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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)
May 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
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(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 May 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 April, 1997 dated May
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 April,
1997 was $321,621,32.
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 April, 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: May 29, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of April,
1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2
<TABLE>
<CAPTION>
Distribution Period: 15-May-97
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
<C> <C> <C> <C> <C> <C> <C> <C>
21075WEJ0 A-1 81,000,000.00 76,579,737.17 6,474,375.20 403,319.95 6,877,695.15 70,105,361.97
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 8,457.27 8,457.27 0.00
Total 525,000,000.00 520,579,737.17 6,474,375.20 2,973,302.04 9,447,677.24 514,105,361.97
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
21075WET8 A-10 251,100,000.00 246,754,828.13 4,401,917.57 1,206,528.30 5,608,445.87 242,352,910.56
21075WEX9 M-1A 24,800,000.00 24,800,000.00 0.00 124,568.33 124,568.33 24,800,000.00
21075WEY7 M-2A 19,375,000.00 19,375,000.00 0.00 100,709.64 100,709.64 19,375,000.00
21075WEZ4 B-1A 14,725,000.00 14,725,000.00 0.00 80,220.57 80,220.57 14,725,000.00
Total 310,000,000.00 305,654,828.13 4,401,917.57 1,512,026.84 5,913,944.41 301,252,910.56
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075X1K9 A-11IO 524,923,376.08 521,765,099.36 0.00 434,804.25 434,804.25 516,687,259.37
AMOUNTS PER $1,000 UNIT Ending PASS THROUGH RATES
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
21075WEJ0 A-1 79.93055802 4.97925864 84.90981667 865.49829593 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 12.33214324 5.64732337 17.97946661 979.24830851 B-1F 7.87000% 7.87000%
AMOUNTS PER $1,000 UNIT Ending PASS THROUGH RATES
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
21075WET8 A-10 17.53053592 4.80497133 22.33550725 965.16491661 A-10 5.83625% 5.86750%
21075WEX9 M-1A 0.00000000 5.02291653 5.02291653 1,000.00000000 M-1A 5.99625% 6.02750%
21075WEY7 M-2A 0.00000000 5.19791690 5.19791690 1,000.00000000 M-2A 6.20625% 6.23750%
21075WEZ4 B-1A 0.00000000 5.44791647 5.44791647 1,000.00000000 B-1A 6.50625% 6.53750%
Total 14.19973410 4.87750594 19.07724003 971.78358245 * Based on a LIBOR of: 5.68750%
Principal Interest Total Ending Notional
Class Distribution Distribution Distribution Amount
21075X1K9 A-11IO 0.00000000 0.82831946 0.82831946 984.30986867
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
<TABLE>
<CAPTION>
Distribution Period: 15-May-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-1 354,559.79 4,673,680.20 49,600.00 1,396,535.21 0.00 6,474,375.20
Per $1000 Unit 4.37728136 57.69975556 0.61234568 17.24117543 0.00000000 79.93055802
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-10 119,641.66 13.17279180 0.00000000 0.00000000 3.88127395 17.53053592
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 474,201.45 7,981,368.22 49,600.00 1,396,535.21 974,587.89 10,876,292.77
Per $1000 Unit 0.56790593 9.55852481 0.05940120 1.67249726 1.16717113 13.02550032
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: 516,687,259.37 303,547,024.51 820,234,283.88
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 33,692.31 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.5346% 10.2236%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 1,396,535.21 974,587.89
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 12.1847% 20.1597%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 2,581,897.40 2,294,113.95
</TABLE>
Page 2
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2
Distribution Period: 15-May-97
<TABLE>
<CAPTION>
SEC. 7.09 (a) (xiv) Applied Realized Realized Loss Unpaid Realized
<S> <C> <C> <C> <C> <C> <C>
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 161 1.88746% 9,530,124.63 1.84447%
Group I 60-89 Days 65 0.76202% 4,288,293.71 0.82996%
90+ Days 25 0.29308% 1,493,012.16 0.28896%
30-59 Days 73 2.01047% 5,618,662.49 1.85100%
Group II 60-89 Days 21 0.57835% 1,926,286.64 0.63459%
90+ Days 18 0.49573% 1,364,045.43 0.44937%
Total Fixed 8530 100.00000% 516,687,259.37 100.00000%
Total Adjust. 3631 100.00000% 303,547,024.51 100.00000%
(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): 13 1,109,292.56 14 1,663,232.59
Newly Commenced LIF: 11 868,292.56 9 841,832.59
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 4 236,069.26 1 98,969.59
SEC. 7.09(b)(iii)(b) Balloon Loans 5096 358,516,732.43 5 444,505.46
SEC. 7.09 (b) (iv&v) REO Properties 0 0.00 0 0.00
SEC. 7.09 (b) (vi) Cumulative Losses 325.07 0.00
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 5,781,305.87 3,290,332.07
</TABLE>
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2 Page 3
Distribution Period: 15-May-97
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 15,798,611.91
<TABLE>
<CAPTION>
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 6,877,695.15 6,877,695.15
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 5,608,445.87 5,608,445.87
Class A-11IO Allocation 434,804.25 434,804.25
Class A Distribution Amount 15,104,743.40 15,104,743.40
Class M-1F Allocation 144,506.25 144,506.25
Class M-1A Allocation 124,568.33 124,568.33
Class M-2F Allocation 190,178.10 190,178.10
Class M-2A Allocation 100,709.64 100,709.64
Class B-1F Allocation 43,042.34 43,042.34
Class B-1A Allocation 80,220.57 80,220.57
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 76,579,737.17 6,474,375.20 70,105,361.97
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-10 246,754,828.13 4,401,917.57 242,352,910.56
A-11IO 521,765,099.36 NA 516,687,259.37
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) 325.07 0.00
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 5,781,305.87 3,290,332.07
</TABLE>
