ITEM 1 - BUSINESS............................ 3 ITEM 2
ITEM 2 - PROPERTIES...................... 3 ITEM 3
ITEM 3 - LEGAL PROCEEDINGS The Depositor is not aware of any material pending legal proceedings involving either the IMC Home Equity Loan Trust 1996-2 (the "Trust") established pursuant to the Pooling and Servicing Agreement (the "Agreement") dated April 1, 1997, among Chemical Bank, as trustee (the "Trustee") ContiSecurities Asset Funding Corp., as depositor (the "Depositor") and Industry Mortgage Company, as servicer (the "Servicer"), the Trustee, the Depositor or the Servicer which relates to the Trust.
ITEM 4
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS
To the best knowledge of the Depositor, there is no established public trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6 Certificates, Class A-7 Certificates, and Class A-8 Certificates issued by the Trust are held by the Depository Trust Company ("DTC") which in turn maintains records of holders of beneficial interests in such Certificates. Based on information obtained by the Trust from DTC, as of March 10, 1997, there were 8 holders of the Class A-1 Certificates, 1 holder of the Class A-2 Certificates, 3 holders of the Class A-3 Certificates, 2 holders of the Class A-4 Certificates, 7 holders of the Class A-5 Certificates, 1 holder of the Class A-6 Certificates, 3 holders of the Class A-7 Certificates, and 4 holders of the Class A-8 Certificates.
ITEM 6
ITEM 6 - SELECTED FINANCIAL DATA
Not applicable.
ITEM 7
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Not applicable.
ITEM 8
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
In addition to the information included in the Annual Compilation of Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross servicing compensation paid to the Servicer for the year ended December 31, 1996 was $708,588.14.
ITEM 9
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting or financial disclosures between the Issuer and its accountants.
PART III
ITEM 10
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not applicable.
ITEM 11
ITEM 11 - EXECUTIVE COMPENSATION
Not applicable.
ITEM 12
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth (i) the name and address of each entity owning more than 5% of the outstanding principal amount of each Class of Certificates of the Trust; (ii) the principal amount of the Class of Certificates owned by each and (iii) the percent that the principal amount of the Class of Certificates owned by such entity represents of the outstanding principal amount of such Class of Certificates. The information set forth in the table for the Certificates is based upon information obtained by the Trust from DTC and represents ownership of beneficial interest in the Certificates held by DTC. The Depositor is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Certificates.
Amount Owned Name and Address All Dollar Amounts Are in Thousands Principal Percent Class A-1 Certificates
Chase Manhattan Bank, N.A. $11,250 18.02% Two Chase Manhattan Plaza, 5th Floor New York, NY 10081 38,942 62.37 Chase Manhattam Bank/Chemical Auto Settle Department 4 New York Plaza, 4th Floor New York, NY 10004
First Bank, NA 5,100 8.17 c/o ICE Proxy Services 71 Executive Blvd. Farmingdale, NY 11735
Class A-2 Certificates
PNC Bank, NA/Pittsburgh $28,489 100.00% One PNC Plaza, 9th Floor, 249 5th Avenue Pittsburgh, PA 15222-7707
Class A-3 Certificates
PNC Bank, NA/Pittsburgh $21,511 80.78% One PNC Plaza, 9th Floor, 249 5th Avenue Pittsburgh, PA 15222-7707
Prudential Sercurities 4,119 15.47 Incorporated 111 8th Avenue, 4th Floor New York, NY 10011
Class A-4 Certificates
Brown Brothers Harriman & Co. $700 6.52% 63 Wall Street, 8th Floor New York, NY 10005
Nomura International Trust 10,030 93.48 Company Inc. 10 Exchange Place Jersey City, NJ 07302
Class A-5 Certificates
Bank of New York $3,450 13.92% 925 Patterson Plank Rd. Secaucus, NJ 07094
Bankers Trust Company 7,000 28.24 c/o BT Services Tennessee, Inc. Custody Services 648 Grassmere Park Road Nashville, TN 37211
Boston Safe Deposit & Trust Co. 2,000 8.07 c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, PA 15259
Chase Manhattan Bank 5,700 23.00 Two Chase Manhattan Plaza, 5th Floor New York, NY 10081
Citicorp Services, Inc. 5,000 20.17 P.O. Box 30576 Tampa, FL 33630-3576
Class A-6 Certificates
Boston Safe Deposit & Trust Co. $15,882 100.00% c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, PA 15259
Class A-7 Certificates
Bear Stearns Securities $10,041 62.60% Corp./Portal One Metrotech Center North, 4th Floor Brooklyn, NY 11201-3862
Citicorp Services, Inc. 5,000 31.17 P.O. Box 30576 Tampa, FL 33630-3576
Norwest Bank Minnesota 1,000 6.23 National Assoc. 733 Marquette Avenue Minneapolis, MN 55479-0056
Class A-8 Certificates
Bear Stearns Securities $7,000 46.67% Corp./Portal One Metrotech Center North, 4th Floor Brooklyn, NY 11201-3862
Corestates Bank/Commonwealth of PA 1,500 10.00 Global Proxy Unit, A5NW P.O. Box 1631 Boston, MA 02105-1631
Investors Fiduciary Trust 3,500 23.33 Company/SSB Global Proxy Unit, A5NW P.O. Box 1631 Boston, MA 02105-1631
First Bank, N.A. 3,000 20.00 c/o ICE Proxy Services 71 Executive Blvd. Farmingdale, NY 11735
ITEM 13
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
[None]
PART IV
ITEM 14
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
Exhibit No. Description
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants with respect to the Servicer's overall servicing operations.
99.3 Annual compilation of Monthly Trustee's Statement.
(b) Reports on Form 8-K.
9 reports on Form 8-K have been filed by the Issuer during the period covered by this report.
Items Reported/Financial Date of Reports on Form 8-K Statements Filed May 25, 1996 Trustee's Monthly Report or the JuneMonthly Period.
June 25, 1996 Trustee's Monthly Report or the May Monthly Period.
July 25, 1996 Trustee's Monthly Report or the JuneMonthly Period.
August 25, 1996 Trustee's Monthly Report or the JulyMonthly Period.
September 25, 1996 Trustee's Monthly Report for the August Monthly Period
October 25, 1996 Trustee's Monthly Report for the September Monthly Period.
November 25, 1996 Trustee's Monthly Report for the October Monthly Period.
December 25, 1996 Trustee's Monthly Report for the November Monthly Period.
January 25, 1997 Trustee's Monthly Report for the December Monthly Period.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Depositor has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP., AS DEPOSITOR
By: /s/ Jerome M. Perelson Name:Jerome M. Perelson Title: Vice President
By: /s/ Susan E. O'Donovan Name:Susan E. O'Donovan Title:Vice President & Chief Financial Officer
Date: March 27, 1997
INDEX TO EXHIBITS Item 14(C)
Exhibit No. Description 99.1 Statement of Compliance of the Servicer. 99.2 Annual Report of Independent Accountants with respect to the Servicer's overall servicing operations. 99.3 Annual compilation of Monthly Trustee's Statement.