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Previous: NATIONAL EQUITY TRUST LOW FIVE PORTFOLIO SERIES 13, S-6EL24, 1997-07-30 |
Next: MONEY STORE AUTO TRUST 1997-1, 8-K, 1997-07-30 |
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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)
July 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 July 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 June, 1997 dated July
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 June,
1997 was $316,056.58.
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 June, 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: July 30, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of June,
1997.
Page 5
<PAGE>
ContiMotgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2
<TABLE>
<CAPTION>
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 61,798,089.65 9,544,392.94 325,469.94 9,869,862.88 52,253,696.71
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 1,196,501.74 1,196,501.74 0.00
R 0.00 0.00 0.00 15,490.72 15,490.72 0.00
Total 525,000,000.00 505,798,089.65 9,544,392.94 4,098,987.22 13,643,380.16 496,253,696.71
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
21075WET8 A-10 251,100,000.00 236,444,542.92 7,400,265.19 1,117,578.12 8,517,843.31 229,044,277.73
21075WEX9 M-1A 24,800,000.00 24,800,000.00 0.00 120,416.06 120,416.06 24,800,000.00
21075WEY7 M-2A 19,375,000.00 19,375,000.00 0.00 97,352.65 97,352.65 19,375,000.00
21075WEZ4 B-1A 14,725,000.00 14,725,000.00 0.00 77,546.55 77,546.55 14,725,000.00
Total 310,000,000.00 295,344,542.92 7,400,265.19 1,412,893.38 8,813,158.57 287,944,277.73
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075X1K9 A-11IO 524,923,376.08 509,831,413.77 0.00 424,859.51 424,859.51 501,503,696.71
</TABLE>
<TABLE>
<CAPTION>
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
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WEJ0 A-1 117.83201160 4.01814741 121.85015901 645.10736679 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 18.17979608 5.49903764 23.67883371 945.24513659 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 29.47138666 4.45072927 33.92211593 912.16359112 A-10 5.83625% 5.86750%
21075WEX9 M-1A 0.00000000 4.85548629 4.85548629 1,000.00000000 M-1A 5.99625% 6.02750%
21075WEY7 M-2A 0.00000000 5.02465290 5.02465290 1,000.00000000 M-2A 6.20625% 6.23750%
21075WEZ4 B-1A 0.00000000 5.26631919 5.26631919 1,000.00000000 B-1A 6.50625% 6.53750%
Total 23.87182319 4.55772058 28.42954377 928.85250881 * Based on a LIBOR of: 5.68750%
Principal Interest Total Ending Notional
Class Distribution Distribution Distribution Amount
21075X1K9 A-11IO 0.00000000 0.80937434 0.80937434 955.38457528
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-Jul-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>
SEC.7.09(a)(ii) Class A-1 349,340.98 7,978,376.08 0.00 1,216,675.88 0.00 9,544,392.94
Per $1000 Unit 4.31285160 98.49847012 0.00000000 15.02068988 0.00000000 117.83201160
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-10 112,607.39 7,287,657.80 0.00 0.00 0.00 7,400,265.19
Per $1000 Unit 0.44845635 29.02293031 0.00000000 0.00000000 0.00000000 29.47138666
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 461,948.37 15,266,033.88 0.00 1,216,675.88 0.00 16,944,658.13
Per $1000 Unit 0.55323158 18.28267531 0.00000000 1.45709686 0.00000000 20.29300375
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
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
</TABLE>
<TABLE>
<CAPTION>
Group I Group II Total
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Group Balance 501,503,696.71 291,044,277.73 792,547,974.44
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 11.5219% 10.3804%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 1,216,675.88 0.00
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 13.0856% 21.3026%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 5,250,000.00 3,100,000.00
</TABLE>
Page 2
<PAGE>
Distribution Period: 15-Jul-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)
Group I 30-59 Days 253 3.04233% 14,781,317.37 2.94740%
60-89 Days 79 0.94998% 4,897,314.24 0.97653%
90+ Days 100 1.20250% 6,402,545.57 1.27667%
Group II 30-59 Days 102 2.90598% 8,048,142.38 2.76526%
60-89 Days 23 0.65527% 1,683,598.49 0.57847%
90+ Days 47 1.33903% 4,002,751.11 1.37531%
Total Fixed 8316 100.00000% 501,503,696.71 100.00000%
Total Adjust. 3510 100.00000% 291,044,277.73 100.00000%
(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): 104 7,184,305.29 41 4,134,800.07
Newly Commenced LIF: 0 0.00 0 0.00
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 21 1,284,635.82 4 185,621.09
SEC. 7.09(b)(iii)(b) Balloon Loans 4951 347,400,225.18 5 444,072.58
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 11,299,859.81 5,686,349.60
</TABLE>
Page 3
<PAGE>
Distribution Period: 15-Jul-97
<TABLE>
<CAPTION>
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 22,883,529.88
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 9,869,862.88 9,869,862.88
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 8,517,843.31 8,517,843.31
Class A-11IO Allocation 424,859.51 424,859.51
Class A Distribution Amount 20,996,363.83 20,996,363.83
Class M-1F Allocation 144,506.25 144,506.25
Class M-1A Allocation 120,416.06 120,416.06
Class M-2F Allocation 190,178.10 190,178.10
Class M-2A Allocation 97,352.65 97,352.65
Class B-1F Allocation 43,042.34 43,042.34
Class B-1A Allocation 77,546.55 77,546.55
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 61,798,089.65 9,544,392.94 52,253,696.71
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-10 236,444,542.92 7,400,265.19 229,044,277.73
A-11IO 509,831,413.77 NA 501,503,696.71
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 11,299,859.81 5,686,349.60
</TABLE>
<PAGE>
Distribution Period: 15-Jul-97
REO Status
SEC. 7.09 (b) (iv&v) Loan Number Book Value Status
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