%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 1,451,426.72 806,612.61
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 12.6333% 20.7744%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 4,033,324.12 3,100,000.00
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Jun-97
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (xiv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
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 216 2.56106% 12,916,334.24 2.53345%
Group I 60-89 Days 44 0.52170% 2,679,384.14 0.52554%
90+ Days 70 0.82997% 4,565,604.55 0.89551%
30-59 Days 65 1.81412% 4,361,686.40 1.46147%
Group II 60-89 Days 29 0.80938% 2,266,463.05 0.75943%
90+ Days 33 0.92102% 2,746,305.75 0.92021%
Total Fixed 8434 100.00000% 509,831,413.77 100.00000%
Total Adjust. 3583 100.00000% 298,444,542.92 100.00000%
(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): 62 4,155,120.74 36 3,687,958.64
Newly Commenced LIF: 50 3,126,341.41 24 2,085,138.46
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 10 692,833.48 2 75,933.88
SEC. 7.09(b)(iii)(b) Balloon Loans 5029 353,704,342.42 5 444,250.77
SEC. 7.09 (b) (iv&v) REO Properties 0 0.00 0 0.00
SEC. 7.09 (b) (vi) Cumulative Losses 1,469.64 4,267.92
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 7,244,988.69 5,012,768.80
</TABLE>
<PAGE>
Page 3
Distribution Period: 15-Jun-97
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 19,181,650.43
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
Class A-1 Allocation 8,676,493.89 8,676,493.89
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 7,172,372.71 7,172,372.71
Class A-11IO Allocation 430,572.72 430,572.72
Class A Distribution Amount 18,463,237.45 18,463,237.45
Class M-1F Allocation 144,506.25 144,506.25
Class M-1A Allocation 132,872.89 132,872.89
Class M-2F Allocation 190,178.10 190,178.10
Class M-2A Allocation 107,423.61 107,423.61
Class B-1F Allocation 43,042.34 43,042.34
Class B-1A Allocation 85,568.61 85,568.61
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 70,105,361.97 8,307,272.32 61,798,089.65
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-10 242,352,910.56 5,908,367.64 236,444,542.92
A-11IO 516,687,259.37 NA 509,831,413.77
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) 1,144.57 4,267.92
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 7,244,988.69 5,012,768.80
</TABLE>
