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) : June 25, 1996
LEHMAN ABS CORPORATION, (as depositor under the Pooling and
Servicing Agreement, dated as of May 1, 1996, which forms
Lehman Home Equity Loan Trust 1996-2, which will issue the
Lehman Home Equity Loan Trust 1996-2, Home Equity Loan
Asset-Backed Certificates, Series 1996-2).
LEHMAN ABS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-01451 13-3447441
(State or other jurisdiction (Commission File (IRS Employer
of incorporation ) Number)
Identification No.)
Three World Financial Center
200 Vesey Street
New York, New York 10022
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code : (212) 526-7000
N/A
(Former name or former address, if changed since
last report.)
Page 1 of 4 This report consists of 4
consecutively numbered pages.
<PAGE>
Item 5. Other Events.
On June 25, 1996, July 25, 1996, and August 26, 1996 distributions
were made to the Certificateholders. Specific information with
respect to the distributions is filed as Exhibits 99.1, 99.2, and
99.3 hereto.
No other reportable transactions or matters have occurred during
the current reporting period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on June 25, 1996 filed as
Exhibit 99.1 hereto.
Statement to Certificateholders on July 25, 1996 filed as
Exhibit 99.2 hereto.
Statement to Certificateholders on August 26, 1996 filed
as Exhibit 99.3 hereto.
<PAGE>
SIGNATURE
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 hereunto duly authorized.
CHASE MANHATTAN BANK
(SUCCESSOR BY MERGER OF THE
CHASE MANHATTAN BANK, N.A.),
AS TRUSTEE, FOR
LEHMAN HOME EQUITY LOAN TRUST 1996-2
Date: 9/26/96 By: /s/ Ronald Feldman
Ronald Feldman
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
June 25, 1996.
99.2 Monthly Certificateholder Statement on 9
July 25, 1996.
99.3 Monthly Certificateholder Statement on 13
August 26, 1996.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on June 25, 1996
<PAGE>
Lehman Home Equity Loan Trust Page 1
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 6/25/96
REC. DATE: 5/31/96
<TABLE>
<CAPTION>
PRINCIPAL INTEREST
BEG. CERT. CARRYOVER CARRYOVER
CLASS CUSIP BALANCE PRIN. DIST. INT. DIST. SHORTFALL SHORTFALL TOTAL DIST END BALANCE
<S> <C> <C> <C> <C> <C> <C>
A-1 525180AV7 45,136,000.00 1,251,339.46 253,513.87 0.00 0.00 1,504,853.33 43,884,660.54
A-2 525180AW5 33,056,000.00 0.00 194,204.00 0.00 0.00 194,204.00 33,056,000.00
A-3 525180AX3 17,085,000.00 0.00 105,927.00 0.00 0.00 105,927.00 17,085,000.00
A-4 525180AY1 12,305,000.00 0.00 79,264.71 0.00 0.00 79,264.71 12,305,000.00
A-5 525180AZ8 14,523,000.00 0.00 96,941.03 0.00 0.00 96,941.03 14,523,000.00
B-IO N/A 122,288,055.54 0.00 0.00 0.00 244,091.04 0.00 121,286,084.80
R N/A 0.00 0.00 0.00 0.00 0.00 0.00 N/A
TOTAL: 122,105,000.00 1,251,339.46 729,850.61 0.00 0.00 1,981,190.07 120,853,660.54
</TABLE>
<TABLE>
<CAPTION>
CLASS CUSIP ACCR INT APPR RED AMT UNPAID INT PRIN FACTOR INT FACTOR E. BAL FACTOR CURR RATE NEXT RATE
<S> <C> <C> <C> <C> <C> <C>
A-1 525180AV7 253,513.87 0.00 0.00 27.72375615 5.61666674 972.27624385 6.74000 6.74000
A-2 525180AW5 194,204.00 0.00 0.00 0.00000000 5.87500000 1000.0000000 7.05000 7.05000
A-3 525180AX3 105,927.00 0.00 0.00 0.00000000 6.20000000 1000.0000000 7.44000 7.44000
A-4 525180AY1 79,264.71 0.00 0.00 0.00000000 6.44165680 1000.0000000 7.73000 7.73000
A-5 525180AZ8 96,941.03 0.00 0.00 0.00000000 6.97500034 1000.0000000 8.01000 8.01000
R N/A 0.00 0.00 0.00 0.00000000 0.00000000 0.00000000 0.00000 0.00000
B-IO N/A 0.00 0.00 0.00 0.00000000 0.00000000 991.80651327 0.0239524 0.0238916
TOTAL: 729,850.61 0.00
</TABLE>
<PAGE>
Lehman Home Equity Loan Trust Page 2
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 6/25/96
REC. DATE: 5/31/96
Available Funds 1,995,946.70
Aggregate Collection Amounts(Exclude Payheads) 1,970,506.10
(1) Principal Payment 151,203.30
(2) Interest Amount 968,540.54
(3) Principal Prepayment 834,343.44
(4) Curtailment Amount 16,418.82
(5) Repurchases 0.00
(6) Substitutions 0.00
(7) Payaheads 46,491.27
Amount paid for Repurchases & Substi.(Seller) 0.00
Amount paid for Repurchases & Substi.(Servicer) 0.00
Amount of Monthly Advances 25,440.60
Amount of Issued Payment 0.00
Weighted Average Remaining Term to Maturity 197.89
Weighted Average Loan Rate 10.2127%
Payments to the Certificate Insurer
(1) Insurance Preminum 13,228.04
(2) Reimburse. for Prior draws on Cert. Insur. Pol 0.00
(3) Others 0.00
Servicing Compensation 50,953.36
Pool Factor 98.975194%
O/C Amount 183,055.54
O/C Reduction Amount 0.00
Excess O/C Amount 0.00
Specified O/C Amount 2,690,337.22
Excess Spread 249,373.90
Amount of Excess Spread Distribution to Class A 249,373.90
<PAGE>
Lehman Home Equity Loan Trust Page 3
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 6/25/96
REC. DATE: 5/31/96
Pool Beginning Balance(Mortgage Loans) 122,288,055.54
Pool Ending Balance(Mortgage Loans) 121,286,089.98
Number of Mortgage Loans 2,272
# of Loans Delinquent(30-59 days) 0
Balance of Loans Delinquent(30-59 days) 0.00
# of Loans Delinquent(60-89 days) 0
Balance of Loans Delinquent(60-89 days) 0.00
# of Loans Delinquent(90 or more days) 0
Balance of Loans Delinquent(90 or more days) 0.00
# of Loans Delinquent(Become REO Properties) 0
Balance of Loans Delinquent(Become REO Properties) 0.00
# of Loans Delinquent(In Foreclosure) 0
Balance of Loans Delinquent(In Foreclosure) 0.00
# of Loans Delinquent(In Bankruptcy) 0
Balance of Loans Delinquent(In Bankruptcy) 0.00
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on July 25, 1996
<PAGE>
Lehman Home Equity Loan Trust Page 1
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 7/25/96
REC. DATE: 6/28/96
<TABLE>
<CAPTION>
PRINCIPAL INTEREST
BEG. CERT. CARRYOVER CARRYOVER
CLAS CUSIP BALANCE PRIN. DIST. INT. DIST. SHORTFALL SHORTFALL TOTAL DIST END BALANCE
<S> <C> <C> <C> <C> <C> <C>
A-1 525180AV7 43,884,660.54 1,307,971.38 246,485.51 0.00 0.00 1,554,456.88 42,576,689.17
A-2 525180AW5 33,056,000.00 0.00 194,204.00 0.00 0.00 194,204.00 33,056,000.00
A-3 525180AX3 17,085,000.00 0.00 105,927.00 0.00 0.00 105,927.00 17,085,000.00
A-4 525180AY1 12,305,000.00 0.00 79,264.71 0.00 0.00 79,264.71 12,305,000.00
A-5 525180AZ8 14,523,000.00 0.00 96,941.03 0.00 0.00 96,941.03 14,523,000.00
B-IO N/A 121,286,089.98 0.00 0.00 0.00 485,567.60 0.00 120,218,370.03
R N/A 0.00 0.00 0.00 0.00 0.00 0.00 N/A
TOTAL: 120,853,660.54 1,307,971.38 722,822.25 0.00 0.00 2,030,793.62 119,545,689.17
</TABLE>
<TABLE>
<CAPTION>
CLASS CUSIP ACCR INT APPR RED AMT UNPAID INT PRIN FACTOR INT FACTOR E. BAL FACTOR CURR RATE NEXT RATE
<S> <C> <C> <C> <C> <C> <C>
A-1 525180AV7 246,485.51 0.00 0.00 29.80475101 5.61666667 943.29779249 6.74000 6.74000
A-2 525180AW5 194,204.00 0.00 0.00 0.00000000 5.87500000 1,000.00000000 7.05000 7.05000
A-3 525180AX3 105,927.00 0.00 0.00 0.00000000 6.20000000 1,000.00000000 7.44000 7.44000
A-4 525180AY1 79,264.71 0.00 0.00 0.00000000 6.44166667 1,000.00000000 7.73000 7.73000
A-5 525180AZ8 96,941.03 0.00 0.00 0.00000000 6.67500000 1,000.00000000 8.01000 8.01000
R N/A 0.00 0.00 0.00 0.00000000 0.00000000 0.00000000 0.00000 0.00000
B-IO N/A 0.00 0.00 0.00 0.00000000 0.00000000 983.07532571 0.02389 0.00000
TOTAL: 722,822.25 0.00
</TABLE>
<PAGE>
Lehman Home Equity Loan Trust Page 2
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 7/25/96
REC. DATE: 6/28/96
Available Funds 2,045,402.18
Aggregate Collection Amounts(Exclude Payheads) 2,023,804.73
(1) Principal Payment 166,319.98
(2) Interest Amount 956,084.78
(3) Principal Prepayment 886,652.84
(4) Curtailment Amount 14,747.13
(5) Repurchases 0.00
(6) Substitutions 0.00
(7) Payaheads 37,135.45
Amount paid for Repurchases & Substi.(Seller) 0.00
Amount paid for Repurchases & Substi.(Servicer) 0.00
Amount of Monthly Advances 21,597.45
Amount of Issued Payment 0.00
Weighted Average Remaining Term to Maturity 196.95
Weighted Average Loan Rate 10.2136%
Payments to the Certificate Insurer
(1) Insurance Preminum 13,092.48
(2) Reimburse. for Prior draws on Cert. Insur. Pol 0.00
(3) Others 0.00
Servicing Compensation 50,535.82
Pool Factor 97.904008%
O/C Amount 432,429.44
O/C Reduction Amount 0.00
Excess O/C Amount 0.00
Specified O/C Amount 2,690,337.22
Excess Spread 240,251.43
Amount of Excess Spread Distribution to Class A 240,251.43
<PAGE>
Lehman Home Equity Loan Trust Page 3
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 7/25/96
REC. DATE: 6/28/96
Pool Beginning Balance(Mortgage Loans) 121,286,089.98
Pool Ending Balance(Mortgage Loans) 120,218,370.03
Number of Mortgage Loans 2,252
# of Loans Delinquent(30-59 days) 29
Balance of Loans Delinquent(30-59 days) 1,180,755.05
# of Loans Delinquent(60-89 days) 7
Balance of Loans Delinquent(60-89 days) 361,036.98
# of Loans Delinquent(90 or more days) 0
Balance of Loans Delinquent(90 or more days) 0.00
# of Loans Delinquent(Become REO Properties) 0
Balance of Loans Delinquent(Become REO Properties) 0.00
# of Loans Delinquent(In Foreclosure) 0
Balance of Loans Delinquent(In Foreclosure) 0.00
# of Loans Delinquent(In Bankruptcy) 0
Balance of Loans Delinquent(In Bankruptcy) 0.00
<PAGE>
Exhibit 99.3
Monthly Certificateholder Statement on August 26, 1996
<PAGE>
Lehman Home Equity Loan Trust Page 1
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 8/25/96
REC. DATE: 7/31/96
<TABLE>
<CAPTION>
PRINCIPAL INTEREST
BEG. CERT. CARRYOVER CARRYOVER
CLASS CUSIP BALANCE PRIN. DIST. INT. DIST. SHORTFALL SHORTFALL TOTAL DIST END BALANCE
<S> <C> <C> <C> <C> <C> <C>
A-1 525180AV7 42,576,689.17 1,623,532.84 239,139.07 0.00 0.00 1,862,671.91 40,953,156.33
A-2 525180AW5 33,056,000.00 0.00 194,204.00 0.00 0.00 194,204.00 33,056,000.00
A-3 525180AX3 17,085,000.00 0.00 105,927.00 0.00 0.00 105,927.00 17,085,000.00
A-4 525180AY1 12,305,000.00 0.00 79,264.71 0.00 0.00 79,264.71 12,305,000.00
A-5 525180AZ8 14,523,000.00 0.00 96,941.03 0.00 0.00 96,941.03 14,523,000.00
B-IO N/A 120,218,370.03 0.00 0.00 0.00 724,541.68 0.00 118,832,567.67
R N/A 0.00 0.00 0.00 0.00 0.00 0.00 N/A
TOTAL: 119,545,689.17 1,623,532.84 715,475.81 0.00 0.00 2,339,008.65 117,922,156.33
</TABLE>
<TABLE>
<CAPTION>
CLAS CUSIP ACCR INT APPR RED AMT UNPAID INT PRIN FACTOR INT FACTOR E. BAL FACTOR CURR RATE NEXT RATE
<S> <C> <C> <C> <C> <C> <C>
A-1 525180AV7 239,139.07 0.00 0.00 35.96979890 5.29818927 907.32799359 6.74000 6.74000
A-2 525180AW5 194,204.00 0.00 0.00 0.00000000 5.87500000 1,000.00000000 7.05000 7.05000
A-3 525180AX3 105,927.00 0.00 0.00 0.00000000 6.20000000 1,000.00000000 7.44000 7.44000
A-4 525180AY1 79,264.71 0.00 0.00 0.00000000 6.44166680 1,000.00000000 7.73000 7.73000
A-5 525180AZ8 96,941.03 0.00 0.00 0.00000000 6.67500034 1,000.00000000 8.01000 8.01000
R N/A 0.00 0.00 0.00 0.00000000 0.00000000 0.00000000 0.00000 0.00000
B-IO N/A 0.00 0.00 0.00 0.00000000 0.00000000 971.74304674 0.02385 0.02378
TOTAL: 715,475.81 0.00 0.00
</TABLE>
<PAGE>
Lehman Home Equity Loan Trust Page 2
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 8/25/96
REC. DATE: 7/31/96
Available Funds 2,353,462.16
Aggregate Collection Amounts(Exclude Payheads) 2,109,716.44
(1) Principal Payment 162,224.99
(2) Interest Amount 723,914.08
(3) Principal Prepayment 1,209,170.26
(4) Curtailment Amount 14,407.11
(5) Repurchases 0.00
(6) Substitutions 0.00
(7) Payaheads 40,471.75
Amount paid for Repurchases & Substi.(Seller) 0.00
Amount paid for Repurchases & Substi.(Servicer) 0.00
Amount of Monthly Advances 243,745.72
Amount of Issued Payment 0.00
Weighted Average Remaining Term to Maturity 196.18
Weighted Average Loan Rate 10.2097%
Payments to the Certificate Insurer
(1) Insurance Preminum 12,950.78
(2) Reimburse. for Prior draws on Cert. Insur. Pol 0.00
(3) Others 0.00
Servicing Compensation 50,091.10
Pool Factor 96.574388%
O/C Amount 672,680.87
O/C Reduction Amount 0.00
Excess O/C Amount 0.00
Specified O/C Amount 2,690,337.22
Excess Spread 237,370.48
Amount of Excess Spread Distribution to Class A 237,370.48
<PAGE>
Lehman Home Equity Loan Trust Page 3
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 8/25/96
REC. DATE: 7/31/96
Pool Beginning Balance(Mortgage Loans) 120,218,370.03
Pool Ending Balance(Mortgage Loans) 118,832,567.67
Number of Mortgage Loans 2,234
# of Loans Delinquent(30-59 days) 27
Balance of Loans Delinquent(30-59 days) 1,111,649.38
# of Loans Delinquent(60-89 days) 11
Balance of Loans Delinquent(60-89 days) 415,460.97
# of Loans Delinquent(90 or more days) 5
Balance of Loans Delinquent(90 or more days) 241,882.79
# of Loans Delinquent(Become REO Properties) 0
Balance of Loans Delinquent(Become REO Properties) 0.00
# of Loans Delinquent(In Foreclosure) 0
Balance of Loans Delinquent(In Foreclosure) 0.00
# of Loans Delinquent(In Bankruptcy) 0
Balance of Loans Delinquent(In Bankruptcy) 0.00
