|
|
|
|
|
|
|
|
|
|
Previous: METLIFE CAPITAL EQUIPMENT LOAN TRUSTS, 8-K, 1997-10-29 |
Next: PEAK INTERNATIONAL LTD, F-1, 1997-10-29 |
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)
October 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 October 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 September, 1997 dated
October 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
September, 1997 was $301,257.40.
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
September, 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: October 29, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of September,
1997.
Page 5
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-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 32,817,310.42 8,515,614.84 172,837.83 8,688,452.67 24,301,695.58
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 2,123,405.65 2,123,405.65 0.00
R 0.00 0.00 0.00 172,768.22 172,768.22 0.00
Total 525,000,000.00 476,817,310.42 8,515,614.84 5,030,536.52 13,546,151.36 468,301,695.58
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
21075WET8 A-10 251,100,000.00 213,965,961.60 11,665,974.11 1,040,632.37 12,706,606.48 202,299,987.49
21075WEX9 M-1A 24,800,000.00 24,800,000.00 0.00 123,922.50 123,922.50 24,800,000.00
21075WEY7 M-2A 19,375,000.00 19,375,000.00 0.00 100,205.08 100,205.08 19,375,000.00
21075WEZ4 B-1A 14,725,000.00 14,725,000.00 0.00 79,837.11 79,837.11 14,725,000.00
Total 310,000,000.00 272,865,961.60 11,665,974.11 1,344,597.06 13,010,571.17 261,199,987.49
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075X1K9 A-11IO 524,923,376.08 482,067,310.42 0.00 401,722.76 401,722.76 473,551,695.58
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-1 105.13104741 2.13380037 107.26484778 300.02093309 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 16.22021874 5.20830981 21.42852855 892.00322968 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
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WET8 A-10 46.45947475 4.14429458 50.60376933 805.65506766 A-10 5.83625% 5.83625%
21075WEX9 M-1A 0.00000000 4.99687500 4.99687500 1,000.00000000 M-1A 5.99625% 5.99625%
21075WEY7 M-2A 0.00000000 5.17187510 5.17187510 1,000.00000000 M-2A 6.20625% 6.20625%
21075WEZ4 B-1A 0.00000000 5.42187504 5.42187504 1,000.00000000 B-1A 6.50625% 6.50625%
Total 37.63217455 4.33740987 41.96958442 842.58060481 * Based on a LIBOR of: 5.65625%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075X1K9 A-11IO 0.00000000 0.76529791 0.76529791 902.13489656
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>
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-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-1 345,615.84 8,018,625.04 146,579.59 4,794.37 0.00 8,515,614.84
Per $1000 Unit 4.26686222 98.99537086 1.80962457 0.05918975 0.00000000 105.13104741
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-10 100,354.68 11,115,571.96 447,464.68 0.00 2,582.79 11,665,974.11
Per $1000 Unit 0.39966022 44.26751079 1.78201784 0.00000000 0.01028590 46.45947475
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 445,970.52 19,134,197.00 594,044.27 4,794.37 2,582.79 20,181,588.95
Per $1000 Unit 0.53409643 22.91520599 0.71143026 0.00574176 0.00309316 24.16956760
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: 473,551,695.58 264,299,987.49 737,851,683.07
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 11.4978% 10.8149%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 4,794.37 2,582.79
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 13.8580% 23.4582%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 5,250,000.00 3,100,000.00
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-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 341 4.33126% 18,614,606.48 3.93085%
Group I 60-89 Days 99 1.25746% 5,437,912.91 1.14833%
90+ Days 269 3.41674% 18,232,339.90 3.85013%
30-59 Days 123 3.83058% 9,793,755.82 3.70555%
Group II 60-89 Days 34 1.05886% 2,427,241.59 0.91837%
90+ Days 97 3.02087% 8,288,844.91 3.13615%
Total Fixed 7873 100.00000% 473,551,695.58 100.00000%
Total Adjust. 3211 100.00000% 264,299,987.49 100.00000%
(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): 179 12,320,848.27 55 5,191,953.37
Newly Commenced LIF: 55 4,004,632.14 13 1,171,733.68
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 44 2,716,313.66 19 1,672,669.95
SEC. 7.09(b)(iii)(b) Balloon Loans 4687 328,427,182.36 5 443,352.41
SEC. 7.09 (b) (iv&v) REO Properties 7 422,712.14 3 267,603.26
SEC. 7.09 (b) (vi) Cumulative Losses 18,854.81 22,012.29
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 23,670,252.81 10,716,086.50
Page 3
</TABLE>
<PAGE>
Distribution Period: 15-Oct-97
<TABLE>
<CAPTION>
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 26,960,465.43
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 8,688,452.67 8,688,452.67
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 12,706,606.48 12,706,606.48
Class A-11IO Allocation 401,722.76 401,722.76
Class A Distribution Amount 23,980,580.04 23,980,580.04
Class M-1F Allocation 144,506.25 144,506.25
Class M-1A Allocation 123,922.50 123,922.50
Class M-2F Allocation 190,178.10 190,178.10
Class M-2A Allocation 100,205.08 100,205.08
Class B-1F Allocation 43,042.34 43,042.34
Class B-1A Allocation 79,837.11 79,837.11
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 32,817,310.42 8,515,614.84 24,301,695.58
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-10 213,965,961.60 11,665,974.11 202,299,987.49
A-11IO 482,067,310.42 NA 473,551,695.58
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) 10,546.89 17,744.37
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 23,670,252.81 10,716,086.50
</TABLE>
<PAGE>
Distribution Period: 15-Oct-97
REO Status
<TABLE>
<CAPTION>
SEC. 7.09 (b) (iv&v) Loan Number Book Value Status
<S> <C> <C>
3097136 $53,917.53 REO REPAIRS
3327707 $57,940.36 REO REPAIRS
3348208 $23,735.22 REO REPAIRS
3710118 $107,969.03 REO REPAIRS
3790607 $56,700.00 REO REPAIRS
3807898 $41,600.00 REO REPAIRS
3953460 $80,850.00 REO REPAIRS
2795656 $109,900.00 REO REPAIRS
3110723 $63,653.26 REO REPAIRS
3325180 $94,050.00 REO REPAIRS
</TABLE>
|
|