|
|
|
|
|
|
|
|
|
|
|
|
|
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)
November 15, 1998
ContiMortgage Home Equity Loan Trust 1998-3
(Exact name of registrant as specified in its charter)
16-1556870
16-1556869
New York 33-339505 16-1556868
(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 November 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 October, 1998 dated
November 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
October, 1998 was $836,106.22.
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 October,
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: November 25, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month
of October, 1998.
Page 5
<TABLE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-3
Distribution Period: 11/15/98
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>
21075WHR9 A-1 80,000,000.00 77,799,582.87 3,697,344.59 381,183.38 4,078,527.97 74,102,238.28
21075WHS7 A-2 154,000,000.00 154,000,000.00 0.00 772,566.67 772,566.67 154,000,000.00
21075WHT5 A-3 188,000,000.00 188,000,000.00 0.00 903,966.67 903,966.67 188,000,000.00
21075WHU2 A-4 64,000,000.00 64,000,000.00 0.00 307,200.00 307,200.00 64,000,000.00
21075WHV0 A-5 83,000,000.00 83,000,000.00 0.00 414,308.33 414,308.33 83,000,000.00
21075WHW8 A-6 56,000,000.00 56,000,000.00 0.00 283,733.33 283,733.33 56,000,000.00
21075WHX6 A-7 65,000,000.00 65,000,000.00 0.00 343,416.67 343,416.67 65,000,000.00
21075WHY4 A-8 80,000,000.00 80,000,000.00 0.00 390,000.00 390,000.00 80,000,000.00
21075WJB2 A-9 231,725,000.00 229,968,629.72 3,689,514.44 1,156,615.47 4,846,129.91 226,279,115.28
21075WJC0 A-10 78,000,000.00 78,000,000.00 0.00 379,600.00 379,600.00 78,000,000.00
21075WJD8 A-11 75,000,000.00 72,290,906.65 5,899,419.37 354,193.31 6,253,612.68 66,391,487.28
21075X2C6 A-12 * 130,000,000.00 130,000,000.00 0.00 593,666.67 593,666.67 130,000,000.00 130,000,000
21075X2D4 A-13 * 192,000,000.00 192,000,000.00 0.00 884,800.00 884,800.00 192,000,000.00 192,000,000
21075X2E2 A-14 * 42,000,000.00 42,000,000.00 0.00 195,825.00 195,825.00 42,000,000.00 42,000,000
21075X2F9 A-15 * 70,000,000.00 70,000,000.00 0.00 332,500.00 332,500.00 70,000,000.00 70,000,000
21075X2G7 A-16 * 25,000,000.00 25,000,000.00 0.00 121,666.67 121,666.67 25,000,000.00 25,000,000
21075WJK2 A-17 66,602,000.00 66,602,000.00 0.00 345,220.37 345,220.37 66,602,000.00 66,602,000
21075WJL0 A-18 124,200,000.00 124,200,000.00 0.00 622,104.00 622,104.00 124,200,000.00
21075WJM8 A-19 77,946,000.00 76,647,174.26 2,598,664.64 385,790.78 2,984,455.42 74,048,509.62
21075WJN6 A-20 126,427,000.00 126,427,000.00 0.00 618,438.74 618,438.74 126,427,000.00
21075WJA4 B - I 30,000,000.00 30,000,000.00 0.00 202,500.00 202,500.00 30,000,000.00
21075WJQ9 B - II 61,100,000.00 61,100,000.00 0.00 420,062.50 420,062.50 61,100,000.00
21075X2H5 C 0.00 0.00 0.00 5,601,684.25 5,601,684.25 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total 2,100,000,000.00 2,092,035,293.50 15,884,943.04 16,011,042.81 31,895,985.85 2,076,150,350.46
* Internal Class
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WHZ1 N-IO 80,000,000.00 80,000,000.00 0.00 433,333.33 433,333.33 80,000,000.00
21075WJP1 P-IO 91,602,000.00 91,602,000.00 0.00 496,177.50 496,177.50 91,602,000.00
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>
<TABLE>
Distribution Period: 11/15/98
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending Planned
Principal Interest Total Certificate Principal Current Pass
Class Distribution Distribution Distribution Balance Balance Class Thru Rate
<S> <C> <C> <C> <C> <C> <C> <C>
21075WHR9 A-1 46.21680738 4.76479225 50.98159963 926.27797850 A-1 5.51200%
21075WHS7 A-2 0.00000000 5.01666669 5.01666669 1000.00000000 A-2 6.02000%
21075WHT5 A-3 0.00000000 4.80833335 4.80833335 1000.00000000 A-3 5.77000%
21075WHU2 A-4 0.00000000 4.80000000 4.80000000 1000.00000000 A-4 5.76000%
21075WHV0 A-5 0.00000000 4.99166663 4.99166663 1000.00000000 A-5 5.99000%
21075WHW8 A-6 0.00000000 5.06666661 5.06666661 1000.00000000 A-6 6.08000%
21075WHX6 A-7 0.00000000 5.28333338 5.28333338 1000.00000000 A-7 6.34000%
21075WHY4 A-8 0.00000000 4.87500000 4.87500000 1000.00000000 A-8 5.85000%
21075WJB2 A-9 15.92195249 4.99132795 20.91328044 976.49850159 A-9 5.65813%
21075WJC0 A-10 0.00000000 4.86666667 4.86666667 1000.00000000 A-10 5.84000%
21075WJD8 A-11 78.65892493 4.72257747 83.38150240 885.21983040 A-11 5.51200%
21075X2C6 A-12 * 0.00000000 4.56666669 4.56666669 1000.00000000 1000.00000000 A-12 * 5.48000%
21075X2D4 A-13 * 0.00000000 4.60833333 4.60833333 1000.00000000 1000.00000000 A-13 * 5.53000%
21075X2E2 A-14 * 0.00000000 4.66250000 4.66250000 1000.00000000 1000.00000000 A-14 * 5.59500%
21075X2F9 A-15 * 0.00000000 4.75000000 4.75000000 1000.00000000 1000.00000000 A-15 * 5.70000%
21075X2G7 A-16 * 0.00000000 4.86666680 4.86666680 1000.00000000 1000.00000000 A-16 * 5.84000%
21075WJK2 A-17 0.00000000 5.18333338 5.18333338 1000.00000000 A-17 6.22000%
21075WJL0 A-18 0.00000000 125.22222222 125.22222222 25000.00000000 A-18 5.63500%
21075WJM8 A-19 33.33929438 4.94946219 38.28875658 949.99755754 A-19 6.04000%
21075WJN6 A-20 0.00000000 4.89166665 4.89166665 1000.00000000 A-20 5.87000%
21075WJA4 B - I 0.00000000 6.75000000 6.75000000 1000.00000000 N-IO 6.50000%
21075WJQ9 B - II 0.00000000 6.87500000 6.87500000 1000.00000000 P-IO 6.50000%
Total 7.56425859 4.95683741 12.52109600 988.64302403 B - I 8.10000%
B - II 8.25000%
Class A-18 Amounts Per $25,000 Unit.
* Internal Class
LIBOR: 5.40813%
AUCTION RATE: 5.63500%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WHZ1 N-IO 0.00000000 5.41666663 5.41666663 1000.00000000
21075WJP1 P-IO 0.00000000 5.41666667 5.41666667 1000.00000000
</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
Page 2
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 11/15/98
Group I Group IIa Group IIb Total
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (ii) Scheduled Principal Received 446,313.56 140,696.45 939,605.46 1,526,615.47
Prepayments (incl. Curtailments) 3,052,091.37 3,581,132.36 7,373,014.17 14,006,237.90
Purchased Principal 198,939.66 0.00 153,150.00 352,089.66
Liquidation Proceeds applied to principal 0.00 0.00 0.00 0.00
Realized Loss of Principal 0.00 0.00 0.00 0.00
Realized Loss of Interest 0.00 0.00 (190.15) (190.15)
Extra Principal Distribution / (OC Reduction) 0.00 (32,314.37) 32,314.38 0.00
SEC. 7.09 (a) (iv) Total Certificate Interest Carry-Forward Amount 0
Class A-1 Interest Carry-Forward Amount 0
Class A-2 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-10 Interest Carry-Forward Amount 0
Class A-11 Interest Carry-Forward Amount 0
Class A-12 Internal Interest Carry-Forward Amount 0
Class A-13 Internal Interest Carry-Forward Amount 0
Class A-14 Internal Interest Carry-Forward Amount 0
Class A-15 Internal Interest Carry-Forward Amount 0
Class A-16 Internal Interest Carry-Forward Amount 0
Class A-17 Interest Carry-Forward Amount 0
Class A-18 Interest Carry-Forward Amount 0
Class A-19 Interest Carry-Forward Amount 0
Class A-20 Interest Carry-Forward Amount 0
Class N-IO Interest Carry-Forward Amount 0
Class P-IO Interest Carry-Forward Amount 0
Class B-I Interest Carry-Forward Amount 0
Class B-II Interest Carry-Forward Amount 0
</TABLE>
<TABLE>
Group I Group IIa Group IIb Total
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 794,102,238.28 319,506,178.38 962,541,933.81 2,076,150,350.47
SEC. 7.09 (a) (vii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
SEC. 7.09 (a) (viii) Loan Purchase Prices 201,978.74 0.00 155,055.30 357,034.04
Substitution Amounts 0 0 0 0
SEC. 7.09 (a) (ix) & (x) Weighted Average Coupon 10.06639% 10.05895% 10.56885% 10.29846%
SEC. 7.09 (a) (xi) Weighted Ave Remaining Term to Maturity 343 357 212
Group I Group II Total
SEC. 7.09 (a) (xii) Delinquency Trigger Event Occurrence NO NO
Cumulative Realized Loss Trigger Event Occurrence NO NO
Cumulative Realized Loss Termination Trigger Occurrence NO
SEC. 7.09 (a) (xiii) Class A Enhancement Percentage 3.77785% 4.76581%
Targeted Overcollateralization Amount 0 0
Overcollateralization Amount 0 0
Class A Optimal Balance 764,102,238.28 1,220,948,112.19
Class B Optimal Balance 30,000,000.00 61,100,000.00
Class B - I Class B - II
SEC. 7.09 (a) (xiv) Applied Realized Loss Amount 0 0
Realized Loss Amortization Amount 0 0
Unpaid Realized Loss Amount 0 0
Group I Group IIa Group IIb Total
SEC. 7.09 (a) (xvi) Available Funds Cap 8.84150% 9.48709% 9.36427%
SEC. 7.09 (a) (xvii) Insured Payment 0 0 0
SEC. 7.09 (a) (xviii) Reimbursement Amount Paid 0
Remaining Reimbursement Amount Unpaid 0
SEC. 7.09 (a) (xx) Largest Home Equity Loan Balance Outstanding 463,291.53
SEC. 7.09 (a) (xxi) Auction Remainder Account Remainder Amount 0
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 11/15/98
SEC. 7.09 (b) (i) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
<S> <C> <C> <C> <C> <C>
30-59 Days 106 1.01145% 6,787,826.26 0.85478%
Group I 60-89 Days 44 0.41985% 3,076,380.07 0.38740%
90+ Days 6 0.05725% 483,775.75 0.06092%
30-59 Days 36 1.10940% 2,889,490.05 0.90436%
Group IIa 60-89 Days 23 0.70878% 2,317,420.45 0.72531%
90+ Days 3 0.09245% 207,676.56 0.06500%
30-59 Days 206 1.36261% 11,424,510.24 1.18691%
Group IIb 60-89 Days 66 0.43657% 3,052,110.72 0.31709%
90+ Days 16 0.10583% 1,210,284.57 0.12574%
30-59 Days 348 1.20653% 21,101,826.55 1.01639%
TOTAL 60-89 Days 133 0.46112% 8,445,911.24 0.40681%
90+ Days 25 0.08668% 1,901,736.88 0.09160%
Total Group I 10480 100.00000% 794,102,238.28 100.00000%
Total Group IIa 3245 100.00000% 319,506,178.38 100.00000%
Total Group IIb 15118 100.00000% 962,541,933.81 100.00000%
Total 28843 100.00000% 2,076,150,350.47 100.00000%
(1)Includes Bankruptcies, Foreclosures and REOs ; Based on each respective Group's
loan count and balance.
</TABLE>
<TABLE>
Group I Group IIa Group IIb Total
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): Count 5 2 8 15
Loans in Foreclosure (LIF): Balance 326,258.18 144,100.00 629,143.92 1,099,502.10
Newly Commenced LIF: Count 0 0 0 0
Newly Commenced LIF: Balance 0 0 0 0
SEC. 7.09(b)(iii) Loans in Bankruptcy: Count 3 3 6 12
Loans in Bankruptcy: Balance 214,110.57 259,912.16 399,061.56 873,084.29
SEC. 7.09 (b) (iv&v) REO Properties: Count 0 0 0 0
REO Properties: Balance 0 0 0 0
SEC. 7.09 (b) (vi) Cumulative Realized Losses 0 0 125.78 125.78
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 3,560,155.82 2,525,097.01 4,262,395.29 10,347,648.12
SEC. 7.09 (b) (viii) Three Month Rolling Average of 60+ Day Delinq Rate 0.16395% 0.29707% 0.19361% 0.19822%
Delinquency Trigger Event Occurrence NO NO
Cumulative Realized Loss Trigger Event Occurrence NO NO
SEC. 7.09 (b) (ix) Optional Buyout Loans 0 0 0 0
</TABLE>
Page 4
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 11/15/98
Group I Group II Invest. Income Total
<S> <C> <C> <C> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account10,057,396.22 22,910,000.65 0.00 32,967,396.87
SEC. 7.08(b)(ii)&(iv) Amount Due Amount Paid
Class A-1 Allocation 4,078,527.97 4,078,527.97
Class A-2 Allocation 772,566.67 772,566.67
Class A-3 Allocation 903,966.67 903,966.67
Class A-4 Allocation 307,200.00 307,200.00
Class A-5 Allocation 414,308.33 414,308.33
Class A-6 Allocation 283,733.33 283,733.33
Class A-7 Allocation 343,416.67 343,416.67
Class A-8 Allocation 390,000.00 390,000.00
Class A-9 Allocation 4,846,129.91 4,846,129.91
Class A-10 Allocation 379,600.00 379,600.00
Class A-11 Allocation 6,253,612.68 6,253,612.68
Class A-12 Internal Allocation 593,666.67 593,666.67
Class A-13 Internal Allocation 884,800.00 884,800.00
Class A-14 Internal Allocation 195,825.00 195,825.00
Class A-15 Internal Allocation 332,500.00 332,500.00
Class A-16 Internal Allocation 121,666.67 121,666.67
Class A-17 Allocation 345,220.37 345,220.37
Class A-18 Allocation 622,104.00 622,104.00
Class A-19 Allocation 2,984,455.42 2,984,455.42
Class A-20 Allocation 618,438.74 618,438.74
Class N-IO Allocation 433,333.33 433,333.33
Class P-IO Allocation 496,177.50 496,177.50
Class A Distribution Amount 26,601,249.92 26,601,249.93
Class B-I Allocation 202,500.00 202,500.00
Class B-II Allocation 420,062.50 420,062.50
Class B Distribution Amount 622,562.50 622,562.50
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 77,799,582.87 3,697,344.59 74,102,238.28
A-2 154,000,000.00 0.00 154,000,000.00
A-3 188,000,000.00 0.00 188,000,000.00
A-4 64,000,000.00 0.00 64,000,000.00
A-5 83,000,000.00 0.00 83,000,000.00
A-6 56,000,000.00 0.00 56,000,000.00
A-7 65,000,000.00 0.00 65,000,000.00
A-8 80,000,000.00 0.00 80,000,000.00
A-9 229,968,629.72 3,689,514.44 226,279,115.28
A-10 78,000,000.00 0.00 78,000,000.00
A-11 72,290,906.65 5,899,419.37 66,391,487.28
A-12 130,000,000.00 0.00 130,000,000.00
A-13 192,000,000.00 0.00 192,000,000.00
A-14 42,000,000.00 0.00 42,000,000.00
A-15 70,000,000.00 0.00 70,000,000.00
A-16 25,000,000.00 0.00 25,000,000.00
A-17 66,602,000.00 0.00 66,602,000.00
A-18 124,200,000.00 0.00 124,200,000.00
A-19 76,647,174.26 2,598,664.64 74,048,509.62
A-20 126,427,000.00 0.00 126,427,000.00
N-IO 80,000,000.00 NA 80,000,000.00
N-IO 91,602,000.00 NA 91,602,000.00
B-I 30,000,000.00 0.00 30,000,000.00
B-II 61,100,000.00 0.00 61,100,000.00
* Denotes Notional Amounts for Class N-IO and P-IO
Group I Group IIa Group IIb Total
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 0 0 -190.15 -190.15
Cumulative Realized Losses 0 0 125.78 125.78
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 10,347,648.12
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.19822%
</TABLE>
<PAGE>
<TABLE>
Insurer's Report
Distribution Period: 11/15/98
Group I Group II Total
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 1,879,246.63 3,726,301.62 5,605,548.25
* Premium paid from cash flow (1) 47,757.00 76,309.00 124,066.00
* Trustee Fee paid from cash flow (1) 839.62 1,362.08 2,201.70
* Broker-Dealer Fee (1) 15,007.50 15,007.50
* Auction Rate Fee (1) 625.00 625.00
* Interest Collected on Mortgage
Loans (net of Service Fee) 6,360,051.63 10,722,402.21 17,082,453.84
* Current Period Realized Losses:
Principal 0.00 0.00 0.00
Interest 0.00 (190.15) (190.15)
(1)Allocated based upon the related Certificate Balances.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ContiMortgage Swap Trust
Series 1998-B
Distribution Period: 11/15/98
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>
21075WJE6 A-12 130,000,000.00 130,000,000.00 0.00 643,428.36 643,428.36 130,000,000.00
21075WJF3 A-13 192,000,000.00 192,000,000.00 0.00 963,947.52 963,947.52 192,000,000.00
21075WJG1 A-14 42,000,000.00 42,000,000.00 0.00 211,236.85 211,236.85 42,000,000.00
21075WJH9 A-15 70,000,000.00 70,000,000.00 0.00 353,305.87 353,305.87 70,000,000.00
21075WJJ5 A-16 25,000,000.00 25,000,000.00 0.00 127,291.78 127,291.78 25,000,000.00
Total 459,000,000.00 459,000,000.00 0.00 2,299,210.38 2,299,210.38 459,000,000.00
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
21075WJE6 A-12 0.00000 4.94945 4.94945 1000.00000 A-12 5.68734% 5.56813%
21075WJF3 A-13 0.00000 5.02056 5.02056 1000.00000 A-13 5.76734% 5.64813%
21075WJG1 A-14 0.00000 5.02945 5.02945 1000.00000 A-14 5.77734% 5.65813%
21075WJH9 A-15 0.00000 5.04723 5.04723 1000.00000 A-15 5.79734% 5.67813%
21075WJJ5 A-16 0.00000 5.09167 5.09167 1000.00000 A-16 5.84734% 5.72813%
LIBOR: 5.40813%
Class Certificate Interest Carry-Forward Amount 0
Code Section 6049(d)(7)(C) Information-Required Market Discount Information
Provided at Calendar Year End.
Insured Payment 0
Swap Payment received from NatWest 2,299,210.38
Swap Payment due to NatWest 2,128,458.34
Investment Income on Grantor Trust paid to Seller in October each year 0
Accrued but Unpaid Investment Income on Grantor Trust 0
</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>
Distribution Period: 11/15/98
Amount on Deposit in the Certificate Account 4,427,668.72
Amount Due Amount Paid
Class Certificate Allocation 2,299,210.38 2,299,210.38
<TABLE>
Insured Payment made by the Certificate Insurer 0
Beginning Principal Ending
Class Balance Distribution Balance
<S> <C> <C> <C> <C>
A-12 130,000,000.00 0.00 130,000,000.00
A-13 192,000,000.00 0.00 192,000,000.00
A-14 42,000,000.00 0.00 42,000,000.00
A-15 70,000,000.00 0.00 70,000,000.00
A-16 25,000,000.00 0.00 25,000,000.00
Amount Due Amount Received
Amount of any Swap Payment payable to the Grantor Trustee 2,299,210.38 2,299,210.38
Investment Income on Grantor Trust paid to Seller in October each year 0
Accrued but Unpaid Investment Income on Grantor Trust 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CSHC / NatWest
Swap Side Agreement
Distribution Period: 11/15/98
Fixed Internal Floating
Current Swap Pass-Through Pass-Through
Balance Notional Balance Rate Rate
<S> <C> <C> <C> <C> <C>
Class A-12 130,000,000.00 130,000,000.00 5.48000% 5.56813%
Class A-13 192,000,000.00 192,000,000.00 5.53000% 5.64813%
Class A-14 42,000,000.00 42,000,000.00 5.59500% 5.65813%
Class A-15 70,000,000.00 70,000,000.00 5.70000% 5.67813%
Class A-16 25,000,000.00 25,000,000.00 5.84000% 5.72813%
Total 459,000,000.00 459,000,000.00
Internal Floating Internal Swap Floating Swap
Actual Balance Actual Balance Notional Balance Notional Balance
Interest Interest Interest Interest
Class A-12 593,666.67 643,428.36 593,666.67 643,428.36
Class A-13 884,800.00 963,947.52 884,800.00 963,947.52
Class A-14 195,825.00 211,236.85 195,825.00 211,236.85
Class A-15 332,500.00 353,305.87 332,500.00 353,305.87
Class A-16 121,666.67 127,291.78 121,666.67 127,291.78
Total 2,128,458.34 2,299,210.38 2,128,458.34 2,299,210.38
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 Losses Payable to NatWest (limited to Class R Cashflow) 0
</TABLE>
|
|