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): May 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 May 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 May 15, 1998. Principal		Interest	Ending Balance Cede & Co.$ 1,297,311.78 $ 887,550.60 $180,570,043.72 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.1 Monthly Statement to Certificateholders dated May 15,1998 								 Statement to Certificateholders (Page 1 of 2)						 								 Distribution Date:					4/15/98 	5/15/98 								 INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER$1000 ORIGINAL PRINCIPAL AMOUNT)					 								 A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS					 Investor Certificate Interest Distributed	4.841276 	4.766652 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		10.025689 	6.967303 Principal Distribution Amount		10.025689 	6.967303 Maximum Principal Payment			33.705098 	31.616023 Alternative Principal Payment				10.025689 	6.967303 Principal Collections less Additional Balances	10.025689 	6.967303 Investor Loss Amount Distributed to Investors	0.000000 	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)	14.866966 	11.733955 								 B.	INVESTOR CERTIFICATE PRINCIPAL BALANCE					 Beginning Investor Certificate Balance	"183,734,138.86 "	"181,867,355.50 " Ending Investor Certificate Balance	"181,867,355.50 "	"180,570,043.72 " Beginning Invested Amount		"183,734,138.86 "	"181,867,355.50 " Ending Invested Amount		"181,867,355.50 "	"180,570,043.72 " Investor Certificateholder Floating Allocation Percentage	97.9737% 	97.9533% 	Pool Factor			0.9767312 	0.9697639 Liquidation Loss Amount for Liquidated Loans	0.00 	0.00 Unreimbursed Liquidation Loss Amount	0.00 	0.00 								 C.	POOL INFORMATION					 Beginning Pool Balance	"187,534,138.86 "	"185,667,355.50 " Ending Pool Balance	"185,667,355.50 "	"184,370,043.72 " Servicer Removals form the Trust (Section 2.06)	0.00 	0.00 	Servicing Fee		"78,139.22 "	"77,361.40 " 								 D.	INVESTOR CERTIFICATE RATE					 Investor Certificate Rate		5.887500% 	5.856250% LIBOR Rate				5.687500% 	5.656250% Maximum Rate			8.551534% 	8.820795% 								 E.	DELINQUENCY & REO STATUS					 Delinquent 30-59 days					 No. of Accounts				15 	11 Trust Balances				"374,277.64 "	"152,364.18 " Delinquent 60-89 days					 No. of Accounts				2 	3 Trust Balances				"15,225.67 "	"118,800.00 " Delinquent 90+ days					 No. of Accounts				0 	2 Trust Balances				0.00 	"15,720.20 " 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:		4/15/98 	5/15/98 								 "IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed"					 		"this 8th day of May, 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	 Lupe Montero - Countrywide Home Loans																														 Peter Cerwin - Merrill Lynch	 Richard Marron - Countrywide Home Loans																																		 Lisa Fitzpatrick - Merrill Lynch	 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: May 31, 1998