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)
                               August 15, 1997


                 ContiMortgage Home Equity Loan Trust 1997-2
                 -------------------------------------------
            (Exact name of registrant as specified in its charter)

                                                         
                                                         16-1521364
  New York                         33-319427-01          16-1521366
  --------                         ------------          ----------
(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                   14203-2599
      --------------------------------                   ----------
       (Address of Principal)                            (Zip Code)
                                                         
                                                         


        Registrant's telephone number, including area code (716) 842-5589


                                    No Change
          (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 August 15,  1997 a  scheduled  distribution  was made  from the Trust to
holders of the Class A,M,B,C and R Certificates. The information contained in 
the Trustee's Monthly Servicing Report for the month of July, 1997 dated August
15, 1997 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 July,
1997 was $312,616.90.











          


















                                                                         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 July, 1997.
      

































                                                                          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/    Susan E. O'Donovan
                         Name:  Susan E. O'Donovan
                         Title: Vice President and Chief Financial Officer




Dated: August 25, 1997










                                                                 Page 4

<PAGE>


                               EXHIBIT INDEX



      Exhibit No.  Description

      19.          Trustee's Monthly Servicing Report for the Month of July,
                   1997.





                                                                      




                                                                 Page 5



                                                                          
<PAGE>
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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)
                               August 15, 1997

                 ContiMortgage Home Equity Loan Trust 1997-2
                 -------------------------------------------
            (Exact name of registrant as specified in its charter)

                                                         
                                                         16-1521364
  New York                         33-319427-01          16-1521366
  --------                         ------------          ----------
(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                   14203-2599
      --------------------------------                   ----------
       (Address of Principal)                            (Zip Code)
                                                         
                                                         

        Registrant's telephone number, including area code (716) 842-5589

                                    No Change
          (Former name or former address, if changed since last report)

--------------------------------------------------------------------
Note: Please see page 5 for Exhibit Index                 Page 1
Item 5.     Other Events.

    On August 15,  1997 a  scheduled  distribution  was made  from the Trust to
holders of the Class A,M,B,C and R Certificates. The information contained in 
the Trustee's Monthly Servicing Report for the month of July, 1997 dated August
15, 1997 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 July,
1997 was $312,616.90.

          

                                                                         Page  2
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 July, 1997.
      

                                                                          Page 3
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/    Susan E. O'Donovan
                         Name:  Susan E. O'Donovan
                         Title: Vice President and Chief Financial Officer

Dated: August 25, 1997

                                                                 Page 4
EXHIBIT INDEX

      Exhibit No.  Description

      19.          Trustee's Monthly Servicing Report for the Month of July,
                   1997.

                                                                      

                                                                 Page 5