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): July 15, 1997
LEHMAN HOME EQUITY LOAN TRUST 1996-1
(Exact name of registrant as specified in its charter)
New York 333-01451 36-7142775
(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
<PAGE>
Item 5. Other Events
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 July 15,1997. 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 July 15, 1997.
Principal Interest Ending Balance
Cede & Co.$1,168,450.62 $575,723.53 $119,200,606.36
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
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Statement to Certificateholders dated July 15, 1997
Statement to Certificateholders (Page 1 of 2)
Distribution Date: INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER
$1000 ORIGINAL PRINCIPAL AMOUNT)
6/16/97 7/15/97
INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
A. Investor Certificate Interest Distributed
4.416306 3.938187
Investor Certificate Interest Shortfall Distributed
0 0
Remaining Unpaid Investor Certificate Interest Shortfall
0 0
Managed Amortization Period ? (Yes=1; No=0)
1 1
Investors Certificate Principal Distributed
13.399611 7.992685
Principal Distribution Amount 12.932051
7.783347
Maximum Principal Payment 27.816534
25.081393
Alternative Principal Payment
12.932051 7.783347
Principal Collections less Additional Balances
12.932051 7.783347
Investor Loss Amount Distributed to Investors
0.467559 0.209338
Accelerated Principal Distribution Amount
0 0
Credit Enhancement Draw Amount 0 0
Total Amount Distributed to Certificateholders (P & I)
17.815916 11.930872
INVESTOR CERTIFICATE PRINCIPAL BALANCE
B. Beginning Investor Certificate Balance
"122,327,946.05" "120,369,056.98"
Ending Investor Certificate Balance
"120,369,056.98" "119,200,606.36"
Beginning Invested Amount
"123,073,816.39" "121,114,927.33"
Ending Invested Amount "121,114,927.33"
"119,946,476.70"
Investor Certificateholder Floating Allocation Percentage
94.36% 94.28%
Pool Factor 0.8233741 0.8153814
Liquidation Loss Amount for Liquidated Loans
"72,436.48" "32,460.12"
Unreimbursed Liquidation Loss Amount
0 0
POOL INFORMATION
Additional Servicing Fee
C. Beginning Pool Balance "130,427,358.27"
"128,464,385.21"
Ending Pool Balance "128,464,385.21"
"127,294,077.54"
Servicer Removals form the Trust (Section 2.06)
0 0
Servicing Fee "54,344.73" "53,526.83"
INVESTOR CERTIFICATE RATE
D. Investor Certificate Rate 5.94% 5.94%
LIBOR Rate 5.69% 5.69%
Maximum Rate 9.79% 9.79%
DELINQUENCY & REO STATUS
E. Delinquent 30-59 days
No. of Accounts 25 21
Trust Balances "677,009.25" "544,031.51"
Delinquent 60-89 days
No. of Accounts 5 6
Trust Balances "233,300.78" "291,544.09"
Delinquent 90+ days
No. of Accounts 17 17
Trust Balances "541,788.77" "645,258.28"
Delinquent 9+ Months
No. of Accounts 10 8
Trust Balances "937,617" "660,314"
REO
No. of Accounts 2 2
Trust Balances "395,058.52" "395,058.52"
Statement to Certificateholders (Page 2 of 2)
6/16/97 7/15/97
Distribution Date: "IN WITNESS WHEREOF, the undersigned has caused this
Certificate to be duly executed"
"this 9th day of July, 1997"
Countrywide Home Loans Formerly Known as Countrywide Funding
Corporation
as Servicer
_______________________________________
Sam Ilagan
Vice-President
Distribution List:
" Director, IPM - FSA"
Barbara Grosse - First National Bank of Chicago
Gail Brennan - Standard & Poor's Corp.
Lupe Montero - Countrywide Home Loans
Paul Marsilio - Lehman Brothers
Richard Marron - Countrywide Home Loans
Margarette Carrette - Moody's Investors Service
Dave Walker -Countrywide Home Loans
Richard Pohl - Countrywide Home Loans
Jose Baltasar - Countrywide Home Loans
Brain Sulker - Hall - Countrywide Home Loans
SIGNITURES
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 _______________________________________
Name: Barbara Grosse
Title: Assistant Vice President
Dated: July 31, 1997
