<PAGE>
- ------------------------------------------------------------------------------



                       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)
                                  June 4, 1996



                   ContiMortgage Home Equity Loan Trust 1996-2
          (filed on its behalf by ContiSecurities Asset Funding Corp.)
          -----------------------------------------------------------
             (Exact name of registrant as specified in its charter)


             New York                 33-99340            Application Pending
  -----------------------------      ----------           -------------------
  (State or Other Jurisdiction)      (Commission            (I.R.S. Employer
        of Incorporation)            File Number)          Identification No.)


c/o Manufacturers and Traders Trust Company
           One M & T Plaza
          Buffalo, New York                                     14240
      --------------------------                          -------------------
       (Address of Principal                                  (Zip Code)
         Executive Offices)


        Registrant's telephone number, including area code (716) 842-4217
                                                           --------------


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




<PAGE>



Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)               Not applicable

(b)               Not applicable

(c)               Exhibits:

              20.1         Audited   Financial   Statements  of  MBIA  Insurance
                           Corporation  dated December 31, 1995 and December 31,
                           1994.

              23.1         Consent  of  Coopers  & Lybrand  L.L.P.,  independent
                           auditors of MBIA Insurance Corporation.

              99.1         Computational  Materials  provided by CS First Boston
                           in  connection  with  sales  efforts  related  to the
                           Registrant's securities.

              99.2         Computational  Materials provided by Merrill Lynch in
                           connection   with  sales   efforts   related  to  the
                           Registrant's securities.



                                              

<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.


                                            CONTISECURITIES ASSET FUNDING CORP.,
                                                 as Depositor


                                            By:      /s/ James E. Moore
                                               ---------------------------------
                                                    Name: James E. Moore
                                                    Title:  President

                                            By:     /s/ Jerome M. Perelson
                                               ---------------------------------
                                                   Name:  Jerome M. Perelson
                                                   Title:  Vice President



Dated:  June 6, 1996


<PAGE>


                                  EXHIBIT INDEX


Exhibit No.    Description                                             

20.1           Audited Financial Statements of MBIA Insurance 
               Corporation dated December 31, 1995 and 
               December 31, 1994.                                          
     
23.1           Consent of Coopers & Lybrand L.L.P., independent 
               auditors of MBIA Insurance Corporation.                    

99.1           Computational Materials provided by CS First Boston 
               in connection with sales efforts related to the 
               Registrant's securities.                                   

99.2           Computational Materials provided by Merrill Lynch 
               in connection with sales efforts related to the 
               Registrant's securities.                                



<PAGE>
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 4726}]
{"company-data": {"conformed-name": "CONTIMORTGAGE HOME EQUITY LOAN TRUST 1996-2", "cik": "0001014105", "assigned-sic": "[]", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-96410", "film-number": "96577646"}, "business-address": {"street1": "277 PARK AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10172", "phone": "212-207-2800"}, "mail-address": {"street1": "277 PARK AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10172"}}
- ------------------------------------------------------------------------------

                       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)
                                  June 4, 1996

                   ContiMortgage Home Equity Loan Trust 1996-2
          (filed on its behalf by ContiSecurities Asset Funding Corp.)
          -----------------------------------------------------------
             (Exact name of registrant as specified in its charter)

             New York                 33-99340            Application Pending
  -----------------------------      ----------           -------------------
  (State or Other Jurisdiction)      (Commission            (I.R.S. Employer
        of Incorporation)            File Number)          Identification No.)

c/o Manufacturers and Traders Trust Company
           One M & T Plaza
          Buffalo, New York                                     14240
      --------------------------                          -------------------
       (Address of Principal                                  (Zip Code)
         Executive Offices)

        Registrant's telephone number, including area code (716) 842-4217
                                                           --------------

                                    No Change
        -----------------------------------------------------------------
          (Former name or former address, if changed since last report)
Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)               Not applicable

(b)               Not applicable

(c)               Exhibits:

              20.1         Audited   Financial   Statements  of  MBIA  Insurance
                           Corporation  dated December 31, 1995 and December 31,
                           1994.

              23.1         Consent  of  Coopers  & Lybrand  L.L.P.,  independent
                           auditors of MBIA Insurance Corporation.

              99.1         Computational  Materials  provided by CS First Boston
                           in  connection  with  sales  efforts  related  to the
                           Registrant's securities.

              99.2         Computational  Materials provided by Merrill Lynch in
                           connection   with  sales   efforts   related  to  the
                           Registrant's securities.
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.

                                            CONTISECURITIES ASSET FUNDING CORP.,
                                                 as Depositor

                                            By:      /s/ James E. Moore
                                               ---------------------------------
                                                    Name: James E. Moore
                                                    Title:  President

                                            By:     /s/ Jerome M. Perelson
                                               ---------------------------------
                                                   Name:  Jerome M. Perelson
                                                   Title:  Vice President

Dated:  June 6, 1996
EXHIBIT INDEX

Exhibit No.    Description                                             

20.1           Audited Financial Statements of MBIA Insurance 
               Corporation dated December 31, 1995 and 
               December 31, 1994.                                          
     
23.1           Consent of Coopers & Lybrand L.L.P., independent 
               auditors of MBIA Insurance Corporation.                    

99.1           Computational Materials provided by CS First Boston 
               in connection with sales efforts related to the 
               Registrant's securities.                                   

99.2           Computational Materials provided by Merrill Lynch 
               in connection with sales efforts related to the 
               Registrant's securities.