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 December 4, 1998
-------------------------------
(Date of Earliest Event Reported)
EQUITY ONE ABS, INC., (as depositor under the Pooling and Servicing
Agreement, dated as of November 30, 1998, which forms a trust fund, which will
issue the Mortgage Pass-Through Certificates, Series 1998-1)
EQUITY ONE ABS, INC.
----------------------------------------------------
(Exact Name of Registrant as specified in its charter)
Delaware 333-24599 52-2029487
-------- --------- ----------
(State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)
103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803
-----------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 478-6160
<PAGE>
Item 5. Other Events.
------------
Filing of Certain Materials.
----------------------------
Pursuant to Rule 424(b)(4) under the Securities Act of 1933, concurrently
with, or subsequent to, the filing of this Current Report on Form 8-K (the "Form
8-K"), Equity One ABS, Inc. is filing a prospectus and prospectus supplement
(the "Prospectus Supplement") with the Securities and Exchange Commission (the
"Commission") relating to its Mortgage Pass-Through Certificates, Series 1998-1.
Incorporation of Certain Documents by Reference.
------------------------------------------------
The consolidated financial statements of Ambac Assurance Corporation and
its subsidiaries as of December 31, 1997 and 1996, and for the three years ended
December 31, 1997, included in the Annual Report on Form 10-K of Ambac Financial
Group, Inc. (which was filed with the Commission on March 31, 1998; Commission
File Number 1-10777) are hereby incorporated by reference into this Form 8-K and
have been audited by KPMG Peat Marwick LLP. The consent of KPMG Peat Marwick LLP
to the incorporation by reference of their report on such financial statements
in this Form 8-K and to being named as "experts" in the Prospectus Supplement is
attached hereto as Exhibit 23.1.
The unaudited consolidated financial statements of Ambac Assurance
Corporation and its subsidiaries as of September 30, 1998 and for the periods
ended September 30, 1998 and September 30, 1997, included in the Quarterly
Report on Form 10-Q of Ambac Financial Group, Inc. for the period ended
September 30, 1998 (which was filed with the Commission on November 13, 1998)
are hereby incorporated by reference into this Form 8-K.
-2-
<PAGE>
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
-3-
<PAGE>
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
---------------------------
Dennis Kildea, Vice President
Dated: December 8, 1998
-4-
<PAGE>
Exhibit Index
-------------
Exhibit Document
- ------- --------
23.1 Consent of KPMG Peat Marwick LLP
-5-
EX-23.1
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance 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 (the "Prospectus Supplement"), via the Form 8-K of
the Registrant dated December 4, 1998 of our report dated January 29, 1998 on
the consolidated financial statements of Ambac Assurance Corporation as of
December 31, 1997 and 1996, and for each of the years in the three-year period
ended December 31, 1997, which report appears in the Form 10-K of Ambac
Financial Group, Inc. dated March 31, 1998 and to the reference to our firm
under the heading "Experts" in the Prospectus Supplement.
KPMG Peat Marwick LLP
New York, New York
December 4, 1998
