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) : February 25, 1997
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.
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Item 5. Other Events.
On February 25, 1997 distributions were made to the
Certificateholders. Specific information with respect to the
distributions is filed as Exhibits 99.1 hereto.
No other reportable transactions or matters have occurred during
the current reporting period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibit is filed as part of this report:
Statement to Certificateholders on February 25, 1997 filed
as Exhibit 99.1 hereto.
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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: 3/27/97 By: /s/ Ronald Feldman
Ronald Feldman
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
February 25, 1997.
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Exhibit 99.1
Monthly Certificateholder Statement on February 25, 1997
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Lehman Home Equity Loan Trust Page 1
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 2/25/97
REC. DATE: 5/31/97
<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 30,891,287.42 2,087,810.06 173,506.06 0.00 0.00 2,261,316.12 28,803,477.36
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 109,896,889.00 0.00 0.00 0.00 2,058,470.25 0.00 108,022,859.28
R N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL: 107,860,287.42 2,087,810.06 649,842.80 0.00 2,058,470.25 2,737,652.86 105,772,477.36
</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> <C> <C>
A-1 525180AV7 173,506.06 0.00 0.00 46.25598325 3.84407258 638.14864764 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 883.34759109 2.32072 2.28927
TOTAL: 649,842.80 0.00 0.00
</TABLE>
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Lehman Home Equity Loan Trust Page 2
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 2/25/97
REC. DATE: 1/31/97
Available Funds 2,750,711.45
Aggregate Collection Amounts(Exclude Payheads) 2,446,721.73
(1) Principal Payment 339,773.78
(2) Interest Amount 572,698.01
(3) Principal Prepayment 1,510,415.06
(4) Curtailment Amount 23,840.88
(5) Repurchases 0.00
(6) Substitutions 0.00
(7) Payaheads 37,401.05
Amount paid for Repurchases & Substi.(Seller) 0.00
Amount paid for Repurchases & Substi.(Servicer) 0.00
Amount of Monthly Advances 303,983.72
Amount of Issued Payment 0.00
Weighted Average Remaining Term to Maturity 190.76
Weighted Average Loan Rate 10.17084%
Payments to the Certificate Insurer
(1) Insurance Preminum 11,684.86
(2) Reimburse. for Prior draws on Cert. Insur. Pol 0.00
(3) Others 0.00
Servicing Compensation 45,310.01
Pool Factor 86.624198%
O/C Amount 2,036,601.58
O/C Reduction Amount 0.00
Excess O/C Amount 0.00
Specified O/C Amount 2,690,337.22
Excess Spread 213,780.34
Amount of Excess Spread Distribution to Class A 213,780.34
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Lehman Home Equity Loan Trust Page 3
Commercial Mortgage Pass-Through Certificates
Series 1996-2
Monthly Certificate Holders Report
DIST. DATE: 2/25/97
REC. DATE: 1/31/97
Pool Beginning Balance(Mortgage Loans) 109,896,889.00
Pool Ending Balance(Mortgage Loans) 108,022,859.28
Number of Mortgage Loans 2047
# of Loans Delinquent(30-59 days) 33
Balance of Loans Delinquent(30-59 days) 2,160,526.66
# of Loans Delinquent(60-89 days) 11
Balance of Loans Delinquent(60-89 days) 584,911.54
# of Loans Delinquent(90 or more days) 11
Balance of Loans Delinquent(90 or more days) 641,189.60
# of Loans Delinquent(Become REO Properties) 1
Balance of Loans Delinquent(Become REO Properties) 19,366.51
# of Loans Delinquent(In Foreclosure) 18
Balance of Loans Delinquent(In Foreclosure) 864,191.58
# of Loans Delinquent(In Bankruptcy) 12
Balance of Loans Delinquent(In Bankruptcy) 632,819.65
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