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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): JANUARY 15, 1997
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
January 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 January 15, 1997.
Principal Interest Ending Balance
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Cede & Co. $984,992.60 $636,381.94 $129,432,945.26
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 January 15, 1997
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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 ____________________________________
Name: Barbara Grosse
Title: Assistant Vice President
Dated: January 31, 1997
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Lehman ABS Corporation Date of Report: 1//8/97 Page 11
Lehman Home Equity Loan Trust - Series 1996-1 Time of Report: 4:09 PM
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: 12/16/96 1/15/97
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INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 4.365635 4.353115
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 9.179810 6.737756
Principal Distribution Amount 9.179810 6.737756
Maximum Principal Payment 26.090832 25.578818
Alternative Principal Payment 9.179810 6.737756
Principal Collections less Additional Balances 9.179810 6.737756
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) 13.545445 11.090872
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance 131,759,934.28 130,417,937.86
Ending Investor Certificate Balance 130,417,937.86 129,432,945.26
Beginning Invested Amount 132,505,804.63 131,163,808.21
Ending Invested Amount 131,163,808.21 130,178,815.61
Investor Certificateholder Floating Allocation Percentage 95.0019% 94.9533%
Pool Factor 0.8921126 0.8853748
Liquidation Loss Amount for Liquidated Loans 0.00 0.00
Unreimbursed Liquidation Loss Amount 0.00 0.00
C. POOL INFORMATION
Beginning Pool Balance 139,477,034.60 138,135,038.18
Ending Pool Balance 138,135,038.18 137,150,045.58
Servicer Removals form the Trust (Section 2.06) 0.00 0.00
Servicing Fee 58,115.43 57,556.27
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.625000% 5.855470%
LIBOR Rate 5.375000% 5.605470%
Maximum Rate 9.568647% 9.566662%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 18 15
Trust Balances 608,576.28 435,677.49
Delinquent 60-89 days
No. of Accounts 6 5
Trust Balances 220,300.19 160,169.80
Delinquent 90+ days
No. of Accounts 10 11
Trust Balances 437,768.69 480,610.98
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: 1//8/97 Page 12
Lehman Home Equity Loan Trust - Series 1996-1 Time of Report: 4:09 PM
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: 12/16/96 1/15/97
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IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed
this 9th day of January, 1997
Countrywide Home Loans Formerly Known as Countrywide Funding Corporation
as Servicer
/s/ Frederick J. Budig
______________________
Frederick J. Budig
Senior 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 Brennan - Standard & Poor's Corp.
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