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, 1998
COUNTRYWIDE HOME EQUITY LOAN TRUST 1998-C
(Exact name of registrant as specified in its charter)
CALIFORNIA 333-11095 36-7245346
(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 1998-C, a Trust created
pursuant to the Pooling Agreement, dated August 20, 1998, 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, 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
October 15, 2024.
A. Monthly Report Information: Aggregate distribution information
for the current distribution date December 15, 1998.
Principal Interest Ending Balance
Cede & Co.$ 2,726,107.11 $ 796,441.06 $178,424,474.45
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
December 15, 1998
Statement to Certificateholders (Page 1 of 2)
Distribution Date:
11/16/98 12/15/98
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY
(Per $1000 original principal amount)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed (Section 5.03 (iii))
4.938807 4.328484
Investor Certificate Interest Shortfall Distributed (Section 5.03 (iv))
0.000000 0.000000
Remaining Unpaid Investor Certificate Interest Shortfall (Section 5.03 (v))
0.000000 0.000000
Managed Amortization Period ? (Yes=1; No=0)
1 1
Investors Certificate Principal Distributed (Section 5.03 (vi))
9.682658 14.815800
Principal Distribution Amount
9.682658 14.815800
Maximum Principal Payment
42.326516 41.373589
Alternative Principal Payment
9.682658 14.815800
Principal Collections less Additional Balances
9.682658 14.815800
Investor Loss Amount Distributed to Investors
0.000000 0.000000
Accelerated Principal Distribution Amount
0.000000 0.000000
Credit Enhancement Draw Amount (Section 5.03 (xii))
0.00 0.00
Total Amount Distributed to Certificateholders (P & I) (Section 5.03 (ii))
14.621465 19.144284
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance
"182,932,190.60 " "181,150,581.56 "
Ending Investor Certificate Balance (Section 5.03 (x))
"181,150,581.56 " "178,424,474.45 "
Beginning Invested Amount
"182,932,190.60 " "181,150,581.56 "
Ending Invested Amount (Section 5.03 (x))
"181,150,581.56 " "178,424,474.45 "
Investor Certificateholder Floating Allocation
Percentage (Section 5.03 (i))
98.3956% 98.3801%
Pool Factor (Section 5.03 (x))
0.9845140 0.9696982
Liquidation Loss Amount for Liquidated Loans (Section 5.03 (vii))
0.00 0.00
Unreimbursed Liquidation Loss Amount (Section 5.03 (viii))
0.00 0.00
C. POOL INFORMATION
Beginning Pool Balance (Section 5.03 (xi))
"185,914,983.60 " "184,133,374.56 "
Ending Pool Balance (Section 5.03 (xi))
"184,133,374.56 " "181,407,267.45 "
Servicer Removals form the Trust (Section 2.06)
0.00 0.00
Servicing Fee (Section 5.03 (ix))
"77,464.58 " "76,722.24 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate (Section 5.03 (xvi))
5.588590% 5.457810%
LIBOR Rate
5.408590% 5.277810%
Maximum Rate
6.748712% 7.353315%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days (Section 5.03 (xiii))
No. of Accounts 5 3
Trust Balances "45,400.34 " "51,019.35 "
Delinquent 60-89 days (Section 5.03 (xiii))
No. of Accounts 1 0
Trust Balances "100,000.00 " 0.00
Delinquent 90+ days (Section 5.03 (xiii))
No. of Accounts 1 0
Trust Balances "18,000.00 " 0.00
REO (Section 5.03 (xiv))
No. of Accounts 0 0
Trust Balances 0 0
F. INSURANCE COVENANTS
Subordinated Transferor Collections (Section 5.03 (xviii))
"16,331.69 " "16,119.22 "
Overcollateralization Step-Down (Section 5.03 (xix))
0.00 0.00
Available Transferor Subordinated Amount (Section 5.03 (xx))
"2,804,741.90 " "2,804,741.90 "
Overcollateralization Amount (Section 5.03 (xxi))
0 0
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 11/16/98 12/15/98
"IN WITNESS WHEREOF, the undersigned has"
caused this Certificate to be duly executed
"this 9th day of December, 1998"
Countrywide Home Loans Formerly Known
as countrywide funding corporation
as Servicer
_______________________________________
Lupe Montero
Vice-President
Distribution List
Barbara Grosse- First National Bank of Chicago
Lupe Montero- Countrywide Home Loans
John Dahl- Salomon Smith Barney
Richard Marron - Countrywide Home Loans
Dave Walker - Countrywide Home
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 1998-C
By _______________________________________
Name:
Barbara G. Grosse Title: Vice President
Dated: December 31, 1998