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) : December 26, 1997
Morgan Stanley ABS Capital I Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-19779 13-3939229
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
1585 Broadway
2nd Floor
New York, NY 10036
(Address of principal executive offices)
Registrant's telephone number, including area code : (212) 761-4000
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 7 consecutively numbered pages.
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Item 5. Other Events.
On December 26, 1997 distributions were made to the
Certificateholders. Specific information with respect to the
distributions is filed as Exhibit 99.1.
No other reportable transactions or matters have occurred
during the current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not appllicable
(b) Not applicable
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on December 26, 1997 filed
as Exhibit 99.1 hereto.
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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.
TEXAS COMMERCE BANK NATIONAL ASSOCIATION,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: January 23, 1998 By: /s/Karen Marshall
Karen Marshall
Vice President
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<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
December 26, 1997 20
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Exhibit 99.1
Monthly Certificateholder Statement on December 26, 1997
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<S> <C> <C> <C> <C> <C> <C>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
REVISED STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-DEC-97 PAGE # 1
RECORD DATE: 28-NOV-97
- -----------------------------------------------------------------------------------------------------------------------------------
Ending
Original Beginning Interest Ending Aggregate
Certificate Certificate Principal Interest Carry- Total Certificate Loan
Class Cusip # Balance Balance Distribution Distribution Over Distribution Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 61744CAA4 17,727,000.00 17,218,803.41 56,299.96 101,160.47 0.00 157,460.43 17,162,503.45 17,427,993.24
A-2 61744CAB4 87,118,000.00 82,813,452.55 2,347,534.76 421,986.30 0.00 2,769,521.06 80,465,917.79 81,935,224.33
R N/A N/A N/A N/A - N/A - N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 104,845,000.00 100,032,255.96 2,403,834.72 523,146.77 - 2,926,981.49 97,628,421.24 99,363,217.57
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Notional Notional Interest Interest Total Notional
Class Cusip # Amount Amount Distribution Carryover Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
X-1 N/A 17,727,000.00 17,440,581.97 - 42,368.61 - 17,427,993.24
X-2 N/A 87,118,000.00 84,042,304.28 - 247,806.64 - 81,935,224.33
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS N/A 104,845,000.00 101,482,886.25 - 290,175.25 - 99,363,217.57
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
A-1 61744CAA4 3.17594409 5.70657584 968.15611483 7.05000%
A-2 61744CAB2 26.94660992 4.84384743 923.64284982 5.91750%
- -----------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Interest Ending Notional Current Pass
Class Cusip # Distribution Balance Through Rate
- ------------------------------------------------------------------------------
X-1 N/A - 983.13269250 2.91517%
X-2 N/A - 940.50855541 3.53831%
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Karen Marshall
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-2350
---------------------------------------
OCWEN FEDERAL BANK FSB
MASTER SERVICER
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<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
REVISED STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-DEC-97 PAGE # 2
RECORD DATE: 28-NOV-97
Sec. 7.09(a)(i) Prepayment amount 2,068,707.81
Principal portion of carry forward amount -
Remaining principal portion of carry forward amount -
Sec. 7.09(a)(ii) Compensating Interest Amount 7,372.25
Interest portion of carry forward amount 290,175.25
Remaining interest portion of carry forward amount 1,652,217.97
Basis risk carryover amount payment amount -
Remaining basis risk carryover amount -
Sec. 7.09(a)(v) Servicing fees amount 42,284.54
Premium amount 17,075.17
Trustee fees amount 1,667.20
Sec. 7.09(a)(vii) P&I advances 122,214.85
Servicing advances 78,076.76
Total P&I advances outstanding 409,904.86
Total servicing advances outstanding 118,697.98
*
Sec. 7.09(a)(viii) The number and aggregate principal balances of all delinquent loans in each group
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
----------------------------------------------------------------------------------------------------------
Delinquent one payment 4 280,965.62 12 1,279,144.40
Delinquent two payments 0 - 8 1,178,202.59
Delinquent three or more payments 4 353,292.24 21 3,265,822.56
----------------------------------------------------------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which foreclosure proceedings
have been commenced 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which have filed for protection
under applicable bankruptcy laws 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(ix) Mortgage loan that became an REO property during the preceding None None
calendar month -------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Sec. 7.09(a)(x) REO properties as of the close of business
on the determination date 0 - 0 -
-----------------------------------------------------------
Sec. 7.09(a)(xi) Insured Payment Amount -
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(xii) Aggregate beginning loan balance 17,440,581.97 84,042,304.28
Aggregate ending loan balance 17,427,993.24 81,935,224.33
-------------------------------------
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xiii) Remaining Subordinated Amount 265,489.79 1,469,306.54
Remaining Subordinated deficit Amount 133,373.44 1,144,240.28
---------------------------------------
Sec. 7.09(a)(xv) Total substitution Adjustments Amounts -
Total Loan Purchase Price Amounts -
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xvi) Weighted Average Mortgage Rate 10.66517% 10.18581%
---------------------------------------
Sec. 7.09(a)(xvii) The largest Loan Balance outstanding 589,303.16
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-7-
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