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 - September 27, 1999
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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
November 30, 1998, providing for the issuance of Mortgage Pass-Through
Certificates, Series 1998-1)
(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
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(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 478-6160
<PAGE>
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 September 27, 1999
Distribution Date.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
The quarterly financial statements for the period ended June 30, 1999 for
Ambac Assurance 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 August 13, 1999.
2
<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: September 29, 1999
3
<PAGE>
ANNEX A
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
PAGE #1
DISTRIBUTION: 27-Sep-99
RECORD DATE: 24-Sep-99
<TABLE>
<CAPTION>
ORIGINAL BEGINNING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 100,027,563.57 83,914,485.88 1,223,488.41 468,522.55 1,692,010.96 82,690,997.47
A-2 25,002,775.06 21,475,913.70 466,426.90 124,918.23 591,345.13 21,009,486.80
R N/A N/A 0.00 0.00 0.00 N/A
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TOTALS 125,030,338.63 105,390,399.58 1,689,915.31 593,440.78 2,283,356.09 103,700,484.27
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</TABLE>
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FACTOR INFORMATION PER $1,000
ENDING
CUSIP PRINCIPAL INTEREST CERTIFICATE
CLASS NUMBER DISTRIBUTION DISTRIBUTION BALANCE
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A-1 294751AF9 12.23151266 4.68393444 826.68211160
A-2 294751AG7 18.65500525 4.99617461 840.28619822
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- ------------------------------
PASS THRU RATES
PASS
CLASS THRU RATE
- ------------------------------
A-1 6.70000%
A-2 6.98000%
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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, 14TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3236
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[CHASE LOGO] (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
<PAGE>
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION: 27-Sep-99 PAGE #2
RECORD DATE: 24-Sep-99
<TABLE>
<CAPTION>
GROUP I GROUP II
------------ ------------
<S> <C> <C>
SEC.4.03(a)(i) TOTAL PRINCIPAL DISTRIBUTION 1,223,488.41 466,426.90
SCHEDULED PRINCIPAL DUE 133,820.50 20,591.22
CURTAILMENTS 9,477.24 388,589.99
PAYOFFS 1,080,190.67 57,245.69
REPURCHASES PRINCIPAL BALANCE 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00
LOAN LOSSES 0.00 0.00
SUBSTITUTE LOAN ADJUSTMENT AMOUNT 0.00 0.00
PRINCIPAL SHORTFALL 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
SEC.4.03(a)(ii) TOTAL INTEREST DISTRIBUTION
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PREVIOUSLY CURRENT TOTAL
SCHEDULED UNPAID INTEREST INTEREST
INTEREST INTEREST SHORTFALL SHORTFALL
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<S> <C> <C> <C> <C>
CLASS A-1 DISTRIBUTION 468,522.55 0.00 0.00 0.00
CLASS A-2 DISTRIBUTION 124,918.23 0.00 0.00 0.00
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</TABLE>
<TABLE>
<CAPTION>
SEC.4.03(a)(iii) TOTAL SHORTFALL
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ALLOC TO INT ALLOC TO PRIN SHORTFALL
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<S> <C> <C> <C>
CLASS A-1 DISTRIBUTION 0.00 0.00 0.00
CLASS A-2 DISTRIBUTION 0.00 0.00 0.00
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</TABLE>
SEC.4.03(a)(iv) ENDING CERTIFICATE BALANCE CLASS A-1 CLASS A-2
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82,690,997.47 21,009,486.80
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SEC.4.03(a)(v) POOL SCHEDULED PRINCIPAL BALANCE 103,700,484.27
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GROUP I GROUP II
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82,690,997.47 21,009,486.80
SEC.4.03(a)(vi) SERVICING FEES
GROUP I GROUP II
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34,454.58 8,753.95
<TABLE>
<CAPTION>
SEC.4.03(a)(viii) GROUP I GROUP II
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<S> <C> <C>
ADVANCES INCLUDED IN CURRENT DISTRIBUTION 13,147.97 8,438.17
AGGREGATE AMOUNT OF ADVANCES OUTSTANDING 212,645.84 41,820.29
</TABLE>
[CHASE LOGO] (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
<PAGE>
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION: 27-Sep-99
RECORD DATE: 24-Sep-99 PAGE #3
SEC.4.03(a)(ix)
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GROUP I DELINQUENCIES
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DELINQUENCIES PERIOD NUMBER PERCENTAGE PRIN. BALANCE PERCENTAGE
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1 - 30 DAYS 228 22.03% 18,691,453.47 22.60%
31 - 60 DAYS 11 1.06% 765,325.68 0.93%
61 - 90 DAYS 2 0.19% 118,467.14 0.14%
91 + DAYS 1 0.10% 67,302.98 0.08%
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GROUP II DELINQUENCIES
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PERIOD NUMBER PERCENTAGE PRIN. BALANCE PERCENTAGE
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1 - 30 DAYS 18 17.31% 3,654,162.73 17.39%
31 - 60 DAYS 1 0.96% 133,711.51 0.64%
61 - 90 DAYS 1 0.96% 116,278.54 0.55%
91 + DAYS 0 0.00% 0.00 0.00%
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GROUP I FORECLOSURE
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FORECLOSURE PERIOD NUMBER PERCENTAGE PRIN. BALANCE PERCENTAGE
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1 - 30 DAYS 0 0.00% 0.00 0.00%
31 - 60 DAYS 0 0.00% 0.00 0.00%
61 - 90 DAYS 0 0.00% 0.00 0.00%
91 + DAYS 3 0.29% 325,488.96 0.39%
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GROUP II FORECLOSURE
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PERIOD NUMBER PERCENTAGE PRIN. BALANCE PERCENTAGE
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1 - 30 DAYS 0 0.00% 0.00 0.00%
31 - 60 DAYS 0 0.00% 0.00 0.00%
61 - 90 DAYS 1 0.96% 53,182.07 0.25%
91 + DAYS 1 0.96% 78,780.09 0.37%
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SEC.4.03(a)(x) LOANS THAT BECAME REO PROPERTY DURING REPORTING PERIOD:
LOAN NUMBER PRIN BAL
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GROUP I 0.00 0.00
GROUP II 0.00 0.00
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SEC.4.03(a)(xi) OUTSTANDING REO PROPERTIES
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GROUP I
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NUMBER PRINCIPAL BAL MARKET VALUE
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0 0.00 0.00
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GROUP II
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NUMBER PRINCIPAL BAL MARKET VALUE
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0 0.00 0.00
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SEC.4.03(a)(xii) CROSS-COLLATERALIZATION
GROUP I GROUP II
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0.00 0.00
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[CHASE LOGO] (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
<PAGE>
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION: 27-Sep-99 PAGE #4
RECORD DATE: 24-Sep-99
SEC.4.03(a)(xiii) AMOUNTS WITHDRAWN FROM SPREAD ACCT
FOR DEPOSIT TO DISTRIBUTION ACCT
GROUP I GROUP II
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0.00 0.00
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<TABLE>
<CAPTION>
CLASS A-1 CLASS A-2
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<S> <C> <C> <C>
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SEC.4.03(a)(xiv) MONTHLY SPREAD ACCT DEPOSIT AMOUNT 211,005.07 311.01
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SPREAD ACCT DEPOSIT PERCENTAGE 100% 100%
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SPREAD ACCT DEPOSIT AMOUNT 211,005.07 311.01
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SPREAD ACCT EXCESS 0.00
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SEC.4.03(a)(xv) SPREAD ACCT BALANCE AFTER DISTRIBUTION DATE 2,309,293.26
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SEC.4.03(a)(xvi) SPECIFIED SPREAD ACCT REQUIREMENT 3,000,728.13
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SEC.4.03(a)(xvii) 3 LARGEST LOANS IN THE MORTGAGE POOL 706,895.16
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</TABLE>
[CHASE LOGO] (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
