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 - May 25, 1999
-----------------------------
(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
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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
<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 May 25, 1999 Distribution
Date.
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: May 26, 1999
3
<PAGE>
ANNEX A
PAGE #1
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION: 25-May-99
RECORD DATE: 24-May-99
<TABLE>
<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-1 100,027,563.57 92,444,448.27 1,733,203.36 516,148.17 2,249,351.53 90,711,244.91
A-2 25,002,775.06 23,716,350.11 327,947.70 137,950.10 465,897.80 23,388,402.41
R N/A N/A 0.00 0.00 0.00 N/A
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TOTALS 125,030,338.63 116,160,798.38 2,061,151.06 654,098.27 2,715,249.33 114,099,647.32
</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 17.32725759 5.16005940 906.86248542
A-2 294751AG7 13.11645204 5.51739156 935.43226117
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PASS THRU RATES
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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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(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
[CHASE LOGO]
<PAGE>
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION: 25-May-99 PAGE #2
RECORD DATE: 24-May-99
<TABLE>
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C>
SEC.4.03(a)(i) TOTAL PRINCIPAL DISTRIBUTION 1,733,203.36 327,947.70
SCHEDULED PRINCIPAL DUE 125,884.09 20,900.72
CURTAILMENTS (4,262.27) 3,030.97
PAYOFFS 1,611,581.54 304,016.01
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 516,148.17 0.00 0.00 0.00
CLASS A-2 DISTRIBUTION 137,950.10 0.00 0.00 0.00
--------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SEC.4.03(a)(iii) TOTAL SHORTFALL
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ALLOC TO INT ALLOC TO PRIN SHORTFALL
<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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90,711,244.91 23,388,402.41
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SEC.4.03(a)(v) POOL SCHEDULED PRINCIPAL BALANCE 114,099,647.32
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GROUP I GROUP II
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90,711,244.91 23,388,402.41
SEC.4.03(a)(vi) SERVICING FEES
GROUP I GROUP II
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37,796.36 9,745.17
<TABLE>
<CAPTION>
SEC.4.03(a)(viii) GROUP I GROUP II
------- --------
<S> <C> <C>
ADVANCES INCLUDED IN CURRENT DISTRIBUTION 0.00 4,961.01
AGGREGATE AMOUNT OF ADVANCES OUTSTANDING 171,203.70 34,683.64
</TABLE>
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
[CHASE LOGO]
<PAGE>
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION: 25-May-99
RECORD DATE: 24-May-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 223 20.04% 19,639,532.41 21.65%
31 - 60 DAYS 23 2.07% 1,817,818.08 2.00%
61 - 90 DAYS 3 0.27% 219,222.99 0.24%
91 + DAYS 0 0.00% 0.00 0.00%
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GROUP II DELINQUENCIES
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PERIOD NUMBER PERCENTAGE PRIN. BALANCE PERCENTAGE
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1 - 30 DAYS 23 20.54% 4,961,616.80 21.21%
31 - 60 DAYS 2 1.79% 212,760.50 0.91%
61 - 90 DAYS 0 0.00% 0.00 0.00%
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 2 0.18% 216,076.13 0.24%
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GROUP II FORECLOSURE
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PERIOD NUMBER PERCENTAGE PRIN. BALANCE PERCENTAGE
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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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
-----------------------------------
GROUP I
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NUMBER PRINCIPAL BAL MARKET VALUE
-----------------------------------
0 0.00 0.00
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GROUP II
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NUMBER PRINCIPAL BAL MARKET VALUE
-----------------------------------
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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(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
[CHASE LOGO]
<PAGE>
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION: 25-May-99 PAGE #4
RECORD DATE: 24-May-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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CLASS A-1 CLASS A-2
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SEC.4.03(a)(xiv) MONTHLY SPREAD ACCT DEPOSIT AMOUNT 84,967.76 27,835.71
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SPREAD ACCT DEPOSIT PERCENTAGE 100% 100%
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SPREAD ACCT DEPOSIT AMOUNT 84,967.76 27,835.71
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SPREAD ACCT EXCESS 0.00
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SEC.4.03(a)(xv) SPREAD ACCT BALANCE AFTER DISTRIBUTION DATE 1,143,257.10
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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 2,302,127.02
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(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
[CHASE LOGO]
