<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 AUGUST 1, 1996, PROVIDING FOR THE ISSUANCE OF
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES SERIES 1996-3
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(Exact name of registrant as specified in its charter)
Delaware 333-03911-04 41-1851802
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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 1996-3 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 1996-3
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 1996-3 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 525177AX9 18,000,000.00 0.00000000 0.00000000 0.00000000
A-2 525177AY7 23,500,000.00 2.40565787 105.68305787 316.36219532
A-3 525177AZ4 29,000,000.00 5.83333345 0.00000000 1000.00000000
A-4 525177BA8 25,500,000.00 6.06666667 0.00000000 1000.00000000
A-5 525177BB6 14,900,000.00 6.30833356 0.00000000 1000.00000000
A-6 525177BC4 18,054,344.00 6.52499975 0.00000000 1000.00000000
S 525177BE0 137,141,704.19 0.55888864 --- 802.14304423
</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 6.85000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 6.84000% 0.00 0.00 56,532.96 56,532.96 56,532.96 0.00
A-3 7.00000% 0.00 0.00 169,166.67 169,166.67 169,166.67 0.00
A-4 7.28000% 0.00 0.00 154,700.00 154,700.00 154,700.00 0.00
A-5 7.57000% 0.00 0.00 93,994.17 93,994.17 93,994.17 0.00
A-6 7.83000% 0.00 0.00 117,804.59 117,804.59 117,804.59 0.00
S 0.82000% 0.00 0.00 76,646.94 76,646.94 76,646.94 0.00
Total 0.00 0.00 668,845.33 668,845.33 668,845.33 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 9,918,063.45 4,529,128.95 2,577,639.80 7,106,768.75 2,483,551.86 7,434,511.59 4,623,216.89
A-3 29,000,000.00 0.00 0.00 0.00 0.00 29,000,000.00 0.00
A-4 25,500,000.00 0.00 0.00 0.00 0.00 25,500,000.00 0.00
A-5 14,900,000.00 0.00 0.00 0.00 0.00 14,900,000.00 0.00
A-6 18,054,344.00 0.00 0.00 0.00 0.00 18,054,344.00 0.00
S 112,166,258.99 --- --- --- --- 110,007,264.09 ---
Total 97,372,407.45 4,529,128.95 2,577,639.80 7,106,768.75 2,483,551.86 94,888,855.59 4,623,216.89
</TABLE>
DISTRIBUTIONS
FHA Premium Account Deposit 21,693.81
Master Servicer Fee 11,216.63
Master Servicer Reimbursement 43,647.85
Trustee Fee 2,149.85
Priority Expenses 0.00
Class Interest Distribution 668,845.33
Amounts Owing to Certificate Insurer 0.00
Class A Principal Distribution 2,483,551.86
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 3,231,105.33
Certificate Insurer from Reserve Account 14,605.86
OTHER INFORMATION
Defaulted Loans During The Related Due Period 939,920.69
Principal Balance Of All Defaulted Mortgage Loans 10,189,716.03
Cram Down Losses 0.00
Excess Interest Paid As Principal 845,832.75
Required OC Amount 13.13000000%
Overcollateralization Prior to Allocation of
Distributable Excess Spread 15,118,408.50
Actual Overcollateralization 15,118,408.50
Required Overcollateralization 18,006,705.76
Beginning Collateral Balance 112,166,258.99
Ending Collateral Balance 110,007,264.09
<PAGE> 2
FHA Title I Loan Asset-Backed Certificates
Series 1996-3 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-7 525177BD2 26,534,920.00 5.04314692 15.97451358 768.95109086
</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-7 7.71000% 0.00 0.00 133,819.50 133,819.50 133,819.50 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-7 20,827,938.12 77,571.78 470,868.91 548,440.69 423,882.44 20,404,055.68 124,558.25
</TABLE>
DISTRIBUTIONS
FHA Premium Account Deposit 2,403.20
Master Servicer Fee 2,168.80
Master Servicer Reimbursement 6,716.23
Trustee Fee 415.69
Priority Expenses 0.00
Class Interest Distribution 133,819.50
Class A Principal Distribution 423,882.44
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 569,405.86
Certificate Insurer from Reserve Account 3,124.19
OTHER INFORMATION
Defaulted Loans During The Related Due Period 150,396.79
Principal Balance of All Defaulted Mortgage Loans 1,094,874.38
Cram Down Losses 0.00
Excess Interest Paid As Principal 103,410.32
Beginning Collateral Balance 21,688,023.81
Ending Collateral Balance 21,347,302.39
Insurer Default Amount 0.00
Loss Carryforward Amount 0.00
