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): October 27, 1997
Lehman ABS Corp.,
(as depositor under the Pooling and Servicing
Agreement, dated as of February 28, 1997, providing
for the issuance of Lehman ABS Corp.,
Champion Home Equity Loan Trust 1997-1,
Champion Home Equity Loan Asset-Backed Certificates,
Series 1997-1).
(Exact name of registrant as specified in its charter)
Delaware 33-14293-08 36-4145623
(State or Other Jurisdiction (Commission (I.R.S.
Employer
of Incorporation) File Number) Identification No.)
200 Vesey St., Three World Financial Center
New York, New York 10285
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 526-7700
Item 5. Other Events
On behalf of Champion Home Equity Loan Trust 1997-1,
Champion Home Equity Loan Asset-Backed Certificates, Series
1997-1, a Trust created pursuant to the Pooling and Servicing
Agreement, dated February 28, 1997, by Harris Trust & Savings
Bank, as trustee for the Trust, the Trustee has caused to be
filed with the Commission, the Monthly Report dated
October 27, 1997. The Monthly Report is filed pursuant to
and in accordance with (1) numerous no-action letters (2)
current Commission policy in the area. The filing of the
Monthly Report will occur subsequent to each monthly
distribution to the holders of the Certificates, Due May 25,
2029.
A. Monthly Report Information:
See Exhibit No. 1
B. No delinquency in payment under the Insurance and
Reimbursement Agreement has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable
under the Insurance and Reimbursement Agreement?
NO
Amount:
E. Are there any developments with respect to the
Insurance and Reimbursement Agreement? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated October 27, 1997.
CHAMPION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS PREPARED BY THE MASTER
SERVICER
PURSUANT TO SECTION 5.03 OF THE POOLING AND SERVICING AGREEMENT
(PSA)
DATED AS OF FEBRUARY 28, 1997
Distribution Date: 10/27/97
5.03(a)i Available Funds for the related Distribution Date 2,266,884.92
Class A-1 Certificate Rate 5.76625%
Class A-2 Certificate Rate 7.41000%
Class A-3 Certificate Rate 7.72000%
5.03(a)ii Previous Class A-1 Principal Balance 51,829,511.31
Previous Class A-2 Principal Balance 30,158,000.00
Previous Class A-3 Principal Balance 11,842,000.00
Previous Pool Principal Balance 95,329,511.31
5.03(a)iiiAggregate Principal Collections for the Due Period 1,472,789.87
Aggregate Interest Collections for the Due Period 847,608.10
Total Collections Received during the Due Period 2,320,397.97
5.03(a)iv Number and Principal Balances of Mortgage NUMBER PRINCIPAL
Loans subject to Principal Prepayments OF LOANS BALANCE
21 1,236,583.73
5.03(a)v The Amount of all Curtailments that were Received
during the Due Period 82,577.29
5.03(a)vi Principal Portion of all Monthly Payments Received 153,628.85
during the Due Period
5.03(a)viiAmount of Interest Received on the Mortgage Loans 847,608.10
5.03(a)viiAmount Required to be Paid by the Seller
Pursuant to Section 2.02 of the PSA 0.00
Pursuant to Section 2.04 of the PSA 0.00
Pursuant to Section 2.06 of the PSA 0.00
5.03(a)ix Amount of Monthly Advances 0.00
Amount of Compensating Interest 12,114.96
5.03(a)x The Certificate Rate on the Class A-1 5.76625%
5.03(a)xi The Class A-1 Principal Remittance Amount 1,472,789.87
The Class A-2 Principal Remittance Amount 0.00
The Class A-3 Principal Remittance Amount 0.00
Total Class A Principal Remittance Amount 1,472,789.87
The Class A-1 Interest Remittance Amount 265,655.04
The Class A-2 Interest Remittance Amount 186,225.65
The Class A-3 Interest Remittance Amount 76,183.53
CHAMPION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES 10/27/97
Page 2 of 3
SERIES 1997-1
5.03(a)xiiOutstanding Class Interest Carryover Shortfall After Distribution
Class A-1 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Class A-3 Interest Carryover Shortfall 0.00
The Class A-1 Principal Shortfall after Distribution 0.00
The Class A-2 Principal Shortfall after Distribution 0.00
The Class A-3 Principal Shortfall after Distribution 0.00
5.03(a)xiiThe Amount of the Insured Payments 0.00
5.03(a)xivAmount distributed to the Class R Certificateholders 248,553.75
5.03(a)xv The Class A-1 Principal Balance after Distribution 50,356,721.44
The Class A-2 Principal Balance after Distribution 30,158,000.00
The Class A-3 Principal Balance after Distribution 11,842,000.00
Class A Principal Balance after Distribution 92,356,721.44
5.03(a)xviThe Weighted Average Remaining Term to Maturity 195
The Weighted Average Loan Rate 10.64245%
5.03(a)xviThe Servicing Fee to be Paid to the Servicer
Paid from Collection Account 39,689.49
Pursuant to Section 5.01(a)(6) of the PSA 0.00
The Amounts to be Paid to the Certificate Insurer
Pursuant to Section 5.01(a)(4) of the PSA 0.00
Pursuant to Section 5.01(a)(8) of the PSA 0.00
5.03(a)xviThe Premium Amount to be paid to the Certificate Insurer
Pursuant to Section 5.01 of the PSA 15,888.25
5.03(a)xixAmount of all Payments or Reimbursements to the Servicer
Pursuant to Section 3.03 of the PSA 25,938.52
5.03(a)xx The O/C Amount after giving effect to such payment 1,500,000.00
The O/C Reduction Amount 0.00
The Excess O/C Amount 0.00
The Specified O/C Amount 1,500,000.00
The Excess Spread 248,553.75
5.03(a)xxiThe Amount Paid to the Class R Certificateholders
Pursuant to Section 5.01(a)(9) of the PSA 248,553.75
5.03(a)xxiThe Class A-1 Distributable Excess Spread 0.00
The Class A-2 Distributable Excess Spread 0.00
The Class A-3 Distributable Excess Spread 0.00
5.03(a)xxiNumber of Mortgage Loans at Beginning of Due Period 1578
Number of Mortgage Loans at End of Due Period 1557
5.03(a)xxiPool Principal Balance as of the End of Due Period 93,856,721.44
5.03(a)xxvThe Number and Aggregate Principal Balances of Mortgage Loans
which are Delinquent
NUMBER OF PRINCIPAL
LOANS BALANCE
30-59 Days 37 2,303,347.66
60-89 Days 1 91,000.00
90 or more 2 69,166.44
Foreclosure 0 0.00
REO 0 0.00
Bankruptcy 0 0.00
CHAMPION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES 10/27/97
Page 3 of 3
SERIES 1997-1
5.03(a)xxvUnpaid Principal of all loans that became liquidated
Loans during Due Period 0.00
5.03(a)xxvNet Liquidation Proceeds Received during Due Period 0.00
5.03(a)xxvThe Book Value of any REO 0.00
5.03(a)xxiMoody's Rating of the Long-Term Unsecured Debt
of the Seller NA
Standard & Poor's Rating of the Long-Term Unsecured
Debt of the Seller NA
5.03(a)xxxThe Capitalized Interest Requirement 0.00
Overfunded Interest Amount 0.00
Amounts on Deposit in the Pre-Funding Account 0.00
(Exclusive of any Reinvestment Earnings)
Factor Information (Per $1000)
5.03(a)ii The Class A-1 Certificate Beginning Balance Factor 893.61226397
The Class A-2 Certificate Beginning Balance Factor 1,000.00000000
The Class A-3 Certificate Beginning Balance Factor 1,000.00000000
5.03(a)xi The Class A-1 Certificate Principal Remittance Factor 25.39292879
The Class A-2 Certificate Principal Remittance Factor 0.00000000
The Class A-3 Certificate Principal Remittance Factor 0.00000000
The Class A-1 Certificate Interest Remittance Factor 4.58025931
The Class A-2 Certificate Interest Remittance Factor 6.17500000
The Class A-3 Certificate Interest Remittance Factor 6.43333305
5.03(a)xiiClass A-1 Interest Carryover Shortfall Factor 0.00000000
Class A-2 Interest Carryover Shortfall Factor 0.00000000
Class A-3 Interest Carryover Shortfall Factor 0.00000000
The Class A-1 Principal Shortfall Factor 0.00000000
The Class A-2 Principal Shortfall Factor 0.00000000
The Class A-3 Principal Shortfall Factor 0.00000000
5.03(a)xv The Class A-1 Certificate Ending Balance Factor 868.21933517
The Class A-2 Certificate Ending Balance Factor 1,000.00000000
The Class A-3 Certificate Ending Balance Factor 1,000.00000000
5.03(a)xviThe Servicing Fee Factor
Paid from Collection Account 0.39689490
Pursuant to Section 5.01(a)(6) of the PSA 0.00000000
The Certificate Insurer Payment Factor
Payment Pursuant to Section 5.01(a)(4) of the PSA 0.00000000
Payment Pursuant to Section 5.01(a)(8) of the PSA 0.00000000
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.
LEHMAN ABS CORPORATION
By
Name: Bob Foltz
Title: Vice President, Harris Trust and Savings Bank
Dated: October 31, 1997