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Countrywide Home Equity Loan Trust 1997-B · 8-K · For 11/30/97

Filed On 11/26/97 · SEC File 333-11095-04 · Accession Number 1019965-97-229

  As Of               Filer                 Filing     On/For/As Docs:Pgs              Issuer               Agent

11/26/97  Countrywide Home Equity L..1997-B 8-K{5,7}   11/30/97    1:4                                      1019965

Current Report · Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         4±    17K

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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):November 17, 1997              

      COUNTRYWIDE  HOME EQUITY LOAN TRUST 1997-B

(Exact name of registrant as specified in its charter)                          

      CALIFORNIA                    333-11095                 36-7196220
(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
                                                                      (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 1997-B, a Trust created
pursuant to the Pooling Agreement, dated May 23, 1997, 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
November 17, 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 June 15, 2022.                         

A.   Monthly Report Information:                                  
       Aggregate distribution information for the current distribution
date November 17, 1997.                                 

Principal              Interest     Ending Balance

Cede & Co$2,114,296.64         $848,234.35  $157,290,796.09       

 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 November 17, 1997

Statement to Certificateholders (Page 1 of 2)                                 

Distribution Date:                       10/15/97       11/17/97            

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

A.     INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS                          

Investor Certificate Interest Distributed         4.791845      5.213487        
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    5.509841      12.995062          
Principal Distribution Amount                   5.509841      12.713515         
Maximum Principal Payment                      31.404237     35.009353          
Alternative Principal Payment                   5.509841      12.713515         
Principal Collections less Additional Balances    5.509841      12.713515       
Investor Loss Amount Distributed to Investor      0.000000      0.281548        
Accelerated Principal Distribution Amount         0.000000      0.000000        
Credit Enhancement Draw Amount                    0.00   0.00                   

Total Amount Distributed to Certificateholders (P & I)                          
10.301686     18.208549                                                         

B.     INVESTOR CERTIFICATE PRINCIPAL BALANCE                                   

Beginning Investor Certificate Balance   "160,301,543.79 "    "159,405,092.73 " 
Ending Investor Certificate Balance      "159,405,092.73 "    "157,290,796.09 " 
Beginning Invested Amount                "160,301,543.79 "    "159,405,092.73 " 
Ending Invested Amount                   "159,405,092.73 "    "157,290,796.09 " 
Investor Certificateholder Floating Allocation Percentage                       
97.1582%      97.1427%                                                          
Pool Factor                                0.9797486     0.9667535              
Liquidation Loss Amount for Liquidated Loans 0.00        "47,155.21 "           
Unreimbursed Liquidation Loss Amount              0.00   0.00                   

C.     POOL INFORMATION                                           
Beginning Pool Balance      "164,990,275.59 "     "164,093,824.53 "             
Ending Pool Balance         "164,093,824.53 "     "161,978,180.50 "             
Servicer Removals form the Trust (Section 2.06)0.00      0.00                   
Servicing Fee               "68,745.95 "   "68,372.43 "                         

D.     INVESTOR CERTIFICATE RATE                                                

Investor Certificate Rate           5.836250%     5.805000%                     
LIBOR Rate                          5.656250%     5.625000%                     
Maximum Rate                        9.945836%     9.930055%                     

E.     DELINQUENCY & REO STATUS                                                 

Delinquent 30-59 days                                                           
No. of Accounts                                   12     18                     
Trust Balances                      "337,805.69 " "400,710.92 "                 
Delinquent 60-89 days                                                           
No. of Accounts                                   1      5                      
Trust Balances                      "10,000.00 "  "107,284.76 "                 
Delinquent 90+ days                                                             
No. of Accounts                                   0      2                      
Trust Balances                                    0.00   "21,300.00 "           
Delinquent 9+ Months                                                            
No. of Accounts                                   0      0                      
Trust Balances                                    0      0                      
REO                                                                             
No. of Accounts                                   0      0                      
Trust Balances                                    0.00   0.00                   

Statement to Certificateholders (Page 2 of 2)                                   

Distribution Date:                  10/15/97      11/17/97                      

"IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly     
executed"                                                                       
"this 8th day of November, 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                                           
Judy Tan - Morgan Stanley                                                       
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 1997-B                       

                               By  _______________________________________
                 Name:          Barbara Grosse
                           Title:         Assistant Vice President

Dated: November 30, 1997

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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This 8-K Filing	Date	First	Last	Other Filings

	5/23/97	2
	11/17/97	1	2
Filed On / Filed As Of	11/26/97
For The Period Ended	11/30/97	2
	6/15/22	2

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Countrywide Home Equity Loan Trust 1997-B · 8-K · For 11/30/97

Filed On 11/26/97 · SEC File 333-11095-04 · Accession Number 1019965-97-229

Current Report · Form 8-KFiling Table of Contents

Document Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

Current Report · Form 8-K
Filing Table of Contents