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 - February 25, 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 February 25, 1999
Distribution Date.
In addition, effective January 1, 1999, Equity One, Inc., the Registrant's
parent corporation, became a wholly owned operating subsidiary of Popular North
America, Inc., a Delaware corporation, which in turn is an indirect wholly owned
subsidiary of Popular, Inc., a diversified, publicly owned bank holding company
incorporated under the General Corporation Law of Puerto Rico.
<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
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Dennis Kildea, Vice President
Dated: February 26, 1999
<PAGE>
ANNEX A
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
PAGE # 1
DISTRIBUTION: 25-Feb-99
RECORD DATE: 24-Feb-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 97,111,360.39 1,484,460.24 542,205.10 2,026,665.34 95,626,900.15
A-2 25,002,775.06 24,978,114.35 397,898.33 145,289.37 543,187.70 24,580,216.02
R N/A N/A 0.00 0.00 0.00 N/A
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TOTALS 125,030,338.63 122,089,474.74 1,882,358.57 687,494.47 2,569,853.04 120,207,116.17
<CAPTION>
- -------------------------------------------------------------------------- -------------------
FACTOR INFORMATION PER $1,000 PASS THRU RATES
ENDING
CUSIP PRINCIPAL INTEREST CERTIFICATE PASS
CLASS NUMBER DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE
- -------------------------------------------------------------------------- -------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 294751AF9 14.84051183 5.42055690 956.00549226 A-1 6.70000%
A-2 294751AG7 15.91416669 5.81092977 983.09951439 A-2 6.98000%
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</TABLE>
IF THERE ARE ANY QUESTIONS OR COMMENTS,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW
ARANKA PAUL
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3236
[LOGO] (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
<PAGE>
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION: 25-Feb-99 PAGE # 2
RECORD DATE: 24-Feb-99
<TABLE>
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SEC. 4.03(a)(i) TOTAL PRINCIPAL DISTRIBUTION 1,484,460.24 397,898.33
SCHEDULED PRINCIPAL DUE 140,412.89 20,875.41
CURTAILMENTS 13,137.81 2,483.62
PAYOFFS 1,330,909.54 374,539.30
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
SEC. 4.03(a)(ii) TOTAL INTEREST DISTRIBUTION
<CAPTION>
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PREVIOUSLY CURRENT TOTAL
SCHEDULED UNPAID INTEREST INTEREST
INTEREST INTEREST SHORTFALL SHORTFALL
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<S> <C> <C> <C> <C> <C>
CLASS A-1 DISTRIBUTION 542,205.10 0.00 0.00 0.00
CLASS A-2 DISTRIBUTION 145,289.37 0.00 0.00 0.00
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SEC. 4.03(a)(iii) TOTAL SHORTFALL
<CAPTION>
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ALLOC TO INT ALLOC TO PRIN SHORTFALL
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<S> <C> <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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<CAPTION>
SEC. 4.03(a)(iv) ENDING CERTIFICATE BALANCE CLASS A-1 CLASS A-2
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<S> <C> <C>
95,626,900.15 24,580,216.02
SEC. 4.03(a)(v) POOL SCHEDULED PRINCIPAL BALANCE 120,207,116.17
GROUP I GROUP II
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95,626,900.15 24,580,216.02
SEC. 4.03(a)(vi) SERVICING FEES
GROUP I GROUP II
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39,844.54 10,241.76
<CAPTION>
SEC. 4.03(a)(viii) GROUP I GROUP II
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<S> <C> <C>
ADVANCES INCLUDED IN CURRENT DISTRIBUTION 28,243.07 2,335.71
AGGREGATE AMOUNT OF ADVANCES OUTSTANDING 200,081.32 33,339.96
</TABLE>
[LOGO] (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
<PAGE>
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION: 25-Feb-99 PAGE # 3
RECORD DATE: 24-Feb-99
<TABLE>
<CAPTION>
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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<S> <C> <C> <C> <C> <C>
1 - 30 DAYS 235 20.09% 20,594,154.34 21.54%
31 - 60 DAYS 27 2.31% 2,051,763.28 2.15%
61 - 90 DAYS 2 0.17% 209,614.68 0.22%
91+ DAYS 2 0.17% 151,273.44 0.16%
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<CAPTION>
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GROUP II DELINQUENCIES
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PERIOD NUMBER PERCENTAGE PRIN. BALANCE PERCENTAGE
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<S> <C> <C> <C> <C> <C>
1 - 30 DAYS 24 20.34% 3,864,043.37 15.72%
31 - 60 DAYS 3 2.54% 317,773.31 1.29%
61 - 90 DAYS 0 0.00% 0.00 0.00%
91+ DAYS 0 0.00% 0.00 0.00%
<CAPTION>
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GROUP I FORECLOSURE
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FORECLOSURE PERIOD NUMBER PERCENTAGE PRIN. BALANCE PERCENTAGE
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<S> <C> <C> <C> <C> <C>
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 0 0.00% 0.00 0.00%
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<CAPTION>
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GROUP II FORECLOSURE
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PERIOD NUMBER PERCENTAGE PRIN. BALANCE PERCENTAGE
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<S> <C> <C> <C> <C> <C>
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 0 0.00% 0.00 0.00%
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</TABLE>
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
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
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GROUP I GROUP II
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0.00 0.00
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[LOGO] (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
<PAGE>
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTION: 25-Feb-99 PAGE # 4
RECORD DATE: 24-Feb-99
SEC. 4.03(a)(xiii) AMOUNTS WITHDRAWN FROM SPREAD ACCT
FOR DEPOSIT TO DISTRIBUTION ACCT
--------------------
GROUP I GROUP II
--------------------
0.00 0.00
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<TABLE>
<CAPTION>
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CLASS A-1 CLASS A-2
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<S> <C> <C>
SEC. 4.03(a)(xiv) MONTHLY SPREAD ACCT DEPOSIT AMOUNT 54,926.61 11,422.91
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SPREAD ACCT DEPOSIT PERCENTAGE 100% 100%
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SPREAD ACCT DEPOSIT AMOUNT 54,926.61 11,422.91
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SPREAD ACCT EXCESS 0.00
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SEC. 4.03(a)(xv) SPREAD ACCT BALANCE AFTER DISTRIBUTION DATE 706,130.58
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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 2,306,889.69
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</TABLE>
[LOGO] (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
