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, 1998
COUNTRYWIDE HOME EQUITY LOAN TRUST 1998-C
(Exact name of registrant as specified in its charter)
CALIFORNIA 333-11095 36-7245346
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of
Incorporation) Number) Identification No.)
c/o The First National Bank of Chicago.
Corporate Trust Services Division - 9th floor 1 N. State Street,
Chicago IL 60670-0126 (Address of Principal Executive
Offices)
(Zip Code)
Registrant's telephone number, including area code: 312/407-1902
Item 5. Other Events
On behalf of Countrywide Home Equity Loan Trust 1998-C, a Trust
created
pursuant to the Pooling Agreement, dated August 20, 1998, by The
First
National Bank of Chicago, as trustee for the Trust, the Trustee
has caused to
be filed with the Commission, the Monthly Report dated October
15, 1998.
The Monthly Report is filed pursuant to and in accordance with
(1)
numerous no-action letters (2) current Commission policy in the
area.
The filing of the Monthly Report will occur subsequent to each
monthly
distribution to the holders of the Trust's Investor
Certificates, Due
October 15, 2024.
A. Monthly Report Information: Aggregate distribution
information
for the current distribution date October 15, 1998.
Principal Interest Ending Balance
Cede & Co.$ 1,067,809.40 $ 1,458,721.18 $182,932,190.60
B. No delinquency in payment under the Transferor Certificate,
or the Financial Guaranty Insurance Policy has occurred.
C. Have any deficiencies occurred? NO. Date: Amount:
D. Were any amounts paid or are any amounts payable under the
Financial Guaranty Insurance Policy? NO Amount:
E. Are there any developments with respect to the Ambac
Certificate
Guaranty Insurance Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H. Item 4: Submission of Matters to a Vote of Security
Holders: NONE
I. Item 5: Other Information - Items 1, 2, 4, 5 if applicable:
NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No. 1. Monthly Statement to Certificateholders dated
October 15, 1998
Statement to Certificateholders (Page 1 of 2)
Distribution Date:
10/15/98
INVESTOR CERTIFICATES
DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL
AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS
TO INVESTORS
Investor Certificate Interest Distributed
(Section 5.03 (iii)) 7.927833
Investor Certificate Interest Shortfall Distributed
(Section 5.03 (iv)) 0.000000
Remaining Unpaid Investor Certificate Interest
Shortfall (Section 5.03 (v)) 0.000000
Managed Amortization Period ? (Yes=1; No=0) 1
Investors Certificate Principal Distributed (Section 5.03
(vi)) 5.803312
Principal Distribution Amount 5.803312
Maximum Principal Payment 66.344698
Alternative Principal Payment 5.803312
Principal Collections less Additional
Balances 5.803312
Investor Loss Amount Distributed to Investors 0.000000
Accelerated Principal Distribution Amount 0.000000
Credit Enhancement Draw Amount (Section 5.03
(xii)) 0.00
Total Amount Distributed to Certificateholders (P & I)
(Section 5.03 (ii)) 13.731144
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance "184,000,000.00 "
Ending Investor Certificate Balance (Section 5.03
(x)) "182,932,190.60 "
Beginning Invested Amount "184,000,000.00 "
Ending Invested Amount (Section 5.03 (x)) "182,932,190.60
"
Investor Certificateholder Floating Allocation Percentage
(Section 5.03 (i)) 98.4048%
Pool Factor (Section 5.03 (x))
0.9941967
Liquidation Loss Amount for Liquidated Loans
(Section 5.03 (vii)) 0.00
Unreimbursed Liquidation Loss Amount (Section 5.03
(viii)) 0.00
C. POOL INFORMATION
Beginning Pool Balance (Section 5.03
(xi)) "186,982,793.00 "
Ending Pool Balance (Section 5.03 (xi)) "185,914,983.60 "
Servicer Removals form the Trust (Section 2.06) 0.00
Servicing Fee (Section 5.03 (ix)) "77,909.50 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate (Section 5.03 (xvi)) 5.824530%
LIBOR Rate 5.644530%
Maximum Rate 5.964603%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days (Section 5.03 (xiii))
No. of Accounts 6
Trust Balances "176,508.63 "
Delinquent 60-89 days (Section 5.03 (xiii))
No. of Accounts 1
Trust Balances "18,000.00 "
Delinquent 90+ days (Section 5.03 (xiii))
No. of Accounts 0
Trust Balances 0.00
REO (Section 5.03 (xiv))
No. of Accounts 0
Trust Balances 0
F. INSURANCE COVENANTS
Subordinated Transferor Collections
(Section 5.03 (xviii)) "24,144.90 "
Overcollateralization Step-Down (Section 5.03 (xix)) 0.00
Available Transferor Subordinated Amount
(Section 5.03 (xx)) "2,804,741.90 "
Overcollateralization Amount (Section 5.03 (xxi)) 0
Statement to Certificateholders (Page 2 of 2)
Distribution Date:
10/15/98
"IN WITNESS WHEREOF, the undersigned
has caused this Certificate to be duly executed"
"this 9th day of October, 1998"
Countrywide Home Loans Formerly Known as Countrywide
Funding Corporation
as Servicer
_______________________________
Lupe Montero
Vice-President
Distribution List:
Barbara Grosse - First National Bank of Chicago
Lupe Montero - Countrywide Home
Loans
John Dahl - Salomon Smith Barney
Richard Marron - Countrywide Home
Loans
Dave Walker - Countrywide Home Loans
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 thereunto duly authorized.
COUNTRYWIDE HOME EQUITY LOAN TRUST 1998-C
By _______________________________________
Name:
Barbara G. Grosse Title: Vice President
Dated: October 31, 1998
