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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 16,1996
LEHMAN HOME EQUITY LOAN TRUST 1996-1
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(Exact name of registrant as specified in its charter)
NEW YORK 333-01451 36-7142775
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(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
C/O THE FIRST NATIONAL BANK OF CHICAGO.
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CORPORATE TRUST SERVICES DIVISION - 9TH FLOOR
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1 N. STATE STREET, CHICAGO IL 60670-0126
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 312/407-1902
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Item 5. Other Events
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On behalf of Lehman Home Equity Loan Trust 1996-1, a Trust created
pursuant to the Pooling Agreement, dated December 29, 1995, 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 16,1996. 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 February 15, 2027.
A. Monthly Report Information:
Aggregate distribution information for the current distribution
date December 16,1996.
Principal Interest Ending Balance
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Cede & Co.$1,341,996.42 $638,212.18 $130,417,937.86
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
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Item 7. Monthly Statements and Exhibits
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Exhibit No.
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1. Monthly Statement to Certificateholders dated December 16, 1996
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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.
LEHMAN HOME EQUITY LOAN TRUST 1996-1
By /s/ Barbara G. Grosse
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Name: Barbara Grosse
Title: Assistant Vice President
Dated: December 31, 1996
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Lehman ABS Corporation Date of Report: 12/10/96 Page 11
Lehman Home Equity Loan Trust - Series 1996-1 Time of Report: 2:46PM
P & S Agreement Date: January 1, 1996
Original Settlement Date: February 22, 1996
CUSIP Number of Certificates: 525180AU9
Original Sale Balance: 146,190,000
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STATEMENT TO CERTIFICATEHOLDERS (PAGE 1 OF 2)
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Distribution Date: 11/15/96 12/16/96
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INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 4.416560 4.365635
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 9.249275 9.179810
Principal Distribution Amount 9.171352 9.179810
Maximum Principal Payment 27.542651 26.090832
Alternative Principal Payment 9.171352 9.179810
Principal Collections less Additional Balances 9.171352 9.179810
Investor Loss Amount Distributed to Investors 0.077923 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) 13.665835 13.545445
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance 133,112,085.86 131,759,934.28
Ending Investor Certificate Balance 131,759,934.28 130,417,937.86
Beginning Invested Amount 133,857,956.20 132,505,804.63
Ending Invested Amount 132,505,804.63 131,163,808.21
Investor Certificateholder Floating Allocation Percentage 95.0495% 95.0019%
Pool Factor 0.9012924 0.8921126
Liquidation Loss Amount for Liquidated Loans 11,984.90 0.00
Unreimbursed Liquidation Loss Amount 0.00 0.00
C. POOL INFORMATION
Beginning Pool Balance 140,829,779.49 139,477,034.60
Ending Pool Balance 139,477,034.60 138,135,038.18
Servicer Removals from the Trust (Section 2.06) 0.00 0.00
Servicing Fee 58,679.07 58,115.43
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.632810% 5.625000%
LIBOR Rate 5.382810% 5.375000%
Maximum Rate 9.574483% 9.568647%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 29 18
Trust Balances 839,611.86 608,576.28
Delinquent 60-89 days
No. of Accounts 5 6
Trust Balances 275,302.20 220,300.19
Delinquent 90+ days
No. of Accounts 8 10
Trust Balances 294,676.60 437,768.69
Delinquent 9+ Months
No. of Accounts 5 5
Trust Balances 675,098 675,098
REO
No. of Accounts 1 1
Trust Balances 59,269.38 59,269.38
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Lehman ABS Corporation Date of Report: 12/10/96 Page 12
Lehman Home Equity Loan Trust - Series 1996-1 Time of Report: 2:46PM
P & S Agreement Date: January 1, 1996
Original Settlement Date: February 22, 1996
CUSIP Number of Certificates: 525180AU9
Original Sale Balance: 146,190,000
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STATEMENT OF CERTIFICATEHOLDERS (PAGE 2 OF 2)
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Distribution Date 11/15/96 12/16/96
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IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly
executed this 11th day of December, 1996
Countrywide Home Loans Formerly Known as Countrywide Funding Corporation as
Servicer
/s/ Sam Ilagan
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Sam Ilagan
Vice-President
Distribution List:
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Frank Skibo - FSA Lupe Montero - Countrywide Home Loans
Barbara Grosse - First National Bank of Chicago Richard Marron - Countrywide Home Loans
Brad Andres - Lehman Brothers Dave Walker - Countrywide Home Loans
Paul Marsilio - Lehman Brothers
Julie Uhlig - Moody's Investors Service
Gail Breman - Standard & Poor's Corp.
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