<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Form 8-K
Pursuant to Section 12 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): 12/25/97
Lehman ABS Corporation
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT
DATED AS OF APRIL 1, 1996, PROVIDING FOR THE ISSUANCE OF
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES SERIES 1996-2
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(Exact name of registrant as specified in its charter)
Delaware 333-01451-02 41-1840385
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation File Number) Identification Number)
200 Vesey Street
New York, New York 10285
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (202) 526-7000
<PAGE> 2
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
20.1 Lehman FHA Title I Loan Trust
Series 1996-2 Certificateholder Report dated 12/25/97.
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.
Date: 01/28/98
Lehman ABS Corporation by U.S. Bank National Association fka
First Bank National Association, as Trustee for
Lehman ABS Corporation FHA Title I Loan Trust, Series 1996-2
By: /s/ Tina Hatfield
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Name: Tina Hatfield
Title: Vice President
Company: U.S. Bank National Association fka First Bank National Association
<PAGE> 1
FHA Title I Loan Asset-Backed Certificates
Series 1996-2 Group I REMIC
CERTIFICATEHOLDER REPORT
Distribution Date: 12/25/97
<TABLE>
<CAPTION>
FACTORS (Per $1000 of Original Certificate Balance) Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Class Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
A-1 525177AQ4 47,196,000.00 0.00000000 0.00000000 0.00000000
A-2 525177AR2 97,036,000.00 3.60166237 52.95588369 584.50649192
A-3 525177AS0 43,333,000.00 5.92500012 0.00000000 1000.00000000
A-4 525177AT8 32,907,000.00 6.20833349 0.00000000 1000.00000000
A-5 525177AU5 51,036,000.00 6.38333333 0.00000000 1000.00000000
S 525177AW1 279,905,900.10 0.37313329 --- 747.15640944
</TABLE>
<TABLE>
<CAPTION>
INTEREST Monthly Current
Interest Interest On Interest Interest Interest
Certificate Carryover Carryover Distributable Interest Distribution Carryover
Class Rate Shortfall Shortfall Amount Distribution Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 6.74000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 6.78000% 0.00 0.00 349,490.91 349,490.91 349,490.91 0.00
A-3 7.11000% 0.00 0.00 256,748.03 256,748.03 256,748.03 0.00
A-4 7.45000% 0.00 0.00 204,297.63 204,297.63 204,297.63 0.00
A-5 7.66000% 0.00 0.00 325,779.80 325,779.80 325,779.80 0.00
S 0.58640% 0.00 0.00 104,442.21 104,442.21 104,442.21 0.00
Total 0.00 0.00 1,240,758.58 1,240,758.58 1,240,758.58 0.00
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL Outstanding Monthly Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribution Certificate Carryover
Class Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 61,856,799.08 12,493,539.23 5,228,992.30 17,722,531.53 5,138,627.13 56,718,171.95 12,583,904.40
A-3 43,333,000.00 0.00 0.00 0.00 0.00 43,333,000.00 0.00
A-4 32,907,000.00 0.00 0.00 0.00 0.00 32,907,000.00 0.00
A-5 51,036,000.00 0.00 0.00 0.00 0.00 51,036,000.00 0.00
S 213,728,943.39 --- --- --- --- 209,133,487.30 ---
Total 189,132,799.08 12,493,539.23 5,228,992.30 17,722,531.53 5,138,627.13 183,994,171.95 12,583,904.40
</TABLE>
DISTRIBUTIONS
FHA Premium Account Deposit 32,941.79
Master Servicer Fee 21,372.89
Master Servicer Reimbursement 116,575.74
Trustee Fee 2,137.29
Priority Expenses 0.00
Class Interest Distribution 1,240,758.58
Amounts Owing to Certificate Insurer 0.00
Class A Principal Distribution 5,138,627.13
Class A Guaranteed Principal Distribution Amt 0.00
Successor Master Servicer Fee 0.00
Other Fee 0.00
Class R Distribution 0.00
Total Distribution Amount 6,552,413.42
Certificate Insurer from Reserve Account 0.00
OTHER INFORMATION
Defaulted Loans During The Related Due Period 2,344,118.67
Principal Balance Of All Defaulted Mortgage Loans 27,565,160.57
Cram Down Losses 0.00
Excess Interest Paid As Principal 2,253,753.50
Required OC Amount 5.60000000%
Overcollateralization Prior to Allocation of
Distributable Excess Spread 25,139,315.35
Actual Overcollateralization 25,139,315.35
Required Overcollateralization 15,674,730.41
Beginning Collateral Balance 213,728,943.39
Ending Collateral Balance 209,133,487.30
<PAGE> 2
FHA Title I Loan Asset-Backed Certificates
Series 1996-2 Group II Grantor Trust
CERTIFICATEHOLDER REPORT
Distribution Date: 12/25/97
<TABLE>
<CAPTION>
FACTORS (Per $1000 of Original Certificate Balance) Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
Class A-6 525177AV3 7,827,731.00 3.58268188 20.60497225 568.32912245
</TABLE>
<TABLE>
<CAPTION>
INTEREST Monthly Current
Interest Interest On Interest Interest Interest
Certificate Carryover Carryover Distributable Interest Distribution Carryover
Rate Shortfall Shortfall Amount Distribution Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-6 7.30000% 0.00 0.00 28,044.27 28,044.27 28,044.27 0.00
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL Outstanding Monthly Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribution Certificate Carryover
Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-6 4,610,017.67 15,081.41 151,269.24 166,350.65 161,290.18 4,448,727.49 5,060.47
</TABLE>
DISTRIBUTIONS
FHA Premium Account Deposit 2,816.61
Master Servicer Fee 487.01
Master Servicer Reimbursement 1,772.29
Trustee Fee 48.70
Priority Expenses 0.00
Class Interest Distribution 28,044.27
Class A Principal Distribution 161,290.18
Payment of Loss Carryforward Amount 0.00
Amounts Owing to Certificate Insurer 0.00
Class A Guaranteed Principal Distribution Amt 0.00
Successor Master Servicer Fee 0.00
Other Fee 0.00
Distribution to Keystone 0.00
Total Distribution Amount 194,459.06
Certificate Insurer from Reserve Account 0.00
OTHER INFORMATION
Defaulted Loans During The Related Due Period 32,405.88
Principal Balance of All Defaulted Mortgage Loans 307,522.12
Cram Down Losses 0.00
Excess Interest Paid As Principal 42,426.82
Beginning Collateral Balance 4,870,052.94
Ending Collateral Balance 4,727,051.30
Insurer Default Amount 0.00
Loss Carryforward Amount 0.00
