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): August 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 August 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 August 15, 1997.
Principal Interest Ending Balance
Cede & Co. $2,027,463.83 $608,652.83 $117,173,142.52
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 August 15, 1997
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 7/15/97 8/15/97
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000
ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 3.938187
4.163437
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 7.992685
13.868690
Principal Distribution Amount 7.783347 13.608315
Maximum Principal Payment 25.081393 31.186632
Alternative Principal Payment 7.783347 13.608315
Principal Collections less Additional Balances
7.783347 13.608315
Investor Loss Amount Distributed to Investors
0.209338 0.260375
Accelerated Principal Distribution Amount 0.000000
0.000000
Credit Enhancement Draw Amount 0.00 0.00
Total Amount Distributed to Certificateholders (P & I)
11.930872 18.032127
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance "120,369,056.98" "119,200,606.36 "
Ending Investor Certificate Balance "119,200,606.36" "117,173,142.52 "
Beginning Invested Amount "121,114,927.33 " "119,946,476.70 "
Ending Invested Amount "119,946,476.70 " "117,919,012.87 "
Investor Certificateholder Floating Allocation Percentage
94.2790% 94.2279%
Pool Factor 0.8153814 0.8015127
Liquidation Loss Amount for Liquidated Loans
"32,460.12 " "40,396.00 "
Unreimbursed Liquidation Loss Amount 0.00
0.00
Additional Servicing Fee 0 0
C. POOL INFORMATION
Beginning Pool Balance "128,464,385.21 "
"127,294,077.54 "
Ending Pool Balance "127,294,077.54 "
"125,264,281.99 "
Servicer Removals form the Trust (Section 2.06)
0.00 0.00
Servicing Fee "53,526.83 " "53,039.20 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.937500% 5.929690%
LIBOR Rate 5.687500% 5.679690%
Maximum Rate 9.788986% 9.788000%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 21 14
Trust Balances "544,031.51 " "593,167.83 "
Delinquent 60-89 days
No. of Accounts 6 5
Trust Balances "291,544.09 " "132,397.68 "
Delinquent 90+ days
No. of Accounts 17 18
Trust Balances "645,258.28 " "723,515.66 "
Delinquent 9+ Months
No. of Accounts 8 6
Trust Balances "660,314 " "254,859 "
REO
No. of Accounts 2 0
Trust Balances "395,058.52 " 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 7/15/97 8/15/97
"IN WITNESS WHEREOF, the undersigned has caused this Certificate to be
duly executed"
"this 11th day of August, 1997"
Countrywide Home Loans Formerly Known as Countrywide Funding
Corporation
as Servicer
_______________________________________
Sam Ilagan
Vice-President
Distribution List:
" Director, IPM - FSA" Lupe Montero - Countrywide Home Loans
Barbara Grosse - First National Bank of Chicago
Richard Marron -Countrywide Home Loans
Gail Brennan - Standard & Poor's Corp.
Dave Walker - Countrywide Home Loans
Paul Marsilio - Lehman Brothers
Richard Pohl - Countrywide Home Loans
Margarette Carrette - Moody's Investors Service
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: August 31, 1997
