|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: FIRST ROBINSON FINANCIAL CORP, 10-K, 1998-01-29 |
Next: WNC HOUSING TAX CREDIT FUND VI LP SERIES 5, 424B3, 1998-01-29 |
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)
January 15, 1998
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 January 15, 1998 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 December, 1997 dated
January 15, 1998 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
December, 1997 was $288.026.23.
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
December, 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: January 29, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of December,
1997.
Page 5
<PAGE>
<TABLE>
<CAPTION>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-2
Distribution Period: 15-Jan-98
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 81,000,000.00 353,313.91 353,313.91 1,860.79 355,174.70 0.00
21075WEK7 A-2 65,800,000.00 65,800,000.00 17,777,967.80 350,933.33 18,128,901.13 48,022,032.20
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 1,828,972.83 1,828,972.83 0.00
R 0.00 0.00 0.00 19,714.00 19,714.00 0.00
Total 525,000,000.00 444,353,313.91 18,131,281.71 4,412,072.44 22,543,354.15 426,222,032.20
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
21075WET8 A-10 251,100,000.00 178,678,324.77 18,212,133.53 947,861.56 19,159,995.09 160,466,191.24
21075WEX9 M-1A 24,800,000.00 24,800,000.00 0.00 134,977.15 134,977.15 24,800,000.00
21075WEY7 M-2A 19,375,000.00 19,375,000.00 0.00 108,954.54 108,954.54 19,375,000.00
21075WEZ4 B-1A 14,725,000.00 14,725,000.00 0.00 86,609.41 86,609.41 14,725,000.00
Total 310,000,000.00 237,578,324.77 18,212,133.53 1,278,402.66 19,490,536.19 219,366,191.24
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075X1K9 A-11IO 524,923,376.08 449,603,313.91 0.00 374,669.43 374,669.43 431,472,032.20
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 4.36190012 0.02297272 4.38487284 0.00000000 A-1 6.32000% 6.32000%
21075WEK7 A-2 270.18188146 5.33333328 275.51521474 729.81811854 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 34.53577469 4.88263926 39.41841394 811.85148990 B-1F 7.87000% 7.87000%
AMOUNTS PER $1,000 UNIT 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> <C>
21075WET8 A-10 72.52940474 3.77483696 76.30424170 639.05293206 A-10 5.83625% 6.16047%
21075WEX9 M-1A 0.00000000 5.44262702 5.44262702 1,000.00000000 M-1A 5.99625% 6.32047%
21075WEY7 M-2A 0.00000000 5.62346013 5.62346013 1,000.00000000 M-2A 6.20625% 6.53047%
21075WEZ4 B-1A 0.00000000 5.88179355 5.88179355 1,000.00000000 B-1A 6.50625% 6.83047%
Total 58.74881784 4.12387955 62.87269739 707.63287497 * Based on a LIBOR of: 5.98047%
Principal Interest Total Ending Notional
Class Distribution Distribution Distribution Amount
21075X1K9 A-11IO 0.00000000 0.71376023 0.71376023 821.97145691
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-Jan-98
TotalPrincipal 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-1 350,778.81 2,535.10 0.00 0.00 0.00 353,313.91
Per $1000 Unit 4.33060259 0.03129753 0.00000000 0.00000000 0.00000000 4.36190012
Class A-2 0.00 17,225,583.60 460,508.00 91,876.20 0.00 17,777,967.80
Per $1000 Unit 0.00000000 261.78698480 6.99860182 1.39629483 0.00000000 270.18188146
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 85,976.00 17,441,796.16 679,774.77 0.00 4,586.60 18,212,133.53
Per $1000 Unit 0.34239745 69.46155380 2.70718746 0.00000000 0.01826603 72.52940474
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 436,754.81 34,669,914.86 1,140,282.77 91,876.20 4,586.60 36,343,415.24
Per $1000 Unit 0.52305965 41.52085612 1.36560811 0.11003138 0.00549293 43.52504819
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: 431,472,032.20 222,466,191.24 653,938,223.44
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 641,360.84 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.4607% 10.9417%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 91,876.20 4,586.60
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 15.2096% 27.8694%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 5,250,000.00 3,100,000.00
Page 2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Jan-98
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 282 3.91993% 15,441,497.89 3.57879%
Group I 60-89 Days 96 1.33445% 5,962,518.07 1.38190%
90+ Days 386 5.36558% 24,256,593.85 5.62182%
30-59 Days 93 3.42541% 6,904,220.86 3.10349%
Group II60-89 Days 56 2.06262% 4,074,283.65 1.83142%
90+ Days 135 4.97238% 10,880,054.00 4.89066%
Total Fixed 7194 100.00000% 431,472,032.20 100.00000%
Total Adjust. 2715 100.00000% 222,466,191.24 100.00000%
(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): 231 14,449,281.32 76 5,517,893.83
Newly Commenced LIF: 66 3,801,039.52 24 1,684,942.01
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 90 5,856,020.42 34 2,977,273.75
SEC. 7.09(b)(iii)(b) Balloon Loans 4283 298,971,822.92 5 442,713.71
SEC. 7.09 (b) (iv&v) REO Properties 29 1,798,324.94 5 654,450.51
SEC. 7.09 (b) (vi) Cumulative Losses 222,016.32 156,273.10
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 30,219,111.92 14,954,337.65
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Jan-98
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 42,410,433.12
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 355,174.70 355,174.70
Class A-2 Allocation 18,128,901.13 18,128,901.13
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 19,159,995.09 19,159,995.09
Class A-11IO Allocation 374,669.43 374,669.43
Class A Distribution Amount 39,851,605.15 39,851,605.15
Class M-1F Allocation 144,506.25 144,506.25
Class M-1A Allocation 134,977.15 134,977.15
Class M-2F Allocation 190,178.10 190,178.10
Class M-2A Allocation 108,954.54 108,954.54
Class B-1F Allocation 43,042.34 43,042.34
Class B-1A Allocation 86,609.41 86,609.41
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
<S> <C> <C> <C> <C>
A-1 353,313.91 353,313.91 0.00
A-2 65,800,000.00 17,777,967.80 48,022,032.20
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-10 178,678,324.77 18,212,133.53 160,466,191.24
A-11IO 449,603,313.91 NA 431,472,032.20
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) 122,439.08 31,131.14
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 30,219,111.92 14,954,337.65
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Jan-98
REO Status
SEC. 7.09 (b) (iv&v) Loan Number Book Value Status
<S> <C> <C> <C>
2766632 44,800.00 1-NEW FILE
3090677 161,849.41 1-NEW FILE
3114394 140,400.00 1-NEW FILE
3212495 31,486.60 3-LIST PENDING
3323250 118,895.44 3-LIST PENDING
3327707 57,940.36 2-EVICTION
3328028 56,000.00 1-NEW FILE
3333531 68,571.16 1-NEW FILE
3338308 41,558.30 3-LIST PENDING
3342243 91,619.53 1-NEW FILE
3348208 23,735.22 2-EVICTION
3354834 51,072.93 1-NEW FILE
3710118 107,969.03 4-LISTED
3754926 57,106.03 1-NEW FILE
3756756 40,583.04 1-NEW FILE
3766185 108,688.75 4-LISTED
3773439 36,383.41 1-NEW FILE
3790607 56,700.00 3-LIST PENDING
3791282 29,081.95 3-LIST PENDING
3794450 27,477.54 1-NEW FILE
3795655 28,786.39 2-EVICTION
3807260 35,280.00 2-EVICTION
3807898 41,600.00 2-EVICTION
3811650 47,893.31 1-NEW FILE
3882222 68,809.13 1-NEW FILE
3882602 69,050.37 1-NEW FILE
3883691 29,925.00 1-NEW FILE
3936028 44,212.04 1-NEW FILE
3953460 80,850.00 3-LIST PENDING
2762433 239,889.65 1-NEW FILE
2795656 109,900.00 3-LIST PENDING
3110723 63,653.26 1-NEW FILE
3269404 146,957.60 4-LISTED
3325180 94,050.00 3-LIST PENDING
</TABLE>
|
|