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):December 15, 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
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
December 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 June 15, 2022.
A. Monthly Report Information:
Aggregate distribution information for the current distribution
date December 15, 1997.
Principal Interest Ending Balance
Cede & Co$2,661,160.00 $717,814.02 $154,629,636.09
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 December 15, 1997
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 11/17/97 12/15/97
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL
PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 5.213487 4.411887
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 12.995062 16.356238
Principal Distribution Amount 12.713515 16.356238
Maximum Principal Payment 35.009353 30.141177
Alternative Principal Payment 12.713515 16.356238
Principal Collections less Additional Balances 12.713515 16.356238
Investor Loss Amount Distributed to Investors 0.281548 0.000000
Accelerated Principal Distribution Amount 0.000000 0.000000
Credit Enhancement Draw Amount 0.00 0.00
Total Amount Distributed to Certificateholders (P & I)
18.208549 20.768126
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance "159,405,092.73 " "157,290,796.09 "
Ending Investor Certificate Balance "157,290,796.09 " "154,629,636.09 "
Beginning Invested Amount "159,405,092.73 " "157,290,796.09 "
Ending Invested Amount "157,290,796.09 " "154,629,636.09 "
Investor Certificateholder Floating Allocation Percentage
97.1427% 97.1062%
Pool Factor 0.9667535 0.9503973
Liquidation Loss Amount for Liquidated Loans
"47,155.21 " 0.00
Unreimbursed Liquidation Loss Amount 0.00 0.00
C. POOL INFORMATION
Beginning Pool Balance"164,093,824.53 " "161,978,180.50 "
Ending Pool Balance"161,978,180.50 " "159,317,020.50 "
Servicer Removals form the Trust (Section 2.06)0.00 0.00
Servicing Fee "68,372.43 " "67,490.91 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.805000% 5.867500%
LIBOR Rate 5.625000% 5.687500%
Maximum Rate 9.930055% 9.932027%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 18 12
Trust Balances "400,710.92 " "314,121.89 "
Delinquent 60-89 days
No. of Accounts 5 2
Trust Balances "107,284.76 " "40,294.96 "
Delinquent 90+ days
No. of Accounts 2 4
Trust Balances "21,300.00 " "49,804.46 "
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: 11/17/97 12/15/97
"IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly
executed""this 8th day of December, 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 Loan
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: December 31, 1997