LEHMAN ABS CORP CH HM EQ LN TR 1997-1 HM E LN A B CRT 1997-
15-15D, 1998-01-30
ASSET-BACKED SECURITIES
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549


FORM 15

CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER (12) G OF
 THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS
 UNDER SECTIONS 13 AND 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


COMMISSION FILE NUMBER 33-14293-08

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)

200 Vesey St., Three World Financial Center, New York, NY 10285 (212)-526-7700
- -----------------------------------------------------------------------
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE,
OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)

Champion Home Equity Loan Trust 1997-1 
- ------------------------------------------------------------------------------
(TITLE OF EACH CLASS OF SECURITIES COVERED BY THIS FORM)

- -------------------------------------------------------------------------------
(TITLE OF ALL OTHER CLASSES OF SECURITIES FOR WHICH A DUTY TO FILE
 REPORTS UNDER SECTION 13(A) OR 15 (D) REMAINS

PLEASE PLACE AN X IN THE BOX(ES) TO DESIGNATE, THE APPROPRIATE RULE
PROVISION(S) RELIED UPON TO TERMINATE OR SUSPEND THE DUTY TO FILE REPORTS:

	Rule 12g-4 (a) (1) (i)		|  |		Rule 12h-3 (b) (1) (i)		| X |	
	Rule 12g-4 (a) (1) (ii)		|  |		Rule 12h-3 (b) (1) (ii)		|     |
	Rule 12g-4 (a) (2) (i)		|  |		Rule 12h-3 (b) (2) (i)		|     |	
	Rule 12g-4 (a) (2) (ii)		|  |		Rule 12h-3 (b) (2) (ii)		|     |
							Rule 15d-6			| X |

APPROXIMATE NUMBER OF HOLDERS OF RECORD
AS OF THE CERTIFICATION OR NOTICE DATE:	SIX

PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934,
 LEHMAN ABS CORP.  HAS CAUSED THIS CERTIFICATION TO BE SIGNED ON ITS BEHALF
 OF THE UNDERSIGNED DULY AUTHORIZED PERSON.

DATE:		January 25, 1998		By: /s/ Bob Foltz
						    Bob Foltz
						    Vice President, Harris Trust and Savings Bank 

INSTRUCTION: THIS FORM IS REQUIRED BY RULES 12G-4, 12H-3 AND 15D-6 OF THE 
GENERAL RULES AND REGULATIONS UNDER THE SECURITIES EXCHANGE ACT OF
1934.  THE REGISTRANT SHALL FILE WITH THE COMMISSION THREE COPIES OF FORM
15, ONE OF WHICH SHALL BE MANUALLY SIGNED.  IT MAY BE SIGNED BY AN OFFICER
OF THE REGISTRANT, BY COUNSEL OR BY ANY OTHER DULY AUTHORIZED PERSON.
THE NAME AND TITLE OF THE PERSON SIGNING THE FORM SHALL BE TYPED OR
PRINTED UNDER THE SIGNATURE.




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