Countrywide Home Equity Loan Trust 1996 A · 8-K · For 9/30/97

Filed On 9/22/97   ·   SEC File 333-11095-01   ·   Accession Number 1019965-97-142

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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 15, 1997            

      COUNTRYWIDE  HOME EQUITY LOAN TRUST 1996-A

(Exact name of registrant as specified in its charter)                          

     CALIFORNIA                        333-11095            13-2631719
(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  

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Item 5.  Other Events                                                           

On behalf of Countrywide Home Equity Loan Trust 1996-A, a Trust created   
pursuant to the Pooling Agreement, dated October 31, 1996, 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 September 15, 1997.   
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 January 15, 2028.             

A. Monthly Report Information:                    
      Aggregate distribution information for the current
distribution date September 15, 1997.       

                   Principal             Interest       Ending Balance

      Cede & Co.    $3,342,322.11        $1,124,447.19         $220,548,884.75

   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
       Financial 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 September 15 , 1997

Statement to Certificateholders (Page 1 of 2)       

        Distribution Date:                    8/15/97        9/15/97

         INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER
$1000 ORIGINAL PRINCIPAL AMOUNT)                                                

  A.     INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS

   Investor Certificate Interest Distributed
4.687275      4.570308                                                          
             Investor Certificate Interest Shortfall Distributed
0.000000      0.000000                              
                  Remaining Unpaid Investor Certificate Interest Shortfall
0.000000       0.000000               

     Managed Amortization Period ? (Yes=1; No=0)
1      1                                            
     Investors Certificate Principal Distributed
18.933459     13.584846                                           
               Principal Distribution Amount           18.799724
13.569704                                                         
                  Maximum Principal Payment            34.927694
29.672069                                                         
 Alternative Principal Payment
18.799724     13.569704                                                         
                  Principal Collections less Additional Balances
18.799724     13.569704                             
           Investor Loss Amount Distributed to Investors
0.133736      0.015143                              
       Accelerated Principal Distribution Amount
0.000000      0.000000                                            
Credit Enhancement Draw Amount    
0.00   0.00                                                                     

                Total Amount Distributed to Certificateholders (P & I)
23.620735      18.155155              

B.     INVESTOR CERTIFICATE PRINCIPAL BALANCE       

Beginning Investor Certificate Balance
"228,549,464.93 "    "223,891,206.86 "                                          
Ending Investor Certificate Balance   
"223,891,206.86 "    "220,548,884.75 "                                          
Beginning Invested Amount             
"232,566,332.16 "    "227,908,074.09 "                                          
              Ending Invested Amount              "227,908,074.09"
"224,565,751.98 "                                                         
         Investor Certificateholder Floating Allocation Percentage
97.5979%       97.5504%               
          Pool Factor              0.9100043     0.8964195
      Liquidation Loss Amount for Liquidated Loans
"33,713.25 "  "3,819.13 "                           
Unreimbursed Liquidation Loss Amount  
0.00   0.00                                                       

Additional Servicing Fee              0             
0                                                                               
C.     POOL INFORMATION                             

           Beginning Pool Balance           "238,290,185.01"
"233,631,117.13 "                                                       
            Ending Pool Balance               "233,631,117.13"
"230,288,701.47 "                                                     
         Servicer Removals form the Trust (Section 2.06)
0.00   0.00                                         
                 Servicing Fee                "99,287.58 "   "97,346.30"

D.     INVESTOR CERTIFICATE RATE                    

           Investor Certificate Rate               5.859690%
5.832340%                                                                       
            LIBOR Rate                               5.679690%
5.652340%                                                                       
             Maximum Rate                              9.421726%
9.415808%                                                                       

E.     DELINQUENCY & REO STATUS                     

Delinquent 30-59 days                 
                  No. of Accounts                        27     32
                     Trust Balances                          "870,475.91 "
"683,858.28 "                                                                   
Delinquent 60-89 days                 
                  No. of Accounts                         8      9
                    Trust Balances                         "277,872.25 "
"317,544.21 "                                                                   
Delinquent 90+ days                   
                 No. of Accounts                       15     15
               Trust Balances                    "590,596.64 "
"529,269.83 "                                                                   
Delinquent 9+ Months                  
              No. of Accounts                     6      9
                   Trust Balances             "287,591 "     "447,745"
REO                                   
                  No. of Accounts                         4      2
                  Trust Balances                       "241,590.58 "
"225,542.07 "                                                                   

Statement to Certificateholders (Page 2 of 2)       

        Distribution Date:                    8/15/97        9/15/97

      "IN WITNESS WHEREOF, the undersigned has caused this Certificate
to be duly executed"                                                            
"this 09th day of September, 1997"    

                        Countrywide Home Loans Formerly Known as Countrywide
Funding Corporation                                                             
as Servicer             

               _______________________________________

Sam Ilagan            
Vice-President        

Distribution List:                                                          

Barbara Grosse - First National Bank of Chicago                                 
Lupe Montero - Countrywide Home Loans                                           
Frank Skibo - FSA                Jose Baltasar - Countrywide Home Loans         
Paul Marsilio - Lehman Brothers       Richard Pohl -Countrywide Home Loans      
Margarette Carrette - Moody's Investors Service                                 
Richard Marron - Countrywide Home Loans                                         
Gail Brennan - Standard & Poor's Corp.                                          
Dave Walker- Countrywide Home Loans                                             
Brain Sulker - Hall - 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 1996-A

                                     By  _______________________________________
                             Name:          Barbara Grosse
                                     Title:         Assistant Vice President

Dated: September 30, 1997                                                       

Dates Referenced Herein   and   Documents Incorporated By Reference

				Referenced-On Page
This 8-K Filing		Date		First		Last			Other Filings
		10/31/96		2
		9/15/97		1		2
Filed On / Filed As Of		9/22/97
For The Period Ended		9/30/97		2
		1/15/28		2
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