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 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 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 December 15, 2023. A.	Monthly Report Information: Aggregate distribution information for the current distribution date December 15, 1998. Principal		Interest	Ending Balance Cede & Co.$7,030,403.93 $673,614.44 $145,623,866.02 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 		 				 Statement to Certificateholders (Page 1 of 2)				 Distribution Date:			11/16/98 	12/15/98 				 	INVESTOR CERTIFICATES DISTRIBUTION SUMMARY			 	(oer$1000 original principal amount)			 A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS			 	Investor Certificate Interest Distributed		4.252010 	3.617693 	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		33.049931 	37.757271 	 Principal Distribution Amount		33.049931 	37.757271 	 Maximum Principal Payment		44.986624 	48.386919 	 Alternative Principal Payment		33.049931 	37.757271 	 Principal Collections less Additional Balances		33.049931 	37.757271 	 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)		37.301941 	41.374965 				 B.	INVESTOR CERTIFICATE PRINCIPAL BALANCE			 	Beginning Investor Certificate Balance		"158,808,167.01 "	"152,654,269.95 " 	Ending Investor Certificate Balance		"152,654,269.95 "	"145,623,866.02 " 	Beginning Invested Amount		"158,808,167.01 "	"152,654,269.95 " 	Ending Invested Amount		"152,654,269.95 "	"145,623,866.02 " 	Investor Certificateholder Floating Allocation Percentage		97.6641% 	97.5722% 	Pool Factor		0.8198403 	0.7820831 	Liquidation Loss Amount for Liquidated Loans		0.00 	0.00 	Unreimbursed Liquidation Loss Amount		0.00 	0.00 				 C.	POOL INFORMATION			 	Beginning Pool Balance		"162,606,481.63 "	"156,452,584.57 " 	Ending Pool Balance		"156,452,584.57 "	"149,422,180.64 " 	Servicer Removals form the Trust (Section 2.06)		0.00 	0.00 	Servicing Fee		"67,752.70 "	"65,188.58 " 				 D.	INVESTOR CERTIFICATE RATE			 	Investor Certificate Rate		5.608590% 	5.477810% 	LIBOR Rate		5.408590% 	5.277810% 	Maximum Rate		9.101753% 	8.851233% 				 E.	DELINQUENCY & REO STATUS			 	Delinquent 30-59 days			 	 No. of Accounts		14 	12 	 Trust Balances		"333,242.78 "	"320,016.14 " 	Delinquent 60-89 days			 	 No. of Accounts		3 	4 	 Trust Balances		"107,693.83 "	"151,205.79 " 	Delinquent 90+ days			 	 No. of Accounts		6 	5 	 Trust Balances		"146,830.41 "	"189,445.56 " 	REO			 	 No. of Accounts		0 	0 	 Trust Balances		0.00 	0.00 				 F.	INSURANCE COVENANTS			 	Subordinated Transferor Collections		"32,757.00 "	"32,674.27 " 	Overcollateralization Step-Down		0.00 	0.00 	Available Transferor Subordinated Amount		"3,800,000.00 "	"3,800,000.00 " 	Overcollateralization Amount		0.00 	0.00 				 				 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							 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: December 31, 1998