<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 11, 1996


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


            New York                  33-99340     16-1502484 (Lower Tier REMIC)
            --------                  --------     -----------------------------
(State or Other Jurisdiction)       (Commission          (I.R.S. Employer
         of Incorporation)          File Number)         Identification No.)


c/o Manufacturers & Traders Trust Company
           One M&T Plaza
            Buffalo, NY                                        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 2.  Acquisition or Disposition of Assets

Description of the Certificates and the Mortgage Loans

         ContiSecurities  Asset  Funding  Corp.  registered  issuances  of up to
$3,500,000,000  principal  amount of Asset Backed  Certificates  on a delayed or
continuous  basis  pursuant  to Rule 415 under the  Securities  Act of 1933,  as
amended (the "Act"), by a Registration  Statement on Form S-3 (Registration File
No.  33-99340)  (as  amended,  the  "Registration  Statement").  Pursuant to the
Registration  Statement,  ContiMortgage  Home  Equity  Loan  Trust  1996-2  (the
"Registrant" or the "Trust") issued  $505,000,000 in aggregate  principal amount
of   its   Home   Equity   Pass-Through   Certificates,   Series   1996-2   (the
"Certificates"),  on June 11,  1996.  This  Current  Report on Form 8-K is being
filed to satisfy an undertaking to file copies of certain agreements executed in
connection with the issuance of the Certificates,  the forms of which were filed
as Exhibits to the Registration Statement.

          The  Certificates  were issued  pursuant  to a Pooling  and  Servicing
Agreement  (the "Pooling and Servicing  Agreement")  attached  hereto as Exhibit
4.1, dated as of June 1, 1996,  among  ContiSecurities  Asset Funding Corp. (the
"Depositor"),  ContiMortgage Corporation (the "Company"), as seller and servicer
(the "Servicer") and Manufacturers and Traders Trust Company, in its capacity as
trustee (the "Trustee").  The Certificates consist of the following classes: the
Class A-1,  Class A-2,  Class A-3,  Class A-4,  Class A-5, Class A-6, Class A-7,
Class A-8, Class A-9 and Class A-10IO Certificates (the "Class A Certificates"),
the Class B-IO  Certificates  (the  "Class B-IO  Certificates")  and the Class R
Certificates  (the  "Class  R  Certificates"  and,  together  with  the  Class A
Certificates  and the Class B-IO  Certificates,  the  "Certificates").  Only the
Class A Certificates  were offered pursuant to the Registration  Statement.  The
Certificates  evidence,  in the  aggregate,  100%  of the  undivided  beneficial
ownership interests in the Trust.

         The assets of the Trust  initially  include a pool of  closed-end  home
equity  loans (the "Home Equity  Loans")  secured by mortgages or deeds of trust
primarily on one-to-four family residential  properties.  Interest distributions
on the Class A Certificates are based on the Certificate  Principal Balance (or,
in the case of the Class A-10IO  Certificates,  the Notional  Principal  Amount)
thereof and the applicable Pass-Through Rate thereof. The Pass-Through Rates for
the Class A Certificates  are as follows:  Class A-1,  5.90%;  Class A-2, 6.50%;
Class A-3, 6.70%;  Class A-4, 6.85%;  Class A-5, 7.05%;  Class A-6, 7.25%; Class
A-7, 7.60%; Class A-8, 7.90%, Class A-9, as defined in the Pooling and Servicing
Agreement  attached  hereto as Exhibit 4.1 and Class  A-10IO,  as defined in the
Pooling and Servicing Agreement. The Class A Certificates have initial aggregate
principal amounts as follows:  Class A-1, $29,000,000;  Class A-2, $118,000,000;
Class A-3, $54,000,000;  Class A-4, $82,500,000;  Class A-5, $21,500,000;  Class
A-6, $62,500,000; Class A-7, $43,000,000; Class A-8, $39,500,000; and Class A-9,
$55,000,000.  The Class A-10IO  Certificates are interest only  Certificates and
have no Certificate Principal Balance.

         As  of  the  Cut-Off  Date,   the  Home  Equity  Loans   possessed  the
characteristics  described  in the  Prospectus  dated  April  17,  1996  and the
Prospectus Supplement dated May 15, 1996 filed pursuant to Rule 424(b)(5) of the
Act on June 6, 1996. In such Prospectus  Supplement,  the Depositor committed to
provide a description of the pool of Home Equity Loans, including loans acquired
between the Cut-Off Date and the Closing  Date in a current  report on Form 8-K.
Such description is attached hereto as Exhibit 99.1.

                                       1
<PAGE>
Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)               Not applicable

(b)               Not applicable

(c)               Exhibits:

        1.1       Underwriting   Agreement   dated   May   15,   1996,   between
                  ContiSecurities  Asset Funding Corp.  and CS First Boston,  as
                  Representative of the Several Underwriters.

        4.1       Pooling  and  Servicing  Agreement  dated as of June 1,  1996,
                  among  ContiSecurities  Asset  Funding  Corp.,   ContiMortgage
                  Corporation,  as seller and servicer,  and  Manufacturers  and
                  Traders Trust Company, as trustee.

        8.1       Tax Opinion of Arter & Hadden.

       99.1       Description  of the Home Equity  Loans as of the Closing  Date
                  (June 11, 1996).
                                       2
<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 26, 1996

                                       3

<PAGE>
                                  EXHIBIT INDEX
<TABLE>
<CAPTION>


     Exhibit No.    Description                                                                         Page No.

<S>                 <C>                                                                                <C>          
         1.1        Underwriting Agreement dated May 15, 1996, between
                    ContiSecurities Asset Funding Corp. and CS First Boston
                    Corporation, as Representative of the Several Underwriters.                         _________

         4.1        Pooling and Servicing Agreement dated as of June 1, 1996,
                    among ContiSecurities Asset Funding Corp., ContiMortgage
                    Corporation, as seller and servicer, and Manufacturers and
                    Traders Trust Company, as trustee.                                                  _________

         8.1        Tax Opinion of Arter & Hadden.                                                      _________

        99.1        Description of the Home Equity Loans as of the Closing
                    Date (June 11, 1996).                                                               _________

</TABLE>

                                       4

<PAGE>
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 8864}]
{"company-data": {"conformed-name": "CONTIMORTGAGE HOME EQUITY LOAN TRUST 1996-2", "cik": "0001014105", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-96410", "film-number": "96585709"}, "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 11, 1996

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

            New York                  33-99340     16-1502484 (Lower Tier REMIC)
            --------                  --------     -----------------------------
(State or Other Jurisdiction)       (Commission          (I.R.S. Employer
         of Incorporation)          File Number)         Identification No.)

c/o Manufacturers & Traders Trust Company
           One M&T Plaza
            Buffalo, NY                                        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 2.  Acquisition or Disposition of Assets

Description of the Certificates and the Mortgage Loans

         ContiSecurities  Asset  Funding  Corp.  registered  issuances  of up to
$3,500,000,000  principal  amount of Asset Backed  Certificates  on a delayed or
continuous  basis  pursuant  to Rule 415 under the  Securities  Act of 1933,  as
amended (the "Act"), by a Registration  Statement on Form S-3 (Registration File
No.  33-99340)  (as  amended,  the  "Registration  Statement").  Pursuant to the
Registration  Statement,  ContiMortgage  Home  Equity  Loan  Trust  1996-2  (the
"Registrant" or the "Trust") issued  $505,000,000 in aggregate  principal amount
of   its   Home   Equity   Pass-Through   Certificates,   Series   1996-2   (the
"Certificates"),  on June 11,  1996.  This  Current  Report on Form 8-K is being
filed to satisfy an undertaking to file copies of certain agreements executed in
connection with the issuance of the Certificates,  the forms of which were filed
as Exhibits to the Registration Statement.

          The  Certificates  were issued  pursuant  to a Pooling  and  Servicing
Agreement  (the "Pooling and Servicing  Agreement")  attached  hereto as Exhibit
4.1, dated as of June 1, 1996,  among  ContiSecurities  Asset Funding Corp. (the
"Depositor"),  ContiMortgage Corporation (the "Company"), as seller and servicer
(the "Servicer") and Manufacturers and Traders Trust Company, in its capacity as
trustee (the "Trustee").  The Certificates consist of the following classes: the
Class A-1,  Class A-2,  Class A-3,  Class A-4,  Class A-5, Class A-6, Class A-7,
Class A-8, Class A-9 and Class A-10IO Certificates (the "Class A Certificates"),
the Class B-IO  Certificates  (the  "Class B-IO  Certificates")  and the Class R
Certificates  (the  "Class  R  Certificates"  and,  together  with  the  Class A
Certificates  and the Class B-IO  Certificates,  the  "Certificates").  Only the
Class A Certificates  were offered pursuant to the Registration  Statement.  The
Certificates  evidence,  in the  aggregate,  100%  of the  undivided  beneficial
ownership interests in the Trust.

         The assets of the Trust  initially  include a pool of  closed-end  home
equity  loans (the "Home Equity  Loans")  secured by mortgages or deeds of trust
primarily on one-to-four family residential  properties.  Interest distributions
on the Class A Certificates are based on the Certificate  Principal Balance (or,
in the case of the Class A-10IO  Certificates,  the Notional  Principal  Amount)
thereof and the applicable Pass-Through Rate thereof. The Pass-Through Rates for
the Class A Certificates  are as follows:  Class A-1,  5.90%;  Class A-2, 6.50%;
Class A-3, 6.70%;  Class A-4, 6.85%;  Class A-5, 7.05%;  Class A-6, 7.25%; Class
A-7, 7.60%; Class A-8, 7.90%, Class A-9, as defined in the Pooling and Servicing
Agreement  attached  hereto as Exhibit 4.1 and Class  A-10IO,  as defined in the
Pooling and Servicing Agreement. The Class A Certificates have initial aggregate
principal amounts as follows:  Class A-1, $29,000,000;  Class A-2, $118,000,000;
Class A-3, $54,000,000;  Class A-4, $82,500,000;  Class A-5, $21,500,000;  Class
A-6, $62,500,000; Class A-7, $43,000,000; Class A-8, $39,500,000; and Class A-9,
$55,000,000.  The Class A-10IO  Certificates are interest only  Certificates and
have no Certificate Principal Balance.

         As  of  the  Cut-Off  Date,   the  Home  Equity  Loans   possessed  the
characteristics  described  in the  Prospectus  dated  April  17,  1996  and the
Prospectus Supplement dated May 15, 1996 filed pursuant to Rule 424(b)(5) of the
Act on June 6, 1996. In such Prospectus  Supplement,  the Depositor committed to
provide a description of the pool of Home Equity Loans, including loans acquired
between the Cut-Off Date and the Closing  Date in a current  report on Form 8-K.
Such description is attached hereto as Exhibit 99.1.

                                       1
Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)               Not applicable

(b)               Not applicable

(c)               Exhibits:

        1.1       Underwriting   Agreement   dated   May   15,   1996,   between
                  ContiSecurities  Asset Funding Corp.  and CS First Boston,  as
                  Representative of the Several Underwriters.

        4.1       Pooling  and  Servicing  Agreement  dated as of June 1,  1996,
                  among  ContiSecurities  Asset  Funding  Corp.,   ContiMortgage
                  Corporation,  as seller and servicer,  and  Manufacturers  and
                  Traders Trust Company, as trustee.

        8.1       Tax Opinion of Arter & Hadden.

       99.1       Description  of the Home Equity  Loans as of the Closing  Date
                  (June 11, 1996).
                                       2
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 26, 1996

                                       3
EXHIBIT INDEX
Exhibit No.    Description                                                                         Page No.
1.1        Underwriting Agreement dated May 15, 1996, between
                    ContiSecurities Asset Funding Corp. and CS First Boston
                    Corporation, as Representative of the Several Underwriters.                         _________

         4.1        Pooling and Servicing Agreement dated as of June 1, 1996,
                    among ContiSecurities Asset Funding Corp., ContiMortgage
                    Corporation, as seller and servicer, and Manufacturers and
                    Traders Trust Company, as trustee.                                                  _________

         8.1        Tax Opinion of Arter & Hadden.                                                      _________

        99.1        Description of the Home Equity Loans as of the Closing
                    Date (June 11, 1996).                                                               _________
4