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 25, 1999
ContiMortgage Home Equity Loan Trust 1999-2
-------------------------------------------
(Exact name of registrant as specified in its charter)
16-1565860
16-1565861
New York 33-339505 16-1565862
-------- --------- ----------
(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 14240-2599
-------------------------------- ----------------
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
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(Former name or former address, if changed since last report)
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Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. Other Events.
On September 25, 1999 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 1999 dated September
25, 1999 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
1999 was $202,332,39.
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 1999.
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/ Joy B. Tolbert
-----------------------------------------
Name: Joy B. Tolbert
Title: Vice President and Assistant Secretary
Dated: September 28, 1999
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of August 1999.
Page 5
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ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1999-2
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Distribution Period: 25-Sep-99
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
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>
21075WKD6 A-1 127,601,000.00 110,140,741.83 5,305,785.74 552,539.39 5,858,325.13 104,834,956.09
21075WKE4 A-2 75,615,000.00 75,615,000.00 0.00 382,485.88 382,485.88 75,615,000.00
21075WKF1 A-3 44,755,000.00 44,755,000.00 0.00 234,217.83 234,217.83 44,755,000.00
21075WKG9 A-4 26,297,000.00 26,297,000.00 0.00 142,003.80 142,003.80 26,297,000.00
21075WKH7 A-5 23,744,000.00 23,744,000.00 0.00 129,009.07 129,009.07 23,744,000.00
21075WKJ3 A-6 44,638,000.00 44,638,000.00 0.00 256,296.52 256,296.52 44,638,000.00
21075WKK0 A-7 26,950,000.00 26,950,000.00 0.00 144,407.08 144,407.08 26,950,000.00
21075WKL8 A-8 158,400,000.00 146,776,499.80 2,844,209.10 750,593.62 3,594,802.72 143,932,290.70
21075WKN4 B 22,000,000.00 22,000,000.00 0.00 155,833.33 155,833.33 22,000,000.00
21075X2S1 C 0.00 0.00 0.00 1,380,553.56 1,380,553.56 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
--------------------------------------------------------------------------------------------------------
Total 550,000,000.00 520,916,241.63 8,149,994.84 4,127,940.08 12,277,934.92 512,766,246.79
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
--------------------------------------------------------------------------------------------------------
21075WKM6 A-9IO 26,950,000.00 26,950,000.00 0.00 157,208.33 157,208.33 26,950,000.00
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
---------------------------------------------------------------------------------------------------------------
Ending
Principal Interest Total Certificate Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WKD6 A-1 41.58106708 4.33021207 45.91127914 821.58412622 A-1 6.02000%
21075WKE4 A-2 0.00000000 5.05833340 5.05833340 1,000.00000000 A-2 6.07000%
21075WKF1 A-3 0.00000000 5.23333326 5.23333326 1,000.00000000 A-3 6.28000%
21075WKG9 A-4 0.00000000 5.40000000 5.40000000 1,000.00000000 A-4 6.48000%
21075WKH7 A-5 0.00000000 5.43333347 5.43333347 1,000.00000000 A-5 6.52000%
21075WKJ3 A-6 0.00000000 5.74166674 5.74166674 1,000.00000000 A-6 6.89000%
21075WKK0 A-7 0.00000000 5.35833321 5.35833321 1,000.00000000 A-7 6.43000%
21075WKL8 A-8 17.95586553 4.73859609 22.69446162 908.66345139 A-8 5.57875%
21075WKN4 B 0.00000000 7.08333318 7.08333318 1,000.00000000 A-9IO 7.00000%
-------------------------------------------------------------------------
Total 14.81817244 4.99524822 19.81342065 932.30226689 B 8.50000%
- ---------------------------------------------------------------------------------------------------------------------
LIBOR: 5.33875%
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Uncapped A-8 Rate: 5.57875%
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------------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
------------------------------------------------------------------------
21075WKM6 A-9IO 0.00000000 5.83333321 5.83333321 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
Page 1
<PAGE>
Distribution Period: 25-Sep-99
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
SEC. 7.09 (a) (ii) Scheduled Principal Received 298,997.15 62,735.16 361,732.31
Prepayments (incl. Curtailments) 4,979,698.21 2,601,584.42 7,581,282.63
Purchased Principal 0.00 0.00 0.00
Liquidation Proceeds applied to principal 0.00 194,583.63 194,583.63
Realized Loss of Principal 5,320.61 7,075.66 12,396.27
Realized Loss of Interest 86.46 8,696.56 8,783.02
Extra Principal Distribution 27,090.38 (14,694.11) 12,396.27
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-9IO 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: 363,742,214.25 150,949,032.54 514,691,246.79
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 0.00
Substitution Amounts 0.00 0.00 0.00
SEC. 7.09 (a) (ix)&(x) Weighted Average Coupon 10.5254% 10.3880% 10.4850%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 256 352 284
SEC. 7.09 (a) (xii) Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
SEC. 7.09 (a) (xiii) Overcollateralization Amount 1,925,000.00
Targeted Overcollateralization Amount 1,925,000.00
Class A Optimal Balance 490,766,246.79
Class B Optimal Balance 22,000,000.00
SEC. 7.09 (a) (xiv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
----------- ------------------- -----------
Class B 0.00 0.00 0.00
SEC. 7.09 (a) (xvi) Group I Group II
------- --------
Available Funds Cap 9.39671% 9.77096%
SEC. 7.09 (a) (xvii) Insured Payment 0.00
SEC. 7.09 (a) (xviii) Reimbursement Amount Paid 0.00
Remaining Reimbursement Amount Unpaid 0.00
SEC. 7.09 (a) (xx) Largest Home Equity Loan Balance Outstanding 347,283.93
</TABLE>
Page 2
<PAGE>
Distribution Period: 25-Sep-99
<TABLE>
<CAPTION>
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SEC. 7.09 (b) (i) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
30-59 Days 110 1.85154% 6,017,747.54 1.65440%
Group I 60-89 Days 45 0.75745% 2,848,396.84 0.78308%
90+ Days 87 1.46440% 5,491,167.03 1.50963%
--------------------------------------------------------------------------------------------
30-59 Days 41 2.27651% 2,741,184.65 1.81597%
Group II 60-89 Days 16 0.88840% 1,070,222.58 0.70900%
90+ Days 48 2.66519% 4,274,361.47 2.83166%
--------------------------------------------------------------------------------------------
30-59 Days 151 1.95040% 8,758,932.19 1.70178%
TOTAL 60-89 Days 61 0.78791% 3,918,619.42 0.76135%
90+ Days 135 1.74374% 9,765,528.50 1.89736%
--------------------------------------------------------------------------------------------
Total Group I 5,941 100.00000% 363,742,214.25 100.00000%
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Total Group II 1,801 100.00000% 150,949,032.54 100.00000%
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Total 7,742 100.00000% 514,691,246.79 100.00000%
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</TABLE>
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective
Group's loan count and balance.
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): Count 54 34 88
Loans in Foreclosure (LIF): Balance 3,262,890.71 2,878,702.05 6,141,592.76
SEC. 7.09(b)(iii) Loans in Bankruptcy: Count 40 14 54
Loans in Bankruptcy: Balance 2,411,084.52 1,323,487.95 3,734,572.47
SEC. 7.09 (b)(iv) & (v)REO Properties: Count 2 1 3
REO Properties: Balance 111,250.00 43,945.37 155,195.37
Loans in Loss Mitigation: Count 28.00 8.00 36.00
Loans in Loss Mitigation: Balance 1,490,228.62 696,200.38 2,186,429.00
Loans in Forbearance: Count 3 0 3
Loans in Forbearance: Balance 162,010.93 0 162,010.93
SEC. 7.09 (b) (vi) Cumulative Realized Losses 14,034.12 15772.22 29806.34
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 8339563.87 5,344,584.05 13,684,147.92
SEC. 7.09 (b) (viii) Three Month Rolling Average 60+ Day
Delinquency Rate 0.019524211
Cumulative Realized Loss Trigger Event Occurrence NO
SEC. 7.09 (b) (ix) Optional Buyout Loans 0
0
</TABLE>
Page 3
Distribution Period: 25-Sep-1999
<TABLE>
<CAPTION>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 12,486,265.65
SEC. 7.08(b)(ii) & (iv) Amount Due Amount Paid
---------- -----------
<S> <C> <C> <C>
Class A-1 Allocation 5,858,325.13 5,858,325.13
Class A-2 Allocation 382,485.88 382,485.88
Class A-3 Allocation 234,217.83 234,217.83
Class A-4 Allocation 142,003.80 142,003.80
Class A-5 Allocation 129,009.07 129,009.07
Class A-6 Allocation 256,296.52 256,296.52
Class A-7 Allocation 144,407.08 144,407.08
Class A-8 Allocation 3594802.72 3594802.72
Class A-9IO Allocation 157,208.33 157,208.33
------------------------------
Class A Distribution Amount 10,898,756.36 10,898,756.36
==============================
Class B Allocation 155,833.33 155,833.33
</TABLE>
<TABLE>
<CAPTION>
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-1 110,140,741.83 5,305,785.74 104,834,956.09
A-2 75,615,000.00 0.00 75,615,000.00
A-3 44,755,000.00 0.00 44,755,000.00
A-4 26,297,000.00 0.00 26,297,000.00
A-5 23,744,000.00 0.00 23,744,000.00
A-6 44,638,000.00 0.00 44,638,000.00
A-7 26,950,000.00 0 26,950,000.00
A-8 146,776,499.80 2,844,209.10 143,932,290.70
A-9IO 26,950,000.00 NA 26,950,000.00
--- --------
B $22,000,000.00 0.00 22,000,000.00
* Denotes Notional Amounts for Class A-9IO.
Group I Group II Total
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 5,407.07. 15,772.22 21,179.29
Cumulative Realized Losses 14034.12 15772.22 29806.34
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 13684147.92
Three-Month Rolling Average 60+ Day Delinquency Rate 0.019524211
</TABLE>
<PAGE>
Distribution Period: 25-Sep-1999
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
----------- ---------- ------
7900020 70,000.00 List Pending
8474983 41,250.00 Eviction
7466964 43,945.37 List Pending
Page 4
<PAGE>
Insurer's Report
Distribution Period: 25-Sep-1999
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 938,659.60 447,299.06 1,385,958.66
* Premium paid from cash flow (1) 34,683.40 14,393.60 49,077.00
* Trustee Fee paid from cash flow (1) 1,443.66 601.74 2,045.40
* Interest Collected on Mortgage
Loans (net of Service Fee) 3,082,943.18 1,258,732.73 4,341,675.91
* Current Period Realized Losses:
Principal 5320.61 7075.66 12396.27
Interest 86.46 8696.56 8783.02
</TABLE>
(1) Allocated based upon the related Certificate Balances.
