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Previous: EXCELSIOR PRIVATE EQUITY FUND II INC, POS 8C, 1997-08-25 |
Next: RSL COMMUNICATIONS LTD, S-1, 1997-08-25 |
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)
August 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 August 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 July, 1997 dated August
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 July,
1997 was $312,616.90.
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 July, 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: August 25, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of July,
1997.
Page 5
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2
<TABLE>
<CAPTION>
Distribution Period: 15-Aug-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 52,253,696.71 9,170,280.95 275,202.80 9,445,483.75 43,083,415.76
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 2,175,102.18 2,175,102.18 0.00
R 0.00 0.00 0.00 157,509.95 157,509.95 0.00
Total 525,000,000.00 496,253,696.71 9,170,280.95 5,169,339.75 14,339,620.70 487,083,415.76
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>
21075WET8 A-10 251,100,000.00 229,044,277.73 6,806,537.92 1,155,721.73 7,962,259.65 222,237,739.81
21075WEX9 M-1A 24,800,000.00 24,800,000.00 0.00 128,553.82 128,553.82 24,800,000.00
21075WEY7 M-2A 19,375,000.00 19,375,000.00 0.00 103,936.32 103,936.32 19,375,000.00
21075WEZ4 B-1A 14,725,000.00 14,725,000.00 0.00 82,795.56 82,795.56 14,725,000.00
Total 310,000,000.00 287,944,277.73 6,806,537.92 1,471,007.43 8,277,545.35 281,137,739.81
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075X1K9 A-11IO 524,923,376.08 501,503,696.71 0.00 417,919.75 417,919.75 492,333,415.76
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
<C> <C> <C> <C> <C> <C> <C> <C> <C>
21075WEJ0 A-1 113.21334506 3.39756543 116.61091049 531.89402173 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 17.46720181 5.40329070 22.87049251 927.77793478 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 27.10688140 4.60263532 31.70951673 885.05670972 A-10 5.83625% 5.85969%
21075WEX9 M-1A 0.00000000 5.18362177 5.18362177 1,000.00000000 M-1A 5.99625% 6.01969%
21075WEY7 M-2A 0.00000000 5.36445523 5.36445523 1,000.00000000 M-2A 6.20625% 6.22969%
21075WEZ4 B-1A 0.00000000 5.62278846 5.62278846 1,000.00000000 B-1A 6.50625% 6.52969%
Total 21.95657394 4.74518526 26.70175919 906.89593487 * Based on a LIBOR of: 5.67969%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075X1K9 A-11IO 0.00000000 0.79615382 0.79615382 937.91482375
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-Aug-97
<TABLE>
<CAPTION>
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> <C>
SEC. 7.09(a)(ii)Class A-1 349,120.98 8,821,159.97 0.00 0.00 0.00 9,170,280.95
Per $1000 Unit 4.31013556 108.90320951 0.00000000 0.00000000 0.00000000 113.21334506
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-10 109,731.74 6,696,806.18 0.00 0.00 0.00 6,806,537.92
Per $1000 Unit 0.43700414 26.66987726 0.00000000 0.00000000 0.00000000 27.10688140
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 458,852.72 15,517,966.15 0.00 0.00 0.00 15,976,818.87
Per $1000 Unit 0.54952422 18.58439060 0.00000000 0.00000000 0.00000000 19.13391481
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: 492,333,415.76 284,237,739.81 776,571,155.57
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 11.5171% 10.5641%
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 13.3294% 21.8127%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 5,250,000.00 3,100,000.00
Page 2
</TABLE>
<PAGE>
Distribution Period: 15-Aug-97
<TABLE>
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 287 3.51586% 16,375,861.36 3.32617%
Group I 60-89 Days 82 1.00453% 5,787,236.38 1.17547%
90+ Days 152 1.86206% 10,019,332.05 2.03507%
30-59 Days 118 3.44124% 8 ,597,819.63 3.02487%
Group II 60-89 Days 31 0.90405% 2,731,919.80 0.96114%
90+ Days 62 1.80811% 5,144,203.41 1.80982%
Total Fixed 8163 100.00000% 492,333,415.76 100.00000%
Total Adjust. 3429 100.00000% 284,237,739.81 100.00000%
(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): 115 7,634,674.30 45 4,062,225.77
Newly Commenced LIF: 23 1,365,389.19 9 560,547.03
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 33 2,325,429.94 15 1,242,858.52
SEC. 7.09(b)(iii)(b) Balloon Loans 4853 340,864,696.49 5 443,780.49
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 15,806,568.43 7,876,123.21
Page 3
</TABLE>
<PAGE>
Distribution Period: 15-Aug-97
<TABLE>
<CAPTION>
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 23,037,180.73
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 9,445,483.75 9,445,483.75
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 7,962,259.65 7,962,259.65
Class A-11IO Allocation 417,919.75 417,919.75
Class A Distribution Amount 20,009,461.28 20,009,461.28
Class M-1F Allocation 144,506.25 144,506.25
Class M-1A Allocation 128,553.82 128,553.82
Class M-2F Allocation 190,178.10 190,178.10
Class M-2A Allocation 103,936.32 103,936.32
Class B-1F Allocation 43,042.34 43,042.34
Class B-1A Allocation 82,795.56 82,795.56
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 52,253,696.71 9,170,280.95 43,083,415.76
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-10 229,044,277.73 6,806,537.92 222,237,739.81
A-11IO 501,503,696.71 NA 492,333,415.76
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 15,806,568.43 7,876,123.21
</TABLE>
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