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Previous: SIMON PROPERTY GROUP INC /DE/, POS AM, 1998-09-28 |
Next: GOUVERNEUR BANCORP INC, POS AM, 1998-09-28 |
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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)
September 15, 1998
ContiMortgage Home Equity Loan Trust 1998-2
(Exact name of registrant as specified in its charter)
16-6476570
16-6476571
16-6476572
New York 33-339505 16-6476573
(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 September 15, 1998 a scheduled distribution was made from the Trust
to holders of the Class A, B and C Certificates. The information contained in
the Trustee's Monthly Servicing Report for the month of August, 1998 dated
September 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
August, 1998 was $639,126.85.
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 August, 1998.
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/ Robert Riedl
Name: Robert Riedl
Title: Vice President,Secretary and Treasurer
Dated: September 28, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the
Month of August, 1998.
Page 5
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
Distribution Period: 15-Sep-98
<TABLE>
<CAPTION>
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>
21075WHD0 A-1 114,000,000.00 93,192,098.20 13,003,539.08 424,059.64 13,427,598.72 80,188,559.12
21075X1Y9 A-2 Int 175,000,000.00 175,000,000.00 0 863,333.33 863,333.33 175,000,000.00 175,000,000.00
21075WHE8 A-2 Fix 250,000,000.00 250,000,000.00 0 1,281,250.00 1,281,250.00 250,000,000.00 250,000,000.00
21075WHG3 A-3 275,000,000.00 275,000,000.00 0 1,404,791.67 1,404,791.67 275,000,000.00 275,000,000.00
21075WHH1 A-4 185,000,000.00 185,000,000.00 0 954,291.67 954,291.67 185,000,000.00 185,000,000.00
21075WHJ7 A-5 90,000,000.00 90,000,000.00 0 471,000.00 471,000.00 90,000,000.00 90,000,000.00
21075WHK4 A-6 97,000,000.00 97,000,000.00 0 514,100.00 514,100.00 97,000,000.00 97,000,000.00
21075WHL2 A-7 100,600,000.00 100,600,000.00 0 550,785.00 550,785.00 100,600,000.00 100,600,000.00
21075WHM0 A-8 235,000,000.00 235,000,000.00 0 1,115,128.98 1,115,128.98 235,000,000.00
21075WHN8 A-9 158,400,000.00 155,238,798.93 2,459,625.74 722,887.88 3,182,513.62 152,779,173.19
21075WHQ1 B 70,000,000.00 70,000,000.00 0 451,500.00 451,500.00 70,000,000.00
21075X1Z6 C 0 0 0 4,310,019.51 4,310,019.51 0
R 0 0 0 0 0 0
Total 1,750,000,000.00 1,726,030,897.13 15,463,164.82 13,063,147.68 28,526,312.50 1,710,567,732.31
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WHP3 A-10IO 197,600,000.00 197,600,000.00 0 1,070,333.33 1,070,333.33 197,600,000.00
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
21075WHD0 A-1 114.06613228 3.7198214 117.78595368 703.40841333 A-1 5.64875% 5.64875%
21075X1Y9 A-2 Int 0 4.93333331 4.93333331 1,000.00000000 A-2 Internal 5.92000% 5.92000%
21075WHE8 A-2 Fix 0 5.125 5.125 1,000.00000000 A-2 Fixed 6.15000% 6.15000%
21075WHG3 A-3 0 5.10833335 5.10833335 1,000.00000000 A-3 6.13000% 6.13000%
21075WHH1 A-4 0 5.15833335 5.15833335 1,000.00000000 A-4 6.19000% 6.19000%
21075WHJ7 A-5 0 5.23333333 5.23333333 1,000.00000000 A-5 6.28000% 6.28000%
21075WHK4 A-6 0 5.3 5.3 1,000.00000000 A-6 6.36000% 6.36000%
21075WHL2 A-7 0 5.475 5.475 1,000.00000000 A-7 6.57000% 6.57000%
21075WHM0 A-8 0 4.7452297 4.7452297 1,000.00000000 A-8 5.90625% 5.89063%
21075WHN8 A-9 15.52794028 4.56368611 20.09162639 964.51498226 A-9 5.79625% 5.78063%
21075WHQ1 B 0 6.45 6.45 1,000.00000000 A-10IO 6.50000% 6.50000%
Total 8.83609418 5.00178753 13.83788171 977.46727561 B 7.74000% 7.74000%
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WHP3 A-10IO 0 5.41666665 5.41666665 1,000.00000000
</TABLE>
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
<TABLE>
Page 1
<PAGE>
Distribution Period: 15-Sep-98
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
<S> <C> <C> <C> <C> <C> <C>
SEC.7.09(a)(ii) Class A-1 1,118,594.56 11,590,118.01 294,826.51 0 13,003,539.08
Per $1000 Unit 9.81223298 101.66770184 2.58619746 0 114.06613228
Class A-2 Internal 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-2 Fixed 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-3 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-4 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-5 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-6 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-7 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-8 0 0 0 0 0
Per $1,000 Unit 0 0 0 0 0
Class A-9 70,827.40 2,388,798.34 0 0 2,459,625.74
Per $1,000 Unit 0.44714268 15.0807976 0 0 15.52794028
Class B 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Total 1,189,421.96 13,978,916.35 294,826.51 0 15,463,164.82
Per $1000 Unit 0.67966969 7.9879522 0.16847229 0 8.83609418
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.09 (a) (iv) Total Certificate Interest Carry-Forward Amount 0
<S> <C>
Class A-1 Interest Carry-Forward Amount 0
Class A-2 Internal Interest Carry-Forward Amount 0
Class A-2 Fixed Interest Carry-Forward Amount 0
Class A-3 Interest Carry-Forward Amount 0
Class A-4 Interest Carry-Forward Amount 0
Class A-5 Interest Carry-Forward Amount 0
Class A-6 Interest Carry-Forward Amount 0
Class A-7 Interest Carry-Forward Amount 0
Class A-8 Interest Carry-Forward Amount 0
Class A-9 Interest Carry-Forward Amount 0
Class A-10IO Interest Carry-Forward Amount 0
Class B Interest Carry-Forward Amount 0
</TABLE>
<TABLE>
Fixed Rate Adj. Rate I Adj. Rate II Total
<S> <C> <C> <C> <C>
SEC.7.09 (a)(vi) Outstanding Loan Balance: 1,319,903,428.64 231,285,130.48 159,379,173.19 1,710,567,732.31
SEC.7.09 (a)(vii)Scheduled Principal Received 1,029,949.77 88,644.79 70,827.40 1,189,421.96
Prepayments (incl. Curtailments & Purch Princ 10,295,446.72 1,294,671.29 2,388,798.34 13,978,916.35
Liquidation Proceeds applied to principal 294,826.51 0 0 294,826.51
Realized Loss of Principal 0 0 0 0
SEC.7.09 (a)viii)Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC.7.09 (a)(ix) Loan Purchase Prices 331,733.36 0 0 331,733.36
Substitution Amounts 0 0 0 0
SEC 7.09 (a)(x) Weighted Average Coupon 10.47860% 10.26527% 9.72896% 10.3796%
SEC.7.09 (a)(xi) Weighted Average Remaining Term to Maturity 241 357 355
SEC 7.09 (a)(xii)Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
Total
SEC. 7.09 (a) (xiii) Class A Enhancement Percentage 4.0922%
SEC. 7.09 (a) (xiv) Overcollateralization Amount 0
SEC. 7.09 (a) (xv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amt Loss Amount
Class B 0 0 0
</TABLE>
Page 2
<PAGE>
Distribution Period: 15-Sep-98
<TABLE>
Group I Group II
<S> <C> <C> <C>
SEC. 7.09 (a) (xvii) Available Funds Cap 9.05299% 9.15674%
SEC. 7.09 (a) (xviii) Insured Payment 0 0
SEC. 7.09 (a) (xix) Reimbursement Amount Paid 0
Remaining Reimbursement Amount Unpaid 0
SEC. 7.09 (a) (xxi) Largest Home Equity Loan Balance Outstanding 448,417.95
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
<S> <C> <C> <C> <C> <C>
30-59 Days 399 2.04353% 22,404,679.76 1.69745%
Fixed Rate 60-89 Days 144 0.73752% 9,264,217.55 0.70189%
90+ Days 71 0.36364% 4,634,659.85 0.35114%
30-59 Days 37 1.49737% 3,044,358.06 1.31628%
Adjustable Rate I 60-89 Days 15 0.60704% 1,666,626.43 0.72059%
90+ Days 4 0.16188% 448,900.17 0.19409%
30-59 Days 32 2.01765% 2,564,933.76 1.60933%
Adjustable Rate II60-89 Days 11 0.69357% 1,109,939.81 0.69641%
90+ Days 13 0.81967% 859,850.87 0.53950%
30-59 Days 468 1.98456% 28,013,971.58 1.63770%
TOTAL 60-89 Days 170 0.72089% 12,040,783.79 0.70391%
90+ Days 88 0.37317% 5,943,410.89 0.34745%
Total Fixed 19,525 100.00000% 1,319,903,428.64 100.00000%
Total Adjust. I 2,471 100.00000% 231,285,130.48 100.00000%
Total Adjust. II 1,586 100.00000% 159,379,173.19 100.00000%
Total 23,582 100.00000% 1,710,567,732.31 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective Group's loan
count and balance.
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC.7.09 (b)iii) Loans in Foreclosure (LIF): Count 16 1 4 21
Loans in Foreclosure (LIF): Balance 1,294,859.38 74,500.00 297,161.02 1,666,520.40
Newly Commenced LIF: Count 17 2 4 23
Newly Commenced LIF: Balance 1,313,718.70 232,742.40 297,161.02 1,843,622.12
SEC.7.09(b)(iv)(a)Loans in Bankruptcy: Count 19 1 1 21
Loans in Bankruptcy: Balance 1,681,015.42 44,200.00 50,385.57 1,775,600.99
SEC.7.09(b)(iv)(b)Balloon Loans: Count 12,228 3 4 12,235
Balloon Loans: Balance 952,113,696.44 165,914.20 513,000.88 952,792,611.52
SEC.7.09(b)(v&vi) REO Properties: Count 0 0 0 0
REO Properties: Balance 0 0 0 0
SEC.7.09(b)(vii) Cumulative Realized Losses 3,879.15 0 0 3,879.15
SEC.7.09(b)(viii) Loan Balance of 60+ Day Delinquent Loans 13,898,877.40 2,115,526.60 1,969,790.68 17,984,194.68
SEC.7.09(b)(ix) Three Month Rolling Ave of 60+ Day Delinq Rate 0.52768% 0.41075% 0.68980% 0.52709%
Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
</TABLE>
Page 3
<PAGE>
Distribution Period: 15-Sep-98
<TABLE>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 29,701,221.36
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
<S> <C> <C>
Class A-1 Allocation 13,427,598.72 13,427,598.72
Class A-2 Internal Allocation 863,333.33 863,333.33
Class A-2 Fixed Allocation 1,281,250.00 1,281,250.00
Class A-3 Allocation 1,404,791.67 1,404,791.67
Class A-4 Allocation 954,291.67 954,291.67
Class A-5 Allocation 471,000.00 471,000.00
Class A-6 Allocation 514,100.00 514,100.00
Class A-7 Allocation 550,785.00 550,785.00
Class A-8 Allocation 1,115,128.98 1,115,128.98
Class A-9 Allocation 3,182,513.62 3,182,513.62
Class A-10IO Allocation 1,070,333.33 1,070,333.33
Class A Distribution Amount 24,835,126.32 24,835,126.32
Class B Allocation 451,500.00 451,500.00
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0
</TABLE>
<TABLE>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
<S> <C> <C> <C>
A-1 93,192,098.20 13,003,539.08 80,188,559.12
A-2 Internal 175,000,000.00 0 175,000,000.00
A-2 Fixed 250,000,000.00 0 250,000,000.00
A-3 275,000,000.00 0 275,000,000.00
A-4 185,000,000.00 0 185,000,000.00
A-5 90,000,000.00 0 90,000,000.00
A-6 97,000,000.00 0 97,000,000.00
A-7 100,600,000.00 0 100,600,000.00
A-8 235,000,000.00 0 235,000,000.00
A-9 155,238,798.93 2,459,625.74 152,779,173.19
A-10IO 197,600,000.00 NA 197,600,000.00
B 70,000,000.00 0 70,000,000.00
* Denotes Notional Amounts for Class A-10IO.
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 2,211.09 0 0 2,211.09
Cumulative Realized Losses 3,879.15 0 0 3,879.15
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 17,984,194.68
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.52709%
</TABLE>
<TABLE>
Insurer's Report
Distribution Period: 15-Sep-98
Group I Group II Total
<S> <C>
* Monthly Excess Cashflow Amount 4,280,098.47
* Premium paid from cash flow (1) 92,986.00 9,549.00 102,535.00
* Trustee Fee paid from cash flow (1) 1,849.20 191.33 2,040.53
* Interest Collected on Mortgage
Loans (net of Service Fee) 12,963,465.67 1,244,669.83 14,208,135.50
* Current Period Realized Losses:
Principal 0 0 0
Interest 2,211.09 0 2,211.09
</TABLE>
(1) Allocated based upon the related Certificate Balances.
ContiMortgage Grantor Trust
Series 1998-A
Distribution Period: 15-Sep-98
<TABLE>
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>
21075WHF5 A-2 (1) 175,000,000.00 175,000,000.00 0 799,951.10 799,951.10 175,000,000.00
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
21075WHF5 A-2 (1) 0 4.57114914 4.57114914 1,000.00000000 A-2 5.71750% 5.67453%
LIBOR: 5.64453%
SEC. 7.09 (a) (iv) Class A-2 Floating Certificate Interest Carry-Forward Amount 0
SEC. 7.09 (a) (vi) Code Section 6049(d)(7)(C) Information-Required Market Discount Information
Provided at Calendar Year End.
SEC. 7.09 (a) (vii) Insured Payment 0
SEC. 7.09 (a) (viii) Swap Payment received from the Swap Counterparty 799,951.10
Swap Payment due to the Swap Counterparty 863,333.33
Investment Income on Grantor Trust paid to Seller in July each year 0
Accrued but Unpaid Investment Income on Grantor Trust 747.48
</TABLE>
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) Class A-2 Floating Certificate
Distribution Period: 15-Sep-98
<TABLE>
SEC. 7.08(b)(1) Amount on Deposit in the Certificate Account 1,663,284.43
SEC. 7.08(b)(2) Amount Due Amount Paid
<S> <C> <C>
Class A-2 Floating Certificate Allocation 799,951.10 799,951.10
SEC. 7.08(b)(3) Insured Payment made by the Certificate Insurer 0
SEC. 7.08(b)(5) Beginning Principal Ending
Class Balance Distribution Balance
A-2 Floating 175,000,000.00 0 175,000,000.00
Amount Due Amount Received
SEC. 7.08(b)(6)(7) Amount of any Swap Payment payable to the Grantor Trustee 799,951.10 799,951.10
Investment Income on Grantor Trust paid to Seller in July each year 0
Accrued but Unpaid Investment Income on Grantor Trust 747.48
</TABLE>
<PAGE>
CSHC / NatWest
Swap Side Agreement
Distribution Period: 15-Sep-98
Class A-2 Internal Pass-Through Rate 5.92000%
Class A-2 Floating Pass-Through Rate 5.67453%
Class A-2 Internal Current Balance 175,000,000.00
Swap Notional Balance 175,000,000.00
Class A-2 Internal Actual Balance Interest Amount 863,333.33
Class A-2 Floating Actual Balance Interest Amount 799,951.10
Class A-2 Internal Swap Notional Balance Interest Amount 863,333.33
Class A-2 Floating Swap Notional Balance Interest Amount 799,951.10
Current Swap Gains 0
Swap Gains Carry-Forward 0
Current Swap Losses 0
Swap Losses Carry-Forward 0
Swap Gains Payable to CSHC 0
Swap Gains Payable to CRC II 0
Swap Losses Payable to NatWest (limited to Class R Cashflow) 0
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