|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: IMC HOME EQUITY LOAN TRUST 1997-7, 8-K, 1998-01-30 |
Next: BEAR ISLAND PAPER CO LLC, S-4/A, 1998-01-30 |
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 1997-5
-------------------------------------------
(Exact name of registrant as specified in its charter)
16-1541652
16-1541654
New York 33-319427 16-1541656
-------- --------- ----------
(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, 1997 a scheduled distribution was made from the Trust to
holders of the Class A,B 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 $294,623.05.
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 30, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of December,
1997.
<TABLE>
<CAPTION>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-5
Distribution Period: 15-Jan-98
Original Beginning Ending Planned
Certificate Certificate Principal Interest Total Certificate Principal
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WGE9 A-1 103,340,000.00 103,340,000.00 8,738,216.12 389,947.03 9,128,163.15 94,601,783.88
21075X1S2 A-2(1) 675,000,000.00 675,000,000.00 0.00 1,791,562.50 1,791,562.50 675,000,000.00 675,000,000.00
21075WGG4 A-3 63,000,000.00 63,000,000.00 0.00 168,000.00 168,000.00 63,000,000.00 63,000,000.00
21075WGH2 A-4 140,000,000.00 140,000,000.00 0.00 383,833.33 383,833.33 140,000,000.00 140,000,000.00
21075WGJ8 A-5 40,000,000.00 40,000,000.00 0.00 110,500.00 110,500.00 40,000,000.00 40,000,000.00
21075WGK5 A-6 115,540,000.00 115,540,000.00 0.00 330,733.25 330,733.25 115,540,000.00 115,540,000.00
21075WGL3 A-7 130,000,000.00 130,000,000.00 0.00 510,078.22 510,078.22 130,000,000.00 130,000,000.00
21075WGM1 A-8 109,520,000.00 109,520,000.00 0.00 436,718.39 436,718.39 109,520,000.00 109,520,000.00
21075WGN9 A-9 35,605,000.00 35,605,000.00 0.00 140,839.96 140,839.96 35,605,000.00
21075WGP4 A-10 194,875,000.00 194,875,000.00 0.00 759,471.18 759,471.18 194,875,000.00
21075WGR0 B 53,120,000.00 53,120,000.00 0.00 168,656.00 168,656.00 53,120,000.00
R 0.00 0.00 0.00 189,750.79 189,750.79 0.00
Total 1,660,000,000.00 1,660,000,000.00 8,738,216.12 5,380,090.65 14,118,306.77 1,651,261,783.88
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WGQ2 A-11IO 155,540,000.00 155,540,000.00 0.00 1,620,208.33 1,620,208.33 155,540,000.00
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
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>
21075WGE9 A-1 84.55792646 3.77343749 88.33136394 915.44207354 A-1 5.90625% 5.90625%
21075X1S2 A-2 (1) 0.00000000 2.65416667 2.65416667 1,000.00000000 A-2 6.37000% 6.37000%
21075WGG4 A-3 0.00000000 2.66666667 2.66666667 1,000.00000000 A-3 6.40000% 6.40000%
21075WGH2 A-4 0.00000000 2.74166664 2.74166664 1,000.00000000 A-4 6.58000% 6.58000%
21075WGJ8 A-5 0.00000000 2.76250000 2.76250000 1,000.00000000 A-5 6.63000% 6.63000%
21075WGK5 A-6 0.00000000 2.86250000 2.86250000 1,000.00000000 A-6 6.87000% 6.87000%
21075WGL3 A-7 0.00000000 3.92367862 3.92367862 1,000.00000000 A-7 6.14141% 6.14141%
21075WGM1 A-8 0.00000000 3.98756748 3.98756748 1,000.00000000 A-8 6.24141% 6.24141%
21075WGN9 A-9 0.00000000 3.95562309 3.95562309 1,000.00000000 A-9 6.19141% 6.19141%
21075WGP4 A-10 * 0.00000000 97.43055548 97.43055548 25,000.00000000 A-10 6.10000% 6.10000%
21075WGR0 B 0.00000000 3.17500000 3.17500000 1,000.00000000 A-11IO 25.00000% 25.00000%
Total 5.26398561 3.12671076 8.39069637 994.73601439 B 7.62000% 7.62000%
* Class A-10 Amounts Per $25,000 Unit. LIBOR: 5.94141%
AUCTION RATE: 6.10000%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WGQ2 A-11IO 0.00000000 10.41666665 10.41666665 1,000.00000000
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
(1) Class A-2 Fixed Certificate Page 1
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Jan-98
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
<S> <C> <C> <C> <C> <C> <C> <C>
SEC. 7.09(a)(ii)Class A-1 423,335.79 8,314,445.25 0.00 435.08 8,738,216.12
Per $1000 Unit 4.09653368 80.45718260 0.00000000 0.00421018 84.55792646
Class A-2 Fixed 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-3 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-4 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-5 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-6 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-7 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-8 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-9 0.00 0.00 0.00 0.00 0.00
Per $1,000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-10 * 0.00 0.00 0.00 0.00 0.00
Per $25,000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class B 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Total 423,335.79 8,314,445.25 0.00 435.08 8,738,216.12
Per $1000 Unit 0.25502156 5.00870196 0.00000000 0.00026210 5.26398561
* Class A-10 Amounts Per $25,000 Unit.
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 Fixed 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 B Interest Carry-Forward Amount 0.00
Group I Group II Total
SEC. 7.09(a)(vi)Outstanding Loan Balance: 1,183,441,707.94 467,820,075.94 1,651,261,783.88
Prepayments (including Curtailments and
Purchased Principal) 6,147,495.54 2,166,949.71 8,314,445.25
Liquidation Proceeds applied to principal 0.00 0.00 0.00
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 Total
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 11.0380% 10.2832% 10.8243%
SEC. 7.09 (a) (x) Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
SEC. 7.09 (a) (xi) Senior Enhancement Percentage 3.2169%
SEC. 7.09 (a) (xii) Overcollateralization Amount 0.00
SEC. 7.09 (a) (xiii) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
Class B 0.00 0.00 0.00
SEC. 7.09 (a) (xv) Available Funds Cap 11.45378%
SEC. 7.09 (a) (xvi) Insured Payment 0.00
SEC. 7.09 (a) (xvii) Reimbursement Amount Paid 0.00
Remaining Reimbursement Amount Unpaid 0.00
SEC. 7.09 (a) (xix) Largest Home Equity Loan Balance Outstanding 449,000.00
SEC. 7.09 (a) (xx) Amount Remaining in the Auction Remainder Account 0.00
Page 2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Jan-98
SEC. 7.09 (b) (ii)
Delinquencies(1) Period Number Percentage Prin. Balance Percentage
<S> <C> <C> <C> <C> <C>
30-59 Days 223 1.18171% 11,572,298.19 0.97785%
Group I 60-89 Days 49 0.25966% 2,399,947.50 0.20279%
90+ Days 10 0.05299% 472,627.48 0.03994%
30-59 Days 35 0.72016% 2,678,473.03 0.57254%
Group II60-89 Days 13 0.26749% 1,167,788.49 0.24962%
90+ Days 0 0.00000% 0.00 0.00000%
30-59 Days 258 1.08719% 14,250,771.22 0.86302%
TOTAL 60-89 Days 62 0.26126% 3,567,735.99 0.21606%
90+ Days 10 0.04214% 472,627.48 0.02862%
Total Fixed 18871 100.00000% 1,183,441,707.94 100.00000%
Total Adjust. 4860 100.00000% 467,820,075.94 100.00000%
Total 23731 100.00000% 1,651,261,783.88 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective Group's loan count and balance.
Group I Group II Total
<S> <C> <C> <C> <C>
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 3 1 4
Loans in Foreclosure (LIF): Balance 147,850.00 236,000.00 383,850.00
Newly Commenced LIF: Count 3 1 4
Newly Commenced LIF: Balance 147,850.00 236,000.00 383,850.00
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 1 1 2
Loans in Bankruptcy: Balance 90,970.91 99,000.00 189,970.91
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 11574 11 11585
Balloon Loans: Balance 833,357,625.62 1,161,754.84 834,519,380.46
SEC. 7.09 (b) (v&vi) REO Properties: Count 0 0 0
REO Properties: Balance 0.00 0.00 0.00
SEC. 7.09 (b) (vii) Cumulative Realized Losses 391.03 0.00 391.03
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 4,040,363.47
SEC. 7.09 (b) (ix) Three-Month Rolling Average of 60+ Day Delinquency Rate 0.08156%
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Jan-98
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 15,878,722.28
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 9,128,163.15 9,128,163.15
Class A-2 Fixed Allocation 1,791,562.50 1,791,562.50
Class A-3 Allocation 168,000.00 168,000.00
Class A-4 Allocation 383,833.33 383,833.33
Class A-5 Allocation 110,500.00 110,500.00
Class A-6 Allocation 330,733.25 330,733.25
Class A-7 Allocation 510,078.22 510,078.22
Class A-8 Allocation 436,718.39 436,718.39
Class A-9 Allocation 140,839.96 140,839.96
Class A-10 Allocation 759,471.18 759,471.18
Class A-11IO Allocation 1,620,208.33 1,620,208.33
Class A Distribution Amount 15,380,108.31 15,380,108.31
Class B Allocation 168,656.00 168,656.00
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
<S> <C> <C> <C> <C>
A-1 103,340,000.00 8,738,216.12 94,601,783.88
A-2 Fixed 675,000,000.00 0.00 675,000,000.00
A-3 63,000,000.00 0.00 63,000,000.00
A-4 140,000,000.00 0.00 140,000,000.00
A-5 40,000,000.00 0.00 40,000,000.00
A-6 115,540,000.00 0.00 115,540,000.00
A-7 130,000,000.00 0.00 130,000,000.00
A-8 109,520,000.00 0.00 109,520,000.00
A-9 35,605,000.00 0.00 35,605,000.00
A-10 194,875,000.00 0.00 194,875,000.00
A-11IO 155,540,000.00 NA 155,540,000.00
B 53,120,000.00 0.00 53,120,000.00
* Denotes Notional Amounts for Class A-11IO.
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 391.03
Cumulative Realized Losses 391.03
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 4,040,363.47
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.08156%
</TABLE>
<PAGE>
|
|