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Previous: HEALTHCORE MEDICAL SOLUTIONS INC, 10KSB, 1997-12-29 |
Next: OMI TRUST 1997 A, 10-K405, 1997-12-29 |
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)
December 15, 1997
ContiMortgage Home Equity Loan Trust 1997-2
-------------------------------------------
(Exact name of registrant as specified in its charter)
16-1521364
New York 33-99340 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 December 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 November, 1997 dated
December 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
November, 1997 was $258,130.69.
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
November, 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: December 29, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of November,
1997.
Page 5
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2
<TABLE>
<CAPTION>
Distribution Period: 15-Dec-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>
21075WEJ0 A-1 81,000,000.00 11,741,031.93 11,387,718.02 61,836.10 11,449,554.12 353,313.91
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 1,974,122.94 1,974,122.94 0.00
R 0.00 0.00 0.00 158,052.02 158,052.02 0.00
Total 525,000,000.00 455,741,031.93 11,387,718.02 4,755,535.88 16,143,253.90 444,353,313.91
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>
21075WET8 A-10 251,100,000.00 190,196,681.81 11,518,357.04 867,983.69 12,386,340.73 178,678,324.77
21075WEX9 M-1A 24,800,000.00 24,800,000.00 0.00 116,263.78 116,263.78 24,800,000.00
21075WEY7 M-2A 19,375,000.00 19,375,000.00 0.00 93,995.66 93,995.66 19,375,000.00
21075WEZ4 B-1A 14,725,000.00 14,725,000.00 0.00 74,872.53 74,872.53 14,725,000.00
Total 310,000,000.00 249,096,681.81 11,518,357.04 1,153,115.66 12,671,472.70 237,578,324.77
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075X1K9 A-11IO 524,923,376.08 460,991,031.93 0.00 384,159.19 384,159.19 449,603,313.91
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-1 140.58911136 0.76340864 141.35252000 4.36190012 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 21.69089147 4.99687794 26.68776941 846.38726459 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 45.87159315 3.45672517 49.32831832 711.58233680 A-10 5.83625% 5.86750%
21075WEX9 M-1A 0.00000000 4.68805565 4.68805565 1,000.00000000 M-1A 5.99625% 6.02750%
21075WEY7 M-2A 0.00000000 4.85138890 4.85138890 1,000.00000000 M-2A 6.20625% 6.23750%
21075WEZ4 B-1A 0.00000000 5.08472190 5.08472190 1,000.00000000 B-1A 6.50625% 6.53750%
Total 37.15599045 3.71972794 40.87571839 766.38169281 * Based on a LIBOR of: 5.68750%
Principal Interest Total Ending Notional
Class Distribution Distribution Distribution Amount
21075X1K9 A-11IO 0.00000000 0.73183860 0.73183860 856.51227283
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-Dec-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-1 311,763.33 10,435,405.76 608,526.20 32,022.73 0.00 11,387,718.02
Per $1000 Unit 3.84893000 128.83216988 7.51266914 0.39534235 0.00000000 140.58911136
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 82,332.20 11,068,502.32 308,556.75 0.00 58,965.77 11,518,357.04
Per $1000 Unit 0.32788610 44.08005703 1.22882019 0.00000000 0.23482983 45.87159315
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 394,095.53 21,503,908.08 917,082.95 32,022.73 58,965.77 22,906,075.06
Per $1000 Unit 0.47197069 25.75318333 1.09830293 0.03835057 0.07061769 27.43242522
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: 449,603,313.91 240,678,324.77 690,281,638.68
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 509,099.97 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.4751% 10.8589%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 32,022.73 58,965.77
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 14.5962% 25.7605%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 5,250,000.00 3,100,000.00
Page 2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Dec-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 360 4.80769% 19,566,485.61 4.35194%
Group I 60-89 Days 94 1.25534% 4,984,962.31 1.10875%
90+ Days 372 4.96795% 23,546,638.19 5.23720%
30-59 Days 146 4.96261% 11,437,199.43 4.75207%
Group II 60-89 Days 44 1.49558% 3,116,893.06 1.29505%
90+ Days 129 4.38477% 10,907,981.57 4.53218%
Total Fixed 7488 100.00000% 449,603,313.91 100.00000%
Total Adjust. 2942 100.00000% 240,678,324.77 100.00000%
(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): 198 13,231,125.56 62 5,022,533.16
Newly Commenced LIF: 19 825,484.34 9 404,066.84
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 78 4,760,746.22 33 2,767,518.12
SEC. 7.09(b)(iii)(b) Balloon Loans 4450 310,996,006.86 5 442,917.20
SEC. 7.09 (b) (iv&v) REO Properties 20 1,257,594.95 4 414,560.86
SEC. 7.09 (b) (vi) Cumulative Losses 99,577.24 125,141.96
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 28,531,600.50 14,024,874.63
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Dec-97
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 29,200,808.77
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 11,449,554.12 11,449,554.12
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 12,386,340.73 12,386,340.73
Class A-11IO Allocation 384,159.19 384,159.19
Class A Distribution Amount 26,403,852.17 26,403,852.17
Class M-1F Allocation 144,506.25 144,506.25
Class M-1A Allocation 116,263.78 116,263.78
Class M-2F Allocation 190,178.10 190,178.10
Class M-2A Allocation 93,995.66 93,995.66
Class B-1F Allocation 43,042.34 43,042.34
Class B-1A Allocation 74,872.53 74,872.53
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
<S> <C> <C> <C> <C>
A-1 11,741,031.93 11,387,718.02 353,313.91
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-10 190,196,681.81 11,518,357.04 178,678,324.77
A-11IO 460,991,031.93 NA 449,603,313.91
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) 49,851.38 78,372.08
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 28,531,600.50 14,024,874.63
</TABLE>
<PAGE>
Distribution Period: 15-Dec-97
REO Status
<TABLE>
<CAPTION>
SEC. 7.09 (b) (iv&v) Loan Number Book Value Status
<S> <C> <C>
3097136 $53,917.53 Listed
3114394 $140,400.00 New File (Setup)
3212495 $31,486.60 List Pending
3323250 $118,895.44 List Pending
3327707 $57,940.36 Eviction
3328028 $56,000.00 New File (Setup)
3338308 $41,558.30 List Pending
3342243 $91,619.53 New File (Setup)
3348208 $23,735.22 Eviction
3710118 $107,969.03 Listed
3766185 $108,688.75 List Pending
3773439 $36,383.41 Not Provided
3790607 $56,700.00 List Pending
3791282 $29,081.95 Not Provided
3795655 $28,786.39 Eviction
3807260 $35,280.00 List Pending
3807898 $41,600.00 Eviction
3811650 $47,893.31 New File (Setup)
3882222 $68,809.13 New File (Setup)
3953460 $80,850.00 List Pending
2795656 $109,900.00 List Pending
3110723 $63,653.26 Status Pending
3269404 $146,957.60 List Pending
3325180 $94,050.00 List Pending
</TABLE>
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