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)
December 25, 1999
ContiMortgage Home Equity Loan Trust 1999-2
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(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)
Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. Other Events.
On December 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 November 1999 dated
December 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
November 1999 was $194,311.99.
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 November 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: January 7, 2000
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of November 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-Dec-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 91,087,862.38 8,166,955.62 456,957.44 8,623,913.06 82,920,906.76
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-8 158,400,000.00 137,762,313.89 3,482,183.02 691,605.08 4,173,788.10 134,280,130.87
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 12,758.82 12,758.82 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------------------------
Total 550,000,000.00 492,849,176.27 11,649,138.64 2,605,574.85 14,254,713.49 481,200,037.63
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------------------
<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 64.00385279 3.58114309 67.58499589 649.84527363 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 21.98347866 4.36619369 26.34967235 847.72809893 A-8 5.83000%
21075WKN4 B 0.00000000 7.08333318 7.08333318 1,000.00000000 A-9IO 7.00000%
------------------------------------------------------------------------
Total 21.18025207 4.71421096 25.89446304 874.90915933 B 8.50000%
- -------------------------------------------------------------------------------------------------------------------
LIBOR: 5.59000%
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Uncapped A-8 Rate: 5.83000%
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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-Dec-99
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (ii) Scheduled Principal Received 296,472.22 59,766.28 356,238.50
Prepayments (incl. Curtailments) 6,582,916.38 3,092,896.38 9,675,812.76
Purchased Principal 0.00 0.00 0.00
Liquidation Proceeds applied to principal 287,731.54 0.00 287,731.54
Realized Loss of Principal 94,644.72 0.00 94,644.72
Realized Loss of Interest 1,380.00 0.00 1,380.00
Extra Principal Distribution 999,835.48 329,520.36 1,329,355.84
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: 344,697,301.41 142,375,468.59 487,072,770.00
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 0.00
Substitution Amounts 0.00 0.00 0.00
SEC. 7.09 (a) (ix)&(x) Weighted Average Coupon 10.4942% 10.3618% 10.4554%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 254 350 282
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 5,872,732.37
Targeted Overcollateralization Amount 13,750,000.00
Class A Optimal Balance 451,322,770.00
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 9.34267% 9.24636%
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 346,741.74
</TABLE>
Page 2
<PAGE>
Distribution Period: 25-Dec-99
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
SEC. 7.09 (b) (i) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 152 2.69265% 7,764,098.08 2.25244%
Group I 60-89 Days 42 0.74402% 2,371,663.44 0.68804%
90+ Days 172 3.04694% 10,875,697.41 3.15514%
--------------------------------------------------------------------------------------------
30-59 Days 50 2.95858% 3,360,044.54 2.35999%
Group II 60-89 Days 30 1.77515% 2,313,626.28 1.62502%
90+ Days 75 4.43787% 6,305,155.21 4.42854%
--------------------------------------------------------------------------------------------
30-59 Days 202 2.75392% 11,124,142.62 2.28388%
TOTAL 60-89 Days 72 0.98160% 4,685,289.72 0.96193%
90+ Days 247 3.36742% 17,180,852.62 3.52737%
--------------------------------------------------------------------------------------------
Total Group I 5,645 100.00000% 344,697,301.41 100.00000%
----------------------------------------------------------------------------
Total Group II 1,690 100.00000% 142,375,468.59 100.00000%
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Total 7,335 100.00000% 487,072,770.00 100.00000%
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(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective Group's loan count and balance.
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): Count 88 34 122
Loans in Foreclosure (LIF): Balance 5,401,609.20 3,221,519.91 8,623,129.11
SEC. 7.09(b)(iii) Loans in Bankruptcy: Count 47 21 68
Loans in Bankruptcy: Balance 3,178,244.48 1,562,206.33 4,740,450.81
SEC. 7.09 (b)(iv) & (v)REO Properties: Count 8 2 10
REO Properties: Balance 448,651.37 118,821.07 567,472.44
Loans in Loss Mitigation: Count 24 9 33
Loans in Loss Mitigation: Balance 1,575,577.98 760,673.97 2,336,251.95
Loans in Forbearance: Count 8 4 12
Loans in Forbearance: Balance 556,655.04 231,583.17 788,238.21
SEC. 7.09 (b) (vi) Cumulative Realized Losses 223,966.89 15,772.22 239,739.11
Current Period Reimbursed Delinquency and Servicing Advances -
Unreimbursed Delinquency and Servicing Advances 4,791.73
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 13,247,360.85 8,618,781.49 21,866,142.34
SEC. 7.09 (b) (viii) Three Month Rolling Average 60+ Day Delinquency Rate 3.88443%
Cumulative Realized Loss Trigger Event Occurrence NO
SEC. 7.09 (b) (ix) Optional Buyout Loans 0
</TABLE>
Page 3
<PAGE>
Distribution Period: 25-Dec-99
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 14,459,798.34
SEC. 7.08(b)(ii) & (iv) Amount Due Amount Paid
Class A-1 Allocation 8,623,913.06 8,623,913.06
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 4,173,788.10 4,173,788.10
Class A-9IO Allocation 157,208.33 157,208.33
------------------------------
Class A Distribution Amount 14,243,329.67 14,243,329.67
==============================
Class B Allocation 155,833.33 155,833.33
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 *
A-1 91,087,862.38 8,166,955.62 82,920,906.76
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 0.00 26,950,000.00
A-8 137,762,313.89 3,482,183.02 134,280,130.87
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) 96,024.72 0.00 96,024.72
Cumulative Realized Losses 223,966.89 15,772.22 239,739.11
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 21,866,142.34
Three-Month Rolling Average 60+ Day Delinquency Rate 3.88443%
</TABLE>
<PAGE>
Distribution Period: 25-Dec-99
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
7653892 82,409.94 Eviction
7903941 40,225.53 Eviction
7746027 72,000.00 List Pending
8785032 63,988.74 List Pending
8635393 46,500.00 List Pending
8336281 32,277.16 List Pending
7900020 70,000.00 Pending Closing
8474983 41,250.00 N/A
7245053 74,875.70 List Pending
7466964 43,945.37 Listed
Page 4
<PAGE>
Insurer's Report
Distribution Period: 36519
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 884,572.18 444,783.66 1,329,355.84
* Premium paid from cash flow (1) 32,491.99 13,428.01 45,920.00
* Trustee Fee paid from cash flow (1) 1,384.19 572.33 1,956.52
* Interest Collected on Mortgage
Loans (net of Service Fee) 2,931,282.28 1,195,974.44 4,127,256.72
* Current Period Realized Losses:
Principal 94,644.72 0.00 94,644.72
Interest 1,380.00 0.00 1,380.00
</TABLE>
(1) Allocated based upon the related Certificate Balances.
