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) : September 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 consecutively numbered pages.
<PAGE>
Item 5. Other Events.
On September 25, 1996, October 25, 1996, and November 25, 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 September 25, 1996 filed as
Exhibit 99.1 hereto.
Statement to Certificateholders on October 25, 1996 filed as
Exhibit 99.2 hereto.
Statement to Certificateholders on November 25, 1996 filed as
Exhibit 99.3 hereto.
Statement to Certificateholders on December 26, 1996 filed as
Exhibit 99.4 hereto.
Statement to Certificateholders on January 27, 1996 filed as
Exhibit 99.5 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: 2/11/97 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
September 25, 1996.
99.2 Monthly Certificateholder Statement on 10
October 25, 1996.
99.3 Monthly Certificateholder Statement on 15
November 25, 1996.
99.4 Monthly Certificateholder Statement on 20
December 26, 1996.
99.5 Monthly Certificateholder Statement on 25
January 27, 1997.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on September 25, 1996
<PAGE>
Lehman Home Equity Loan Trust Page 1
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 9/25/96
REC. DATE: 8/30/96
<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> <C> <C>
A-1 525180AV7 40,953,156.32 1,727,247.00 230,020.23 0.00 0.00 1,957,267.23 39,225,909.32
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 118,832,567.67 0.00 0.00 0.00 960,000.49 0.00 117,332,916.49
R N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL: 117,922,156.32 1,727,247.00 706,356.97 0.00 960,000.49 2,433,603.97 116,194,909.32
</TABLE>
<PAGE>
Lehman Home Equity Loan Trust Page 2
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 9/25/96
REC. DATE: 8/30/96
<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 230,020.23 0.00 0.00 38.26761346 5.09615894 869.06038012 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 959.47977889 2.37772 2.36667
TOTAL: 706,356.97 0.00 0.00
</TABLE>
<PAGE>
Lehman Home Equity Loan Trust Page 3
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 9/25/96
REC. DATE: 8/30/96
Available Funds 2,449,864.27
Aggregate Collection Amounts(Exclude Payheads) 2,198,712.82
(1) Principal Payment 155,435.86
(2) Interest Amount 699,061.64
(3) Principal Prepayment 1,326,312.04
(4) Curtailment Amount 17,903.28
(5) Repurchases 0.00
(6) Substitutions 0.00
(7) Payaheads 60,042.56
Amount paid for Repurchases & Substi.(Seller) 0.00
Amount paid for Repurchases & Substi.(Servicer) 0.00
Amount of Monthly Advances 249,151.45
Amount of Issued Payment 0.00
Weighted Average Remaining Term to Maturity 195.51
Weighted Average Loan Rate 10.2050%
Payments to the Certificate Insurer
(1) Insurance Preminum 12,774.90
(2) Reimburse. for Prior draws on Cert. Insur. Pol 0.00
(3) Others 0.00
Servicing Compensation 49,015.27
Pool Factor 95.159829%
O/C Amount 910,411.35
O/C Reduction Amount 0.00
Excess O/C Amount 0.00
Specified O/C Amount 2,690,337.22
Excess Spread 227,595.82
Amount of Excess Spread Distribution to Class A 227,595.82
<PAGE>
Lehman Home Equity Loan Trust Page 4
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 9/25/96
REC. DATE: 8/30/96
Pool Beginning Balance(Mortgage Loans) 118,832,567.67
Pool Ending Balance(Mortgage Loans) 117,332,916.49
Number of Mortgage Loans 2210
# of Loans Delinquent(30-59 days) 32
Balance of Loans Delinquent(30-59 days) 1,454,977.00
# of Loans Delinquent(60-89 days) 15
Balance of Loans Delinquent(60-89 days) 733,310.00
# of Loans Delinquent(90 or more days) 10
Balance of Loans Delinquent(90 or more days) 429,791.00
# of Loans Delinquent(Become REO Properties) 0
Balance of Loans Delinquent(Become REO Properties) 0.00
# of Loans Delinquent(In Foreclosure) 2
Balance of Loans Delinquent(In Foreclosure) 84,091.00
# of Loans Delinquent(In Bankruptcy) 0
Balance of Loans Delinquent(In Bankruptcy) 0.00
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on October 25, 1996
<PAGE>
Lehman Home Equity Loan Trust Page 1
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 10/25/96
REC. DATE: 9/30/96
<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 39,225,909.32 3,059,521.11 220,318.86 0.00 0.00 3,279,839.97 36,166,388.21
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 117,332,916.49 0.00 0.00 0.00 1,191,405.45 0.00 114,499,907.55
R N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL: 116,194,909.32 3,059,521.11 696,655.60 0.00 1,191,405.45 3,756,176.71 113,135,388.21
</TABLE>
<PAGE>
Lehman Home Equity Loan Trust Page 2
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 10/25/96
REC. DATE: 9/30/96
<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 220,318.86 0.00 0.00 67.78449818 4.88122253 801.27588200 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 936.31309325 2.36665 2.34573
TOTAL: 696,655.60 0.00 0.00
</TABLE>
<PAGE>
Lehman Home Equity Loan Trust Page 3
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 10/25/96
REC. DATE: 9/30/96
Available Funds 3,770,214.02
Aggregate Collection Amounts(Exclude Payheads) 3,501,655.00
(1) Principal Payment 165,456.82
(2) Interest Amount 668,646.06
(3) Principal Prepayment 995,297.37
(4) Curtailment Amount 16,063.52
(5) Repurchases 1,656,191.23
(6) Substitutions 0.00
(7) Payaheads 55,720.55
Amount paid for Repurchases & Substi.(Seller) 0.00
Amount paid for Repurchases & Substi.(Servicer) 1,656,191.23
Amount of Monthly Advances 268,559.02
Amount of Issued Payment 0.00
Weighted Average Remaining Term to Maturity 194.39
Weighted Average Loan Rate 10.19617%
Payments to the Certificate Insurer
(1) Insurance Preminum 12,587.78
(2) Reimburse. for Prior draws on Cert. Insur.Pol 0.00
(3) Others 0.00
Servicing Compensation 48,313.77
Pool Factor 92.654181%
O/C Amount 1,138,007.17
O/C Reduction Amount 0.00
Excess O/C Amount 0.00
Specified O/C Amount 2,690,337.22
Excess Spread 226,512.17
Amount of Excess Spread Distribution to Class A 226,512.17
<PAGE>
Lehman Home Equity Loan Trust Page 4
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 10/25/96
REC. DATE: 9/30/96
Pool Beginning Balance(Mortgage Loans) 117,332,916.49
Pool Ending Balance(Mortgage Loans) 114,499,907.55
Number of Mortgage Loans 2165
# of Loans Delinquent(30-59 days) 25
Balance of Loans Delinquent(30-59 days) 905,007.93
# of Loans Delinquent(60-89 days) 10
Balance of Loans Delinquent(60-89 days) 469,171.09
# of Loans Delinquent(90 or more days) 16
Balance of Loans Delinquent(90 or more days) 641,121.79
# of Loans Delinquent(Become REO Properties) 0
Balance of Loans Delinquent(Become REO Properties) 0.00
# of Loans Delinquent(In Foreclosure) 3
Balance of Loans Delinquent(In Foreclosure) 163,090.53
# of Loans Delinquent(In Bankruptcy) 3
Balance of Loans Delinquent(In Bankruptcy) 165,938.79
<PAGE>
Exhibit 99.3
Monthly Certificateholder Statement on November 25, 1996
<PAGE>
Lehman Home Equity Loan Trust Page 1
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 11/25/96
REC. DATE: 11/29/96
<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 36,166,388.21 1,278,823.16 203,134.55 0.00 0.00 1,481,957.71 34,887,565.05
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 114,499,907.55 0.00 0.00 0.00 1,415,227.00 0.00 113,448,021.30
R N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL: 113,135,388.21 1,278,823.16 679,471.29 0.00 1,415,227.00 1,958,294.45 111,856,565.05
</TABLE>
<PAGE>
Lehman Home Equity Loan Trust Page 2
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 11/25/96
REC. DATE: 11/29/96
<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 203,134.55 0.00 0.00 28.33266484 4.50049960 772.94321717 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 927.71138440 2.34573 2.32072
TOTAL: 679,471.29 0.00 0.00
</TABLE>
<PAGE>
Lehman Home Equity Loan Trust Page 3
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 11/25/96
REC. DATE: 11/29/96
Available Funds 1,957,896.40
Aggregate Collection Amounts(Exclude Payheads) 1,957,896.40
(1) Principal Payment 161,829.34
(2) Interest Amount 919,846.02
(3) Principal Prepayment 858,784.90
(4) Curtailment Amount 17,436.14
(5) Repurchases 0.00
(6) Substitutions 0.00
(7) Payaheads 0.00
Amount paid for Repurchases & Substi.(Seller) 0.00
Amount paid for Repurchases & Substi.(Servicer) 0.00
Amount of Monthly Advances 261,351.78
Amount of Issued Payment 0.00
Weighted Average Remaining Term to Maturity 193.56
Weighted Average Loan Rate 10.19119%
Payments to the Certificate Insurer
(1) Insurance Preminum 12,256.33
(2) Reimburse. for Prior draws on Cert. Insur.Pol 0.00
(3) Others 0.00
Servicing Compensation 47,708.21
Pool Factor 91.606867%
O/C Amount 1,364,519.34
O/C Reduction Amount 0.00
Excess O/C Amount 0.00
Specified O/C Amount 2,690,337.22
Excess Spread 226,936.91
Amount of Excess Spread Distribution to Class A 226,936.91
<PAGE>
Lehman Home Equity Loan Trust Page 4
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 11/25/96
REC. DATE: 11/29/96
Pool Beginning Balance(Mortgage Loans) 114,499,907.55
Pool Ending Balance(Mortgage Loans) 113,448,021.30
Number of Mortgage Loans 2141
# of Loans Delinquent(30-59 days) 25
Balance of Loans Delinquent(30-59 days) 1,168,768.33
# of Loans Delinquent(60-89 days) 5
Balance of Loans Delinquent(60-89 days) 209,339.28
# of Loans Delinquent(90 or more days) 18
Balance of Loans Delinquent(90 or more days) 783,682.66
# of Loans Delinquent(Become REO Properties) 0
Balance of Loans Delinquent(Become REO Properties) 0.00
# of Loans Delinquent(In Foreclosure) 4
Balance of Loans Delinquent(In Foreclosure) 183,846.87
# of Loans Delinquent(In Bankruptcy) 2
Balance of Loans Delinquent(In Bankruptcy) 100,311.13
<PAGE>
Exhibit 99.4
Monthly Certificateholder Statement on December 26, 1996
<PAGE>
Lehman Home Equity Loan Trust Page 1
Commercial Mortgage Pass-Through Certificates
DIST. DATE: 12/25/96 Series 1996-2
REC. DATE: 11/29/96
Monthly Certificate Holders Report
<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 34,887,565.05 2,150,895.43 195,951.82 0.00 0.00 2,346,847.25 32,736,669.62
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 113,448,021.30 0.00 0.00 0.00 1,634,627.91 0.00 111,521,587.87
R N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL: 111,856,565.05 2,150,895.43 672,288.56 0.00 1,634,627.91 2,823,183.99 109,705,669.62
</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 195,951.82 0.00 0.00 47.65365628 4.34136432 725.28956088 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 911.95814160 2.32072 2.30473
TOTAL: 672,288.56 0.00 0.00
</TABLE>
<PAGE>
Lehman Home Equity Loan Trust Page 2
Commercial Mortgage Pass-Through Certificates
Series 1996-2
DIST. DATE: 12/25/96
REC DATE: 11/29/96 Monthly Certificate Holders Report
Available Funds 2,836,711.03
Aggregate Collection Amounts(Exclude Payheads) 2,538,329.19
(1) Principal Payment 152,185.15
(2) Interest Amount 611,895.76
(3) Principal Prepayment 1,638,134.36
(4) Curtailment Amount 136,113.92
(5) Repurchases 0.00
(6) Substitutions 0.00
(7) Payaheads 44,170.52
Amount paid for Repurchases & Substi.(Seller) 0.00
Amount paid for Repurchases & Substi.(Servicer) 0.00
Amount of Monthly Advances 298,381.84
Amount of Issued Payment 0.00
Weighted Average Remaining Term to Maturity 192.73
Weighted Average Loan Rate 10.18420%
Payments to the Certificate Insurer
(1) Insurance Preminum 12,117.79
(2) Reimburse. for Prior draws on Cert. Insur. Pol 0.00
(3) Others 0.00
Servicing Compensation 47,269.82
Pool Factor 89.845354%
O/C Amount 1,591,456.25
O/C Reduction Amount 0.00
Excess O/C Amount 0.00
Specified O/C Amount 2,690,337.22
Excess Spread 224,462.00
Amount of Excess Spread Distribution to Class A 224,462.00
<PAGE>
Lehman Home Equity Loan Trust Page 3
Commercial Mortgage Pass-Through Certificates
DIST. DATE 12/25/96 Series 1996-2
REC. DATE: 11/29/96
Monthly Certificate Holders Report
Pool Beginning Balance(Mortgage Loans) 113,448,021.30
Pool Ending Balance(Mortgage Loans) 111,521,587.87
Number of Mortgage Loans 2107
# of Loans Delinquent(30-59 days) 47
Balance of Loans Delinquent(30-59 days) 2,237,634.75
# of Loans Delinquent(60-89 days) 8
Balance of Loans Delinquent(60-89 days) 441,675.64
# of Loans Delinquent(90 or more days) 12
Balance of Loans Delinquent(90 or more days) 561,345.13
# of Loans Delinquent(Become REO Properties) 0
Balance of Loans Delinquent(Become REO Properties) 0.00
# of Loans Delinquent(In Foreclosure) 9
Balance of Loans Delinquent(In Foreclosure) 514,056.98
# of Loans Delinquent(In Bankruptcy) 5
Balance of Loans Delinquent(In Bankruptcy) 226,255.78
<PAGE>
Exhibit 99.5
Monthly Certificateholder Statement on January 27, 1997
<PAGE>
Lehman Home Equity Loan Trust Page 3
Commercial Mortgage Pass-Through Certificates
DIST. DATE: 12-27-97 Series 1996-2
REC. DATE: 12/31/96
Monthly Certificate Holders Report
Realized Loss Detail
<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 32,736,669.62 1,845,382.20 183,870.96 0.00 0.00 2,029,253.16 30,891,287.42
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
R N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL: 109,705,669.62 1,845,382.20 660,207.70 0.00 0.00 2,505,589.90 107,860,287.42
</TABLE>
<TABLE>
<CAPTION>
BEGINNING CARRY FORWARD ENDING NOTIONAL
NOTIONAL AMOUNT AMOUNT BALANCE
<S> <C> <C> <C> <C> <C> <C>
B-IO 111,521,587.87 1,848,817.20 0.00 0.00 0.00 0.00 109,896,889.00
</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 183,870.96 0.00 0.00 40.88492999 4.07370968 684.40463089 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 898.67230708 2.32072 2.30473
TOTAL: 660,207.70 0.00 0.00
</TABLE>
<PAGE>
Lehman Home Equity Loan Trust Page 2
Commercial Mortgage Pass-Through Certificates
DIST. DATE: 12/27/97 Series 1996-2
REC. DATE: 12/31/96
Monthly Certificate Holders Report
Available Funds 2,512,564.76
Aggregate Collection Amounts(Exclude Payheads) 2,192,120.87
(1) Principal Payment 168,529.23
(2) Interest Amount 567,422.00
(3) Principal Prepayment 1,442,524.81
(4) Curtailment Amount 13,644.83
(5) Repurchases 0.00
(6) Substitutions 0.00
(7) Payaheads 67,316.48
Amount paid for Repurchases & Substi.(Seller) 0.00
Amount paid for Repurchases & Substi.(Servicer) 0.00
Amount of Monthly Advances 326,739.51
Amount of Issued Payment 0.00
Weighted Average Remaining Term to Maturity 191.78
Weighted Average Loan Rate 10.17652%
Payments to the Certificate Insurer
(1) Insurance Preminum 11,884.78
(2) Reimburse. for Prior draws on Cert. Insur. Pol 0.00
(3) Others 0.00
Servicing Compensation 46,467.19
Pool Factor 88.330500%
O/C Amount 1,815,918.25
O/C Reduction Amount 0.00
Excess O/C Amount 0.00
Specified O/C Amount 2,690,337.22
Excess Spread 220,683.33
Amount of Excess Spread Distribution to Class A 220,683.33
<PAGE>
Lehman Home Equity Loan Trust Page 3
Commercial Mortgage Pass-Through Certificates
DIST DATE: 1/27/97 Series 1996-2
REC. DATE: 12/31/96
Monthly Certificate Holders Report
Pool Beginning Balance(Mortgage Loans) 111,521,587.87
Pool Ending Balance(Mortgage Loans) 109,896,889.00
Number of Mortgage Loans 2079
# of Loans Delinquent(30-59 days) 58
Balance of Loans Delinquent(30-59 days) 2,928,115.29
# of Loans Delinquent(60-89 days) 12
Balance of Loans Delinquent(60-89 days) 505,907.62
# of Loans Delinquent(90 or more days) 8
Balance of Loans Delinquent(90 or more days) 412,709.35
# of Loans Delinquent(Become REO Properties) 1
Balance of Loans Delinquent(Become REO Properties) 19,366.51
# of Loans Delinquent(In Foreclosure) 15
Balance of Loans Delinquent(In Foreclosure) 755,407.56
# of Loans Delinquent(In Bankruptcy) 9
Balance of Loans Delinquent(In Bankruptcy) 509,611.27
<PAGE>
