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): January 15, 1998 COUNTRYWIDE HOME EQUITY LOAN TRUST 1997-D (Exact name of registrant as specified in its charter) CALIFORNIA 	333-11095			36-7214254 (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 (Address of Principal Executive Offices)				(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-D, a Trust created pursuant to the Pooling Agreement, dated November 21, 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 January 15, 1998. 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 December 15, 2023. A.	Monthly Report Information: Aggregate distribution information for the current distribution date January 15, 1998. Principal		Interest	Ending Balance Cede & Co.$ 304,965.93	$1,553,024.38	$185,895,034.07 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 Ambac Certificate 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. Statement to Certificateholders (Page 1 of 2)								 										 Distribution Date:						11/25/97 	1/15/98 	 										 INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)							 										 A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS							 Investor Certificate Interest Distributed 					8.340625 	 Investor Certificate Interest Shortfall Distributed				0.000000 	 Remaining Unpaid Investor Certificate Interest Shortfall0.000000 	 										 Managed Amortization Period ? (Yes=1; No=0)					1	 Investors Certificate Principal Distributed					1.637841 	 Principal Distribution Amount						1.637841 	 Maximum Principal Payment							50.494313 	 Alternative Principal Payment						1.637841 	 Principal Collections less Additional Balances				1.637841 	 Investor Loss Amount Distributed to Investors				0.000000 	 Accelerated Principal Distribution Amount					0.000000 	 Credit Enhancement Draw Amount						0.00 	 										 Total Amount Distributed to Certificateholders (P & I)			9.978466 	 										 B.	INVESTOR CERTIFICATE PRINCIPAL BALANCE							 Beginning Investor Certificate Balance					"186,200,000.00 "	 Ending Investor Certificate Balance						"185,895,034.07 "	 Beginning Invested Amount							"186,200,000.00 "	 Ending Invested Amount						"185,895,034.07 "	 Investor Certificateholder Floating Allocation Percentage			98.0000% 	 Pool Factor									0.9983622 	 Liquidation Loss Amount for Liquidated Loans				0.00 	 Unreimbursed Liquidation Loss Amount					0.00 		 											 C.	POOL INFORMATION								 Beginning Pool Balance						"190,000,000.00 "		 Ending Pool Balance							"189,695,034.07 "		 Servicer Removals form the Trust (Section 2.06)				0.00 		 Servicing Fee								"79,166.67 "		 											 D.	INVESTOR CERTIFICATE RATE								 Investor Certificate Rate						5.887500% 		 LIBOR Rate								5.687500% 		 Maximum Rate							5.999836% 		 											 E.	DELINQUENCY & REO STATUS								 Delinquent 30-59 days								 No. of Accounts								4 		 Trust Balances								"130,807.44 " Delinquent 60-89 days						 No. of Accounts								2 Trust Balances								780.00 Delinquent 90+ days						 No. of Accounts								0 Trust Balances									0.00 Delinquent 9+ Months						 No. of Accounts								0 Trust Balances									0 REO						 No. of Accounts								0 Trust Balances									0.00 									 									 		Statement to Certificateholders (Page 2 of 2)							 									 Distribution Date:						11/25/97 	1/15/98 									 "IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed"	"this 8th day of January, 1998."						 									 									 Countrywide Home Loans Formerly Known as Countrywide Funding Corporation 						 as Servicer						 									 			 _______________________________________						 									 			 Sam Ilagan						 			 Vice-President						 Distribution List: Barbara Grosse-First National Bank of Chicago Peter Cerwin- Merrill Lynch Lisa Fitzpatrick- Merrill Lynch Lupe Montero- Countrywide Home Loans Richard Marron- Countrywide Home Loans Dave Walker-Countrywide Home Loans Jose Baltasar-Countrywide Home Loans Dianne Barrella-Countrywide Home Loans Richard Pohl-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-D By _______________________________________ Name:		Barbara G. Grosse Title:		Assistant Vice President Dated: January 31, 1998