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 - April 26, 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
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<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 April 26, 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
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Dennis Kildea, Vice President
Dated: April 28, 1999
3
<PAGE>
ANNEX A
EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
================================================================================
DISTRIBUTION: 26-Apr-99 PAGE #1
RECORD DATE: 23-Apr-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 94,199,965.55 1,755,517.28 525,949.81 2,281,467.09 92,444,448.27
A-2 25,002,775.06 24,247,162.69 530,812.58 141,037.66 671,850.24 23,716,350.11
R N/A N/A 0.00 0.00 0.00 N/A
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TOTALS 125,030,338.63 118,447,128.24 2,286,329.86 666,987.47 2,953,317.33 116,160,798.38
</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 17.55033530 5.25804879 924.18974301
A-2 294751AG7 21.23014660 5.64088025 948.54871322
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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
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<PAGE>
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EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
================================================================================
DISTRIBUTION: 26-Apr-99 PAGE #2
RECORD DATE: 23-Apr-99
<TABLE>
<CAPTION>
GROUP I GROUP II
------------ ----------
<S> <C> <C>
SEC. 4.03(a)(i) TOTAL PRINCIPAL DISTRIBUTION 1,755,517.28 530,812.58
SCHEDULED PRINCIPAL DUE 139,717.05 20,717.38
CURTAILMENTS 11,920.74 3,114.83
PAYOFFS 1,603,879.49 506,980.37
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 525,949.81 0.00 0.00 0.00
CLASS A-2 DISTRIBUTION 141,037.66 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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92,444,448.27 23,716,350.11
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SEC. 4.03(a)(v) POOL SCHEDULED PRINCIPAL BALANCE 116,160,798.38
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GROUP I GROUP II
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92,444,448.27 23,716,350.11
SEC. 4.03(a)(vi) SERVICING FEES
GROUP I GROUP II
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38,518.52 9,881.82
<TABLE>
<CAPTION>
SEC. 4.03(a)(viii) GROUP I GROUP II
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<S> <C> <C>
ADVANCES INCLUDED IN CURRENT DISTRIBUTION 22,660.60 0.00
AGGREGATE AMOUNT OF ADVANCES OUTSTANDING 194,390.19 29,722.63
</TABLE>
[CHASE LOGO] (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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<PAGE>
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EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
================================================================================
DISTRIBUTION: 26-Apr-99 PAGE #3
RECORD DATE: 23-Apr-99
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 289 25.55% 24,874,036.57 26.91%
31 - 60 DAYS 23 2.03% 1,582,881.69 1.71%
61 - 90 DAYS 1 0.09% 67,439.67 0.07%
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 32 28.07% 7,107,134.95 29.97%
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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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 0.23%
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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 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
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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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[CHASE LOGO] (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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<PAGE>
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EQUITY ONE ABS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
================================================================================
DISTRIBUTION: 26-Apr-99 PAGE #4
RECORD DATE: 23-Apr-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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CLASS A-1 CLASS A-2
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SEC. 4.03(a)(xiv) MONTHLY SPREAD ACCT DEPOSIT AMOUNT 172,378.58 49,112.78
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SPREAD ACCT DEPOSIT PERCENTAGE 100% 100%
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SPREAD ACCT DEPOSIT AMOUNT 172,378.58 49,112.78
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SPREAD ACCT EXCESS 0.00
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SEC. 4.03(a)(xv) SPREAD ACCT BALANCE AFTER ------------
DISTRIBUTION DATE 1,030,453.63
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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 2,303,725.25
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[CHASE LOGO] (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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