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 - June 20, 1997
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(Date of Earliest Event Reported)
EQUITY ONE ABS, INC., (as depositor under the Pooling and Servicing
Agreement, dated as of June 1, 1997, which forms a trust fund, which
will issue the Mortgage Pass-Through Certificates, Series 1997-1)
EQUITY ONE ABS, INC.
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(Exact Name of Registrant as specified in its charter)
Delaware 333-24599 52-2029487
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(State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)
103 Springer Building, 3411 Silverside Road, Wilmington, Delaware, 19803
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(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 478-6160
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Item 5. Other Events
The consolidated financial statements of AMBAC Indemnity Corporation
and its subsidiaries as of December 31, 1996 and 1995, and for the three years
ended December 31, 1996, included in the Current Report on Form 8-K of AMBAC,
Inc. (which was filed with the Commission on March 12, 1997; Commission File
Number 1-10777) are hereby incorporated by reference into this report and have
been audited by KPMG Peat Marwick LLP. The consent of KPMG Peat Marwick LLP to
the inclusion of their audit report on such financial statements in this Form
8-K and to being named as "experts" in the Prospectus Supplement for the
Mortgage Pass-Through Certificates, Series 1997-1 is attached hereto as
Exhibit 23.1.
The unaudited financial statements of AMBAC Indemnity Corporation as of
March 31, 1997 and for the three month period ended March 31, 1997, are included
in the Quarterly Report on Form 10-Q of AMBAC, Inc. for the period ended March
31, 1997 (which was filed with the Commission on May 15, 1997), and are hereby
incorporated by reference into this report.
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Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of KPMG Peat Marwick LLP.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
EQUITY ONE ABS, INC.
By: /s/Thomas J. Fitzpatrick
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Thomas J. Fitzpatrick,
President
Dated: June 20, 1997
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Exhibit Index
Exhibit Page
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23.1 Consent of KPMG Peat Marwick LLP
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Exhibit 23.1
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
AMBAC Indemnity Corporation:
We consent to the incorporation by reference in the registration statement
(No. 333-24599) of Equity One ABS, Inc. (the "Registrant") and in the
Prospectus Supplement of the Registrant dated June 20, 1997 (the "Prospectus
Supplement") of our report dated January 30, 1997 on the consolidated financial
statements of AMBAC Indemnity Corporation as of December 31, 1996 and 1995, and
for each of the years in the three year period ended December 31, 1996, which
report appears in the Form 8-K of AMBAC, Inc. dated March 12, 1997 and to the
reference to our firm under the heading "Experts" in the Prospectus Supplement.
KPMG PEAT MARWICK LLP
New York, New York
June 20, 1997
