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 - August 27, 1997
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(Date of Earliest Event Reported)
EQUITY ONE ABS, INC.
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(as depositor under a certain Pooling and Servicing Agreement
dated as of June 1, 1997, providing for the issuance of Mortgage Pass-Through
Certificates, Series 1997-1)
(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
Attached hereto as Annex A is a copy of the Statement to
Certificateholders sent to Class A Certificateholders with respect to the August
25, 1997 Distribution Date.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
The quarterly financial statements for the period ended June 30, 1997
for AMBAC Indemnity Corporation are incorporated into this report by reference
to the Form 10-Q filed by AMBAC Financial Group, Inc. with the United States
Securities and Exchange Commission on July 15, 1997.
2
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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/ Dennis Kildea
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Dennis Kildea,
Vice President
Dated: September 3, 1997
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ANNEX A
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
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PAGE #1
DISTRIBUTION: 25-Aug-97
RECORD DATE: 22-Aug-97
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<CAPTION>
ORIGINAL BEGINNING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
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<S> <C> <C> <C> <C> <C> <C>
A-1 31,000,000.00 31,000,000.00 2,435,974.46 171,016.67 2,606,991.13 28,564,025.54
A-2 24,200,000.00 24,200,000.00 0.00 141,368.33 141,368.33 24,200,000.00
A-3 14,500,000.00 14,500,000.00 0.00 86,879.17 86,879.17 14,500,000.00
A-4 12,000,000.00 12,000,000.00 0.00 73,800.00 73,800.00 12,000,000.00
A-5 21,141,606.00 21,141,606.00 0.00 133,015.94 133,015.94 21,141,606.00
R N/A N/A 0.00 0.00 0.00 N/A
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TOTALS 102,841,606.00 102,841,606.00 2,435,974.46 606,080.11 3,042,054.57 100,405,631.54
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<S> <C> <C> <C> <C> <C> <C>
FACTOR INFORMATION PER $1,000 PASS THU RATES
ENDING
CUSIP PRINCIPAL INTEREST CERTIFICATE PASS
CLASS NUMBER DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE
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A-1 294751 AAO 78.57982129 5.51666677 921.42017871 A-1 6.62000%
A-2 294751 AB8 0.00000000 5.84166653 1000.00000000 A-2 7.01000%
A-3 294751 AC6 0.00000000 5.99166690 1000.00000000 A-3 7.19000%
A-4 294751 AD4 0.00000000 6.15000000 1000.00000000 A-4 7.38000%
A-5 294751 AE2 0.00000000 6.29166677 1000.00000000 A-5 7.55000%
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IF THERE ARE ANY QUESTIONS OR COMMENTS, PLEASE CONTACT THE ADMINISTRATOR
LISTED BELOW
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ARANKA PAUL
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3236
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[LOGO] CHASE (C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK
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EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
============================================================================================
DISTRIBUTION: 25-Aug-97 PAGE # 2
RECORD DATE: 22-Aug-97
<S> <C> <C> <C> <C>
SEC. 4.03 (a) (i) TOTAL PRINCIPAL DISTRIBUTION 2,435,974.46
SCHEDULED PRINCIPAL DUE 228,208.03
CURTAILMENTS 38,976.54
PAYOFFS 2,168,789.89
REPURCHASES PRINCIPAL BALANCE 0.00
LIQUIDATION PROCEEDS 0.00
LOAN LOSSES 0.00
SUBSTITUTE LOAN ADJUSTMENT AMOUNT 0.00
PRINCIPAL SHORTFALL 0.00
SEC. 4.03 (a) (ii) TOTAL INTEREST DISTRIBUTION
PREVIOUSLY CURRENT TOTAL
SCHEDULED UNPAID INTEREST INTEREST
INTEREST INTEREST SHORTFALL SHORTFALL
---------- ---------- --------- ---------
CLASS A-1 DISTRIBUTION 171,016.67 0.00 0.00 0.00
CLASS A-2 DISTRIBUTION 141,368.33 0.00 0.00 0.00
CLASS A-3 DISTRIBUTION 86,879.17 0.00 0.00 0.00
CLASS A-4 DISTRIBUTION 73,800.00 0.00 0.00 0.00
CLASS A-5 DISTRIBUTION 133,015.94 0.00 0.00 0.00
SEC. 4.03 (a) (iii) TOTAL SHORTFALL
ALLOC ALLOC
TO INT TO PRIN SHORTFALL
------ ------- ---------
CLASS A-1 DISTRIBUTION 0.00 0.00 0.00
CLASS A-2 DISTRIBUTION 0.00 0.00 0.00
CLASS A-3 DISTRIBUTION 0.00 0.00 0.00
CLASS A-4 DISTRIBUTION 0.00 0.00 0.00
CLASS A-5 DISTRIBUTION 0.00 0.00 0.00
SEC. 4.03 (a) (v) POOL SCHEDULED PRINCIPAL BALANCE 100,405,631.79
SEC. 4.03 (a) (vi) SERVICING FEES 79,299.93
SEC. 4.03 (a) (viii) ADVANCES INCLUDED IN CURRENT DISTRIBUTION 232,930.82
AGGREGATE AMOUNT OF ADVANCES OUTSTANDING 232,930.82
SEC. 4.03 (a) (ix) PERIOD NUMBER PERCENTAGE PRIN. BALANCE PERCENTAGE
------ ------ ---------- ------------- ----------
DELINQUENCIES 1 - 30 DAYS 235 20.26% 20,956,575.86 20.87%
30 - 60 DAYS 21 1.81% 1,933,488.37 1.93%
61 - 90 DAYS 5 0.43% 699,427.79 0.70%
91+ DAYS 2 0.17% 106,714.11 0.11%
FORECLOSURE 1 - 30 DAYS 0 0.00% 0.00 0.00%
30 - 60 DAYS 0 0.00% 0.00 0.00%
61 - 90 DAYS 0 0.00% 0.00 0.00%
91+ DAYS 0 0.00% 0.00 0.00%
SEC. 4.03 (a) (x) LOANS THAT BECAME REO PROPERTY DURING REPORTING PERIOD: NONE
SEC. 4.03 (a) (xi) OUTSTANDING REO PROPERTIES NUMBER PRINCIPAL BAL. MARKET VALUE
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0 0.00 0.00
SEC. 4.03 (a) (xii) AMOUNTS WITHDRAWN FROM SPREAD ACCT
FOR DEPOSIT TO DISTRIBUTION ACCT 0.00
SEC. 4.03 (a) (xiii) MONTHLY SPREAD ACCT DEPOSIT AMOUNT 1,052,900.56
SPREAD ACCT DEPOSIT PERCENTAGE 100%
SPREAD ACCT DEPOSIT AMOUNT 1,052,900.56
SPREAD ACCT EXCESS 0.00
SEC. 4.03 (a) (xiv) SPREAD ACCT BALANCE AFTER DISTRIBUTION DATE 1,567,108.86
SEC. 4.03 (a) (xv) SPECIFIED SPREAD ACCT REQUIREMENT 2,571,040.16
[LOGO] CHASE (C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK
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