SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED MAY 23, 1997 RULE 424(B)(5)
(TO PROSPECTUS DATED FEBRUARY 21, 1997) FILE NO. 333-11095
CWABS, INC.
Depositor
COUNTRYWIDE
HOME LOANS, INC.
Seller and Master Servicer
ASSET-BACKED CERTIFICATES, SERIES 1997-2
__________________
The Class A certificates represent obligations of the trust only and do not
represent an interest in or obligation of CWABS, Inc., Countrywide Home Loans,
Inc. or any of their affiliates.
This supplement may be used to offer and sell the offered certificates only if
accompanied by the prospectus supplement and the prospectus.
THE CLASS A CERTIFICATES
o This supplement relates to the offering of the
Class A certificates of the series referenced
above. This supplement does not contain complete
information about the offering of the Class A
certificates. Additional information is contained
in the prospectus supplement dated May 23, 1997
prepared in connection with the offering of the
offered certificates of the series referenced
above and in the prospectus of the depositor dated
February 21, 1997. You are urged to read this
supplement, the prospectus supplement and the
prospectus in full.
o As of November 25, 1998, the class certificate
balance of the Class A certificates was
approximately $104,435,809.79.
NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED THESE
SECURITIES OR DETERMINED THAT THIS SUPPLEMENT, THE PROSPECTUS SUPPLEMENT OR THE
PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESeNTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
This supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWABS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Class A
certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices related to the prevailing prices at the time of
sale.
DECEMBER 14, 1998
<PAGE>
THE MORTGAGE POOL
As of November 15, 1998 (the "Reference Date"), the Mortgage Pool
included approximately 1,125 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $109,331,527.44.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
As of
November 15, 1998
-----------------
<S> <C>
Aggregate Stated Principal Balance of the Mortgage Loans......................... $109,331,527.44
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days.............................................................. 4.03%
60-90 days.............................................................. 1.87%
91 days or more (excluding pending foreclosures)........................ 1.73%
----------------
Total Delinquencies..................................................... 7.63%
================
Foreclosures Pending............................................................. 1.88%
----------------
Total Delinquencies and foreclosures pending..................................... 9.51%
================
</TABLE>
______________
(1) As a percentage of the aggregate Stated Principal Balance of the Mortgage
Loans as of the Reference Date.
Since the Cut-off Date four Mortgage Loans have been converted to and
are, as of the Reference Date, REO Properties.
Certain information as to the Mortgage Loans as of the Reference Date
is set forth in Exhibit 1 in tabular format. Other than with respect to rates of
interest, percentages (approximate) are stated in such tables by Stated
Principal Balance of the Mortgage Loans as of the Reference Date and have been
rounded in order to total 100.00%.
SERVICING OF MORTGAGE LOANS
THE MASTER SERVICER
Countrywide Home Loans, Inc. ("Countrywide") will continue to act as
Master Servicer under the Agreement.
As of September 30, 1998, Countrywide provided servicing for mortgage
loans with an aggregate principal balance of approximately $196.9 billion,
substantially all of which are being serviced for unaffiliated persons. As of
September 30, 1998, Countrywide provided servicing for approximately $2.2
billion in B&C quality mortgage loans.
<PAGE>
FORECLOSURE AND DELINQUENCY EXPERIENCE
B&C Quality Mortgage Loans. The following table summarizes the
delinquency and foreclosure experience, respectively, on the dates indicated, of
Countrywide's B&C quality mortgage loans. A B&C quality mortgage loan is
characterized as delinquent if the borrower has not paid the monthly payment due
within one month of the Due Date. Since Countrywide only began servicing B&C
quality mortgage loans in August 1995, the delinquency and foreclosure
percentages may be affected by the size and relative lack of seasoning of the
servicing portfolio because many of such loans were not outstanding long enough
to give rise to some or all of the periods of delinquency indicated in the chart
below. Accordingly, the information should not be considered as a basis for
assessing the likelihood, amount, or severity of delinquency or losses on the
applicable Mortgage Loans, and no assurances can be given that the delinquency
or foreclosure experience presented in the table below will be indicative of
such experience on such Mortgage Loans. The sum of the columns below may not
equal the total indicated due to rounding.
<TABLE>
<CAPTION>
DELINQUENCY AND FORECLOSURE EXPERIENCE(1)
---------------------------------------------------------
AS OF DECEMBER 31, 1996 AS OF DECEMBER 31, 1997
-------------------------- -----------------------------
PRINCIPAL PRINCIPAL
BALANCE PERCENTAGE BALANCE PERCENTAGE
--------------- ---------- ----------------- ----------
<S> <C> <C> <C> <C>
Portfolio..................... $573,006,222.94 -- $1,370,527,326.89 --
Delinquency percentage(1).....
30-59 Days............... $18,628,526.03 3.25% $ 48,214,087.76 3.52%
60-89 Days............... 3,537,330.99 0.62 13,795,882.50 1.01
90+ Days................. 1,506,145.23 0.26 5,486,263.92 0.40
--------------- ---------- ----------------- ----------
Total(2)....... $23,672,002.25 4.13% $ 67,496,234.18 4.93%
=============== ========== ================= ==========
Foreclosure Rate(3)........... $ 3,695,954.20 0.65% $ 12,191,591.67 0.89%
Bankruptcy Rate(4)............ $ 2,756,801.79 0.48% $ 12,022,391.48 0.88%
</TABLE>
(table continued)
<TABLE>
<CAPTION>
AS OF SEPTEMBER 30, 1998
------------------------------
PRINCIPAL
BALANCE PERCENTAGE
----------------- ----------
<S> <C> <C>
Portfolio..................... $2,182,326,222.18 --
Delinquency percentage(1).....
30-59 Days............... $ 70,987,774.15 3.25%
60-89 Days............... 19,605,377.39 0.90
90+ Days................. 6,244,458.62 0.29
----------------- -----------
Total(2)....... $ 96,837,610.56 4.44%
================= ===========
Foreclosure Rate(3)........... $ 27,756,738.18 1.27%
Bankruptcy Rate(4)............ $ 17,970,554.10 0.82%
</TABLE>
______________
(1) The period of delinquency is based on the number of days payments are
contractually past due.
(2) Certain total percentages and dollar amounts may not equal the sum of the
percentages and dollar amounts indicated in the columns due to differences
in rounding.
(3) "Foreclosure Rate" is the dollar amount of mortgage loans in foreclosure as
a percentage of the total principal balance of mortgage loans outstanding
as of the date indicated.
(4) "Bankruptcy Rate" is the dollar amount of mortgage loans for which the
related borrower has declared bankruptcy as a percentage of the total
principal balance of mortgage loans outstanding as of the date indicated.
______________
Historically, a variety of factors, including the appreciation of real
estate values, have limited the loss and delinquency experience on B&C quality
mortgage loans. There can be no assurance that factors beyond Countrywide's
control, such as national or local economic conditions or downturn in the real
estate markets of its lending areas, will not result in increased rates of
delinquencies and foreclosure losses in the future.
YEAR 2000 COMPLIANCE
The Master Servicer has made and will continue to make investments to
identify, modify or replace any computer systems which are not year 2000
compliant and to address other related issues associated with the change of the
millennium. In the event that computer problems arise out of a failure of such
efforts to be completed on time, or in the event that the computer systems of
the Master Servicer or the Trustee are not fully year 2000 compliant, the
resulting disruptions in the collection or distribution of receipts on the
Mortgage Loans could materially and adversely affect the holders of the
Certificates.
<PAGE>
DESCRIPTION OF THE CLASS A CERTIFICATES
The Class A Certificates will be allocated and entitled to receive
interest and principal payments as described in the Prospectus Supplement under
"Description of the Certificates - Allocation of Available Funds".
As of November 25, 1998 (the "Certificate Date"), the Class Certificate
Principal Balance of the Class A Certificates was approximately $104,435,809.79.
As of the Certificate Date, the Subordinated Amount was approximately
$4,895,717.70. For additional information with respect to the Class A
Certificates, see "Description of the Certificates" in the Prospectus
Supplement.
REPORTS TO CERTIFICATEHOLDERS
The most recent monthly statement that has been furnished to
Certificateholders of record on the most recent Distribution Date is included
herein as Exhibit 2.
REVISED STRUCTURING ASSUMPTIONS
Unless otherwise specified, the information in the tables appearing in
this Supplement under "Yield, Prepayment and Maturity Considerations --Decrement
Table" has been prepared on the basis of the following assumed characteristics
of the Mortgage Loans and the following additional assumptions (collectively,
the "Revised Structuring Assumptions"): (i) the scheduled interest and principal
payments on the Mortgage Loans are received in a timely manner and prepayments
are made at the indicated percentages of the Prepayment Model set forth in the
table; (ii) the Master Servicer does exercise its right of optional termination
described in the Prospectus Supplement; (iii) the Mortgage Loans will, as of the
Reference Date, have the characteristics set forth below under "Assumed Mortgage
Loan Characteristics"; (iv) a servicing fee of 0.50% per annum will be paid to
the Master Servicer; (v) the closing date of the sale of the Class A
Certificates is December 14, 1998; (vi) the Mortgage Index is approximately
5.19813% per annum; (vii) One-Month LIBOR is approximately 5.27781% per annum;
and (viii) there are not delinquencies on the Mortgage Loans and that there will
be sufficient Available Funds to distribute interest on the Class A Certificates
and the Principal Distribution Amount to the Class A Certificateholders. No
representation is made that the Mortgage Loans will experience delinquencies or
losses at the respective rates assumed above or at any other rates.
ASSUMED MORTGAGE LOAN CHARACTERISTICS
INITIAL ORIGINAL REMAINING
CURRENT GROSS TERM TO TERM TO
AMORTIZATION PRINCIPAL MORTGAGE MATURITY MATURITY
METHODOLOGY BALANCE RATE (MONTHS) (MONTHS)
- ------------------- ------------- -------- -------- ---------
Level Pay.......... 282,176.46 11.806% 360 340
Level Pay.......... 3,859,798.29 9.530% 358 339
Level Pay.......... 38,325,825.90 9.676% 360 341
Level Pay.......... 48,242,297.39 9.612% 359 342
Level Pay.......... 17,987,086.73 9.704% 360 344
Level Pay.......... 118,986.11 12.000% 360 339
Level Pay.......... 515,356.56 12.625% 360 345
(table continued)
NEXT RATE RATE
AMORTIZATION GROSS MAXIMUM PERIODIC ADJUSTMENT ADJUSTMENT
METHODOLOGY MARGIN RATE CAP RATE CAP DATE FREQUENCY
- ------------------ -------- ---------- -------- ---------- ----------
Level Pay.......... 7.098% 17.974% 1.500% 2/1/99 6
Level Pay.......... 5.953% 15.819% 1.500% 3/1/99 6
Level Pay.......... 6.008% 16.271% 1.500% 4/1/99 6
Level Pay.......... 6.078% 16.306% 1.500% 5/1/99 6
Level Pay.......... 6.127% 16.402% 1.500% 6/1/99 6
Level Pay.......... 6.250% 16.625% 1.500% 7/1/99 6
Level Pay.......... 6.875% 18.375% 1.500% 7/1/00 6
<PAGE>
YIELD, PREPAYMENT AND MATURITY CONSIDERATIONS
DECREMENT TABLES
The following table indicates the percentage of the Certificate
Principal Balance of the Class A Certificates that would be outstanding after
each of the dates shown at the indicated percentages of the Prepayment Model and
the corresponding weighted average life of such Class A Certificates.
Since the table was prepared on the basis of the assumptions in the
Revised Structuring Assumptions, there are discrepancies between the
characteristics of the actual Mortgage Loans and the characteristics of the
mortgage loans assumed in preparing the table. Any such discrepancy may have an
effect upon the percentage of the Certificate Principal Balance for the Class A
Certificates outstanding and weighted average lives of such Class A Certificates
set forth in the following table. In addition, since the actual Mortgage Loans
and the Trust Fund have characteristics which differ from those assumed in
preparing the table set forth below, the distributions of principal on the Class
A Certificates may be made earlier or later than as indicated in the table.
It is not likely that the Mortgage Loans will prepay at any constant
percentage of the Prepayment Model to maturity or that all the Mortgage Loans
will prepay at the same rate. In addition, the diverse remaining terms to
maturity of the Mortgage Loans (which include recently originated Mortgage
Loans) could produce slower distributions of principal than as indicated in the
tables at the various percentages of the Prepayment Model specified even if the
weighted average remaining term to maturity of the Mortgage Loans is the same as
the weighted average remaining term to maturity of the Assumed Mortgage Loan
Characteristics described above.
Investors are urged to make their investment decisions on a basis that
includes their determination as to anticipated prepayment rates under a variety
of the assumptions discussed herein and in the Prospectus Supplement.
<PAGE>
<TABLE>
PERCENT OF THE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A
CERTIFICATES AT THE RESPECTIVE PERCENTAGES OF THE
PREPAYMENT MODEL SET FORTH BELOW:
<CAPTION>
PREPAYMENT (% OF PREPAYMENT MODEL)
----------------------------------
DISTRIBUTION DATE 0% 50% 100% 125% 150% 200% 250%
----------------- -- --- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percent.................. 100 100 100 100 100 100 100
November 1999.................... 99 89 79 73 68 58 48
November 2000.................... 99 79 63 55 48 35 24
November 2001.................... 98 71 50 41 33 21 0
November 2002.................... 97 63 40 31 23 0 0
November 2003.................... 97 56 31 23 16 0 0
November 2004.................... 96 50 25 17 0 0 0
November 2005.................... 95 45 20 0 0 0 0
November 2006.................... 93 40 0 0 0 0 0
November 2007.................... 92 35 0 0 0 0 0
November 2008.................... 91 31 0 0 0 0 0
November 2009.................... 89 28 0 0 0 0 0
November 2010.................... 87 25 0 0 0 0 0
November 2011.................... 85 22 0 0 0 0 0
November 2012.................... 83 19 0 0 0 0 0
November 2013.................... 80 17 0 0 0 0 0
November 2014.................... 78 0 0 0 0 0 0
November 2015.................... 75 0 0 0 0 0 0
November 2016.................... 71 0 0 0 0 0 0
November 2017.................... 67 0 0 0 0 0 0
November 2018.................... 63 0 0 0 0 0 0
November 2019.................... 59 0 0 0 0 0 0
November 2020.................... 53 0 0 0 0 0 0
November 2021.................... 47 0 0 0 0 0 0
November 2022.................... 41 0 0 0 0 0 0
November 2023.................... 33 0 0 0 0 0 0
November 2024.................... 25 0 0 0 0 0 0
November 2025.................... 0 0 0 0 0 0 0
November 2026.................... 0 0 0 0 0 0 0
November 2027.................... 0 0 0 0 0 0 0
------- ------- ------- ------- ------- ------ ----
Weighted Average Life (years)(1). 20.52 7.15 3.59 2.81 2.28 1.59 1.17
======= ======= ======= ======= ======= ====== ====
</TABLE>
______________
(1) The weighted average life of the Class A Certificates is determined by (i)
multiplying the amount of each principal distribution by the number of
years from the initial date of issuance of the Class A Certificates to the
related Distribution Date, (ii) summing the results and (iii) dividing the
sum by the initial Class Certificate Principal Balance of the Class A
Certificates.
<PAGE>
THE CERTIFICATE INSURER
Information about the Certificates Insurer is set forth in the
Prospectus Supplement. The Certificate Insurer also files annual, quarterly and
special reports and other information with the Securities and Exchange
Commission (the "SEC"). These documents may be reviewed at the SEC's public
reference rooms in Washington, D.C., New York, New York and Chicago, Illinois.
Please call the SEC at 1-800-SEC-0330 for further information on the public
reference rooms. The Certificate Insurer's SEC filings are also available to the
public at the SEC's Web site at http://www.sec.gov.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Class A Certificates discussed under the
sections titled "Federal Income Tax Consequences" in the Prospectus Supplement
and the Prospectus, which the following discussion supplements. Prospective
investors should consult their tax advisors with respect to those consequences.
On December 30, 1997 the Internal Revenue Service (the "IRS") issued
final regulations (the "Amortizable Bond Premium Regulations") dealing with
amortizable bond premium. These regulations specifically do not apply to
prepayable debt instruments subject to Section 1272(a)(6). Absent further
guidance from the IRS, the Trustee intends to account for amortizable bond
premium in the manner described in the Prospectus. It is recommended that
prospective purchasers of the Class A Certificates consult their tax advisors
regarding the possible application of the Amortizable Bond Premium Regulations.
<PAGE>
The Taxpayer Relief Act of 1997 and the IRS Restructuring and Reform
Act of 1998 reduced the capital gains tax rates for certain noncorporate
taxpayers. Prospective investors should consult with their tax advisors with
respect to these tax law changes.
The Class A Certificates will represent qualifying assets under
Sections 856(c)(4)(A) and 856(c)(5)(B).
The Small Business and Job Protection Act of 1996 and Taxpayer Relief
Act of 1997 modified the definition of U.S. person with regard to trusts. A
trust is a "U.S. Person" if a court within the United States is able to exercise
primary supervision over the administration of the trust and one or more United
States persons have authority to control all substantial decisions of the trust.
In addition, U.S. Persons include certain trusts that can elect to be treated as
U.S. Persons.
Final regulations dealing with backup withholding and information
reporting on income paid to foreign persons and related matters (the "New
Withholding Regulations") were published in the Federal Register on October 14,
1997. In general, the New Withholding Regulations do not significantly alter the
substantive withholding and information reporting requirements, but do unify
current certification procedures and forms and clarify reliance standards. The
New Withholding Regulations generally will be effective for payments made after
December 31, 1999, subject to certain transition rules.
ERISA CONSIDERATIONS
Prospective purchasers of the Class A Certificates should consider
carefully the ERISA consequences of an investment in the Class A Certificates
discussed under "ERISA Considerations" in the Prospectus, the Prospectus
Supplement and herein, and should consult their own advisors with respect to
those consequences. As described in the Prospectus Supplement and subject to the
qualifications and limitations set forth therein, it is expected that the
Exemption will apply to the acquisition and holding of the Class A Certificates
by Plans and that all conditions of the Exemption other than those within the
control of investors will be met.
RATINGS
The Class A Certificates are currently rated "AAA" Standard & Poor's
and "Aaa" by Moody's. See "Ratings" in the Prospectus Supplement.
METHOD OF DISTRIBUTION
The Supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWABS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Class A
Certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices relating to the prevailing prices at the time of
sale.
<PAGE>
EXHIBIT 1
CURRENT MORTGAGE RATES (1)
- ----------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
RANGE OF CURRENT MORTGAGE BALANCE PERCENTAGE
MORTGAGE RATES (%) LOANS OUTSTANDING OF POOL
- ----------------------------------------------------------
5.501 - 6.000.... 1 $ 176,723 0.16%
7.001 - 7.500.... 6 709,918 0.65%
7.501 - 8.000.... 37 4,366,596 3.99%
8.001 - 8.500.... 83 9,250,551 8.46%
8.501 - 9.000.... 221 23,811,202 21.78%
9.001 - 9.500.... 196 18,886,519 17.27%
9.501 - 10.000.... 196 18,024,443 16.49%
10.001 - 10.500.... 128 10,817,786 9.89%
10.501 - 11.000.... 91 8,564,377 7.83%
11.001 - 11.500.... 77 7,018,617 6.42%
11.501 - 12.000.... 51 4,174,144 3.82%
12.001 - 12.500.... 22 1,554,696 1.42%
12.501 - 13.000.... 14 1,827,065 1.67%
13.001:............. 2 148,891 0.14%
--------- ------------- ---------
Total...... 1,125 $ 109,331,527 100.00%
========= ============= =========
______________
(1) As of the Reference Date, the weighted average
Mortgage Rate of the Mortgage Loans was
approximately 9.6691% per annum.
MARGIN(1)
- ----------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENTAGE
RANGE OF MARGINS (%) LOANS OUTSTANDING OF POOL
- ----------------------------------------------------------
4.251 - 4.500.... 1 $ 210,280 0.19%
4.501 - 4.750.... 2 242,662 0.22%
4.751 - 5.000.... 29 2,674,467 2.45%
5.001 - 5.250.... 61 6,552,050 5.99%
5.251 - 5.500.... 143 13,197,269 12.07%
5.501 - 5.750.... 191 20,128,304 18.41%
5.751 - 6.000.... 240 24,157,369 22.10%
6.001 - 6.250.... 162 15,101,387 13.81%
6.251 - 6.500.... 93 7,992,218 7.31%
6.501 - 6.750.... 70 7,386,980 6.76%
6.751 - 7.000.... 58 5,908,156 5.40%
7.001 - 7.250.... 17 1,492,945 1.37%
7.251 - 7.500.... 40 2,775,250 2.54%
7.501 - 7.750.... 11 936,549 0.86%
7.751 - 8.000.... 4 292,872 0.27%
8.001 - 8.250.... 2 241,992 0.22%
8.251 - 8.500.... 1 40,778 0.04%
--------- ------------- ---------
Total..... 1,125 $ 109,331,527 100.00%
========= ============= =========
______________
(1) As of the Reference Date, the weighted average
Margin of the Mortgage Loans was approximately
6.0633%.
<PAGE>
MAXIMUM RATES (1)
- ----------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
RANGE OF MORTGAGE BALANCE PERCENTAGE
MAXIMUM RATES (%) LOANS OUTSTANDING OF POOL
- ----------------------------------------------------------
12.501 - 13.000..... 1 $ 176,723 0.16%
13.001 - 13.500..... 1 210,280 0.19%
13.501 - 14.000..... 7 606,496 0.55%
14.001 - 14.500..... 25 3,173,538 2.90%
14.501 - 15.000..... 49 5,775,254 5.28%
15.001 - 15.500..... 111 12,239,936 11.20%
15.501 - 16.000..... 235 25,752,873 23.55%
16.001 - 16.500..... 211 20,118,177 18.40%
16.501 - 17.000..... 209 19,373,437 17.72%
17.001 - 17.500..... 119 9,392,065 8.59%
17.501 - 18.000..... 80 6,919,507 6.33%
18.001 - 18.500..... 38 3,273,512 2.99%
18.501 - 19.000..... 24 1,383,389 1.27%
19.001 - 19.500..... 13 765,870 0.70%
19.501 - 20.000..... 2 170,470 0.16%
--------- ------------- ---------
Total..... 1,125 $ 109,331,527 100.00%
========= ============= =========
______________
(1) As of the Reference Date, the weighted average
Maximum Rate of the Mortgage Loans was approximately
16.3067% per annum.
CURRENT MORTGAGE LOAN PRINCIPAL BALANCES (1)
- ----------------------------------------------------------
AGGREGATE
RANGE OF CURRENT NUMBER OF PRINCIPAL
MORTGAGE LOAN MORTGAGE BALANCE PERCENTAGE
PRINCIPAL BALANCES($) LOANS OUTSTANDING OF POOL
- ----------------------------------------------------------
0.01- 50,000.00 254 $ 9,364,667 8.57%
50.000.01-100,000.00 490 35,457,925 32.43%
100,000.01-150,000.00 211 25,276,326 23.12%
150,000.01-200,000.00 77 13,094,410 11.98%
200,000.01-250,000.00 47 10,184,700 9.32%
250,000.01-300,000.00 21 5,690,599 5.20%
300,000.01-350,000.00 9 2,968,727 2.72%
350,000.01-400,000.00 5 1,894,222 1.73%
400,000.01-450,000.00 5 2,123,364 1.94%
450,000.01-500,000.00 3 1,474,167 1.35%
500,000.01-550,000.00 1 515,357 0.47%
600,000.01-650,000.00 1 609,935 0.56%
650,001.01-700,000.00 1 677,129 0.62%
--------- ------------- ---------
Total 1,125 $ 109,331,527 100.00%
========= ============= =========
______________
(1) As of the Reference Date, the average current
Mortgage Loan principal balance was approximately
$97,184.
ORIGINAL LOAN-TO-VALUE RATIOS (1)
- ----------------------------------------------------------
RANGE OF AGGREGATE
ORIGINAL NUMBER OF PRINCIPAL
LOAN-TO-VALUE MORTGAGE BALANCE PERCENTAGE
RATIOS (%) LOANS OUTSTANDING OF POOL
- ----------------------------------------------------------
00.00 - 15.00....... 2 $ 29,757 0.03%
20.01 - 25.00....... 1 48,502 0.04%
25.01 - 30.00....... 4 112,233 0.10%
30.01 - 35.00....... 9 501,361 0.46%
35.01 - 40.00....... 7 361,860 0.33%
40.01 - 45.00....... 11 542,347 0.50%
45.01 - 50.00....... 26 2,042,011 1.87%
50.01 - 55.00....... 27 2,046,802 1.87%
55.01 - 60.00....... 62 5,028,965 4.60%
60.01 - 65.00....... 102 8,267,401 7.56%
65.01 - 70.00....... 167 15,666,079 14.33%
70.01 - 75.00....... 309 29,960,843 27.40%
75.01 - 80.00....... 270 29,891,824 27.34%
80.01 - 85.00....... 107 12,251,482 11.21%
85.01 -100.00....... 21 2,580,060 2.36%
--------- ------------- ---------
Total..... 1,125 $ 109,331,527 100.00%
========= ============= =========
______________
(1) As of the Reference Date, the weighted average
original Loan-to-Value Ratio of the Mortgage Loans
was approximately 73.5529%.
<PAGE>
STATE DISTRIBUTIONS OF MORTGAGED PROPERTIES
- ----------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENTAGE
STATE LOANS OUTSTANDING OF POOL
- ----------------------------------------------------------
California.......... 133 $ 23,503,569 21.50%
Washington.......... 57 6,075,051 5.56%
Ohio................ 85 5,698,479 5.21%
Colorado............ 40 4,461,964 4.08%
Wisconsin........... 46 3,422,974 3.13%
Florida............. 77 6,592,886 6.03%
Idaho............... 73 6,176,374 5.65%
Texas............... 56 4,721,031 4.32%
Pennsylvania........ 65 3,832,819 3.51%
Illinois............ 24 2,051,929 1.88%
Michigan............ 50 3,684,962 3.37%
Arizona............. 35 3,019,415 2.76%
Utah................ 26 2,806,749 2.57%
Massachusetts....... 10 1,328,301 1.21%
North Carolina...... 17 1,477,993 1.35%
Indiana............. 28 1,823,117 1.67%
New Mexico.......... 29 2,103,873 1.92%
Missouri............ 24 1,803,196 1.65%
Kentucky............ 20 1,459,606 1.34%
Hawaii.............. 13 2,559,662 2.34%
Louisiana........... 33 3,045,781 2.79%
Montana............. 19 2,200,798 2.01%
New Jersey.......... 15 1,727,693 1.58%
New York............ 13 2,198,151 2.01
Tennessee........... 17 1,384,600 1.27%
Oregon.............. 20 1,764,545 1.61%
Minnesota........... 13 977,821 0.89%
Georgia............. 12 1,175,298 1.07%
Iowa................ 5 456,327 0.42%
Nevada.............. 4 616,765 0.56%
Mississippi......... 12 777,904 0.71%
Virginia............ 4 566,768 0.52%
Connecticut......... 6 537,442 0.49%
Oklahoma............ 9 575,309 0.53%
South Dakota........ 6 373,807 0.34%
Delaware............ 4 206,585 0.19%
South Carolina...... 2 114,297 0.10%
Kansas.............. 6 544,504 0.50%
Vermont............. 4 390,600 0.36%
Wyoming............. 5 294,547 0.27%
Maryland............ 2 185,390 0.17%
New Hampshire....... 2 157,014 0.14%
Maine............... 2 350,357 0.32%
Alaska.............. 1 59,355 0.05%
West Virginia....... 1 45,922 0.04%
--------- ------------- ---------
Total..... 1,125 $ 109,331,527 100.00%
========= ============= =========
INITIAL FIXED RATE PERIOD
- ----------------------------------------------------------
AGGREGATE
INITIAL FIXED RATE NUMBER OF PRINCIPAL
PERIOD MORTGAGE BALANCE PERCENT
(MONTHS) LOANS OUTSTANDING OF POOL
- ----------------------------------------------------------
6 months............ 131 $ 14,242,315 13.03%
24 months........... 994 95,089,212 86.97%
--------- ------------- ---------
Total..... 1,125 $ 109,331,527 100.00%
========= ============= =========
<PAGE>
MINIMUM MORTGAGE RATES(1)
- ----------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
RANGE OF MINIMUM MORTGAGE BALANCE PERCENTAGE
RATES (%) LOANS OUTSTANDING OF POOL
- ----------------------------------------------------------
5.00 - 5.99...... 1 $ 176,723 0.16%
6.00 - 6.99...... 6 729,207 0.67%
7.00 - 7.99...... 67 7,710,250 7.05%
8.00 - 8.99...... 310 5,453,565 32.43%
9.00 - 9.99...... 424 39,779,969 36.38%
10.00 - 10.00...... 41 3,577,001 3.27%
10.00 - +.......... 276 21,904,814 20.04%
--------- ------------- ---------
Total..... 1,125 $ 109,331,527 100.00%
========= ============= =========
______________
(1) As of the Reference Date, the weighted average
Minimum Rate of the Mortgage Loans was approximately
9.3067% per annum.
TYPE OF MORTGAGED PROPERTIES
- ----------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENT
PROPERTY TYPE LOANS OUTSTANDING OF POOL
- ----------------------------------------------------------
2-4 Family.......... 41 $ 4,053,615 3.71%
Condominiums........ 40 3,307,376 3.03%
PUD................. 80 12,210,792 11.17%
Single Family....... 964 89,759,745 82.10%
--------- ------------- ---------
Total..... 1,125 $ 109,331,527 100.00%
========= ============= =========
OCCUPANCY TYPES(1)
- ----------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENT
OCCUPANCY TYPE LOANS OUTSTANDING OF POOL
- ----------------------------------------------------------
Owner Occupied...... 999 $ 99,921,852 91.39%
Non-Owner Occupied.. 126 9,409,676 8.61%
--------- ------------- ---------
Total..... 1,125 $ 109,331,527 100.00%
========= ============= =========
______________
(1) Based upon representations of the related Mortgagors
at the time of origination.
NEXT ADJUSTMENT DATES
- ----------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENT
MONTHS LOANS OUTSTANDING OF POOL
- ----------------------------------------------------------
2/1/99.............. 4 $ 282,176 0.26%
3/1/99.............. 33 3,859,798 3.53%
4/1/99.............. 393 38,325,826 35.05%
5/1/99.............. 488 48,242,297 44.12%
6/1/99.............. 205 17,987,087 16.45%
7/1/99.............. 1 118,986 0.11%
7/1/00.............. 1 515,357 0.47%
--------- ------------- ---------
Total..... 1,125 $ 109,331,527 100.00%
========= ============= =========
<PAGE>
EXHIBIT 2
November 25, 1998 Distribution Date
THE BANK OF NEW YORK
101 BARCLAY STREET
NEW YORK, NEW YORK 10286
ATTN: KELLY SHEAHAN
212-815-2007
ASSET BACKED SECURITIES
SERIES 1997-2
CWABS, INC.
<TABLE>
Certificateholder Monthly Distribution Summary
<CAPTION>
- --------------- ---------------- --------------- --------------- ------------------- -------------
PASS
CLASS CERTIFICATE THROUGH
CLASS CUSIP DESCRIPTION RATE TYPE BEGINNING BALANCE RATE (%)
- --------------- ---------------- --------------- --------------- ------------------- -------------
<S> <C> <C> <C> <C> <C>
A 126671AJ5 Senior Fix-Act/360 107,464,147.00 5.521250
R Senior Fix-30/360 0.00 0.000000
- --------------- ---------------- --------------- --------------- ------------------- -------------
- --------------- ---------------- --------------- --------------- ------------------- -------------
Totals 107,464,147.00
- --------------- ---------------- --------------- --------------- ------------------- -------------
</TABLE>
<TABLE>
<CAPTION>
- --------------- ---------------- --------------- --------------- ------------------- ----------------- ----------------
CURRENT CUMULATIVE
PRINCIPAL INTEREST TOTAL REALIZED ENDING REALIZED
CLASS DISTRIBUTION DISTRIBUTION DISTRIBUTION LOSSES BALANCE LOSSES
- --------------- ---------------- --------------- --------------- ------------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
A 3,028,337.21 494,447.02 3,522,784.23 0.00 104,435,809.79 62,952.85
R 0.00 310,038.41 310,038.41 0.00 0.00 0.00
- --------------- ---------------- --------------- --------------- ------------------- ----------------- ----------------
- --------------- ---------------- --------------- --------------- ------------------- ----------------- ----------------
Totals 3,028,337.21 804,485.43 3,832,822.64 0.00 104,435,809.79 62,952.85
- --------------- ---------------- --------------- --------------- ------------------- ----------------- ----------------
</TABLE>
<PAGE>
ASSET BACKED SECURITIES
SERIES 1997-2
CWABS, INC.
<TABLE>
Principal Distribution Detail
<CAPTION>
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
ORIGINAL BEGINNING SCHEDULED
CERTIFICATE CERTIFICATE PRINCIPAL ACCRETION
CLASS CUSIP BALANCE BALANCE DISTRIBUTION PRINCIPAL
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
<S> <C> <C> <C> <C> <C>
A 126671AJ5 178,026,096.00 107,464,147.00 3,028,337.21 0.00
R 0.00 0.00 0.00 0.00
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
Totals 178,026,096.00 107,464,147.00 3,028,337.21 0.00
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
UNSCHEDULED NET CURRENT ENDING ENDING
PRINCIPAL PRINCIPAL REALIZED CERTIFICATE CERTIFICATE
CLASS ADJUSTMENTS DISTRIBUTION LOSSES BALANCE FACTOR
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
<S> <C> <C> <C> <C> <C>
A 0.00 3,028,337.21 0.00 104,435,809.79 0.58663202831
R 0.00 0.00 0.00 0.00 0.00000000000
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
Totals 0.00 3,028,337.21 0.00 104,435,809.79
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
</TABLE>
<PAGE>
ASSET BACKED SECURITIES
SERIES 1997-2
CWABS, INC.
<TABLE>
Interest Distribution Detail
<CAPTION>
- --------------- -------------------- ------------------- -------------------- ------------------
BEGINNING PASS ACCRUED CUMULATIVE
CERTIFICATE THROUGH OPTIMAL UNPAID
CLASS BALANCE RATE(%) INTEREST INTEREST
- --------------- -------------------- ------------------- -------------------- ------------------
<S> <C> <C> <C> <C>
A 107,464,147.00 5.521250 494,447.02 0.00
R 0.00 0.000000 0.00 0.00
- --------------- -------------------- ------------------- -------------------- ------------------
- --------------- -------------------- ------------------- -------------------- ------------------
Totals 107,464,147.00 494,447.02 0.00
- --------------- -------------------- ------------------- -------------------- ------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
UNSCHEDULED
DEFERRED TOTAL INTEREST NET PREPAYMENT INTEREST INTEREST
CLASS INTEREST DUE INT. SHORTFALL ADJUSTMENT PAID
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
<S> <C> <C> <C> <C> <C>
A 0.00 494,447.02 0.00 0.00 494,447.02
R 0.00 0.00 0.00 0.00 310,038.41
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
Totals 0.00 494,447.02 0.00 0.00 804,485.43
- --------------- ---------------- ------------------- -------------------- ------------------ ------------------
</TABLE>
<PAGE>
ASSET BACKED SECURITIES
SERIES 1997-2
CWABS, INC.
POOL LEVEL DATA
Distribution Date 11/25/98
Cut-off Date 5/1/97
Determination Date 11/1/98
Accrual Period Begin 10/1/98
End 11/1/98
Number of Days in Accrual Period 31
<TABLE>
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
<CAPTION>
GROUP 1
- -------
<S> <C>
Cut-off Date Balance 178,026,096.39
Beginning Aggregate Pool Stated Principal Balance 112,359,864.65
Ending Aggregate Pool Stated Principal Balance 109,331,527.44
Beginning Aggregate Certificate Stated Principal Balance 107,464,147.00
Ending Aggregate Certificate Stated Principal Balance 104,435,809.79
Beginning Aggregate Loan Count 1,155
Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Agreement 30
Ending Aggregate Loan Count 1,125
Beginning Weighted Average Loan Rate (WAC) 9.723549%
Ending Weighted Average Loan Rate (WAC) 9.699032%
Beginning Net Weighted Average Loan Rate 9.223549%
Ending Net Weighted Average Loan Rate 9.199032%
Weighted Average Maturity (WAM) (Months) 342
Servicer Advances 97,707.39
Aggregate Pool Prepayment 2,964,580.27
CERTIFICATE ACCOUNT
BEGINNING BALANCE 0.00
DEPOSIT
Payments of Interest and Principal 3,939,126.49
Liquidation Proceeds 0.00
All Other Proceeds 0.00
Other Amounts 0.00
----------------
TOTAL DEPOSITS 3,939,126.49
<PAGE>
WITHDRAWALS
Reimbursement of Servicer Advances 0.00
Payment of Master Servicer Fees 44,127.47
Payment of Sub Servicer Fees 0.00
Payment of Other Fees 0.00
Payment of Insurance Premium(s) 0.00
Payment of Personal Mortgage Insurance 0.00
Other Permitted Withdrawal per the Pooling and Servicing Agreement 0.00
Payment of Principal and Interest 3,878,534.64
----------------
TOTAL WITHDRAWALS 3,922,662.11
ENDING BALANCE 16,464.38
PREPAYMENT COMPENSATION
Total Gross Prepayment Interest Shortfall 2,689.14
Compensation for Gross PPIS from Servicing Fees 0.00
Other Gross PPIS Compensation 0.00
----------------
TOTAL NET PPIS (NON-SUPPORTED PPIS) 2,689.14
Master Servicing Fees Paid 44,127.47
Sub Servicing Fees Paid 0.00
Insurance Premium(s) Paid 0.00
Personal Mortgage Insurance Fees Paid 0.00
Other Fees Paid 0.00
----------------
TOTAL FEES 44,127.47
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- -----------------------------------------------------------------------------------------------
<CAPTION>
GROUP 1
- -------
DELINQUENCY 30 - 59 DAYS 60 - 89 DAYS 90+ DAYS TOTALS
- ----------- ------------ ------------ -------- ------
<S> <C> <C> <C> <C>
Scheduled Principal Balance 4,402,110.03 2,049,500.36 1,886,074.75 8,337,685.14
Percentage of Total Pool Balance 4.026387% 1.874574% 1.725097% 7.626057%
Number of Loans 53 19 18 90
Percentage of Total Loans 4.588745% 1.645022% 1.558442% 7.792208%
FORECLOSURE
- -----------
Scheduled Principal Balance 0.00 0.00 0.00 2,050,253.51
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 1.875263%
Number of Loans 0 0 0 26
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 2.251082%
BANKRUPTCY
- ----------
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
<PAGE>
REO
- ---
Scheduled Principal Balance 0.00 0.00 0.00 596,985.82
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.546033%
Number of Loans 0 0 0 4
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.346320%
Book Value of all REO Loans 0.00
Percentage of Total Pool Balance 0.000000%
Current Realized Losses 0.00
Additional Gains (Recoveries)/Losses 45,712.00
Total Realized Losses 179,959.31
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------------------------
SUBORDINATION/CREDIT ENHANCEMENT INFORMATION
- -----------------------------------------------------------------------------------------------
<CAPTION>
PROTECTION ORIGINAL CURRENT
- ---------- -------- -------
<S> <C> <C>
Bankruptcy Loss 0.00 0.00
Bankruptcy Percentage 0.000000% 0.000000%
Credit/Fraud Loss 0.00 1,780,260.96
Credit/Fraud Loss Percentage 0.000000% 1.628314%
Special Hazard Loss 0.00 0.00
Special Hazard Loss Percentage 0.000000% 0.000000%
CREDIT SUPPORT ORIGINAL CURRENT
- ---------- -------- -------
Class A 178,026,096.00 104,435,809.79
Class A Percentage 100.000000% 100.000000%
</TABLE>
