______________________________________________________________________
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 (Date of earliest Event
Reported) October 27, 1997
CWABS, Inc. Asset-Backed Certificates, Series 1997-3
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(Exact name of registrant as specified in its charter)
Delaware 333-11095 13-3969868
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
4500 Park Granada
Calabasas, California 91302
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 225-3240
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_____________________________________________________________________________
Item 5. Other Events.
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On the October 27, 1997 Distribution Date, The Bank of New York, as
trustee (the "Series 1997-3 Trustee") of CWABS, Inc. Asset-Backed
Certificate Trust 1997-3 (the "Series 1997-3 Trust"), distributed to holders
(the "Series 1997-3 Certificateholders") of the Series 1997-3 Trust's
Asset-Backed Certificates, interest and principal totalling $3,704,951.58,
pursuant to a Pooling and Servicing Agreement dated as of September 12, 1997
(the "Pooling and Servicing Agreement") by and among CWABS, Inc., as
depositor, Countrywide Home Loans, Inc., as seller and master servicer,
and the Series 1997-3 Trustee. All capitalized terms not defined herein
shall have the meanings ascribed to them in the Pooling and Servicing
Agreement.
Pursuant to the Pooling and Servicing Agreement, the Series 1997-3
Trustee distributed statements, which are annexed hereto as Exhibit 1, to the
Series 1997-3 Certificateholders.
Item 7. Financial Statements, Pro Forma Financial
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Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
1. CWABS, Inc. Asset Backed Certificates, Series 1997-3, Statement to
Certificateholders dated October 27, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CWABS, Inc.
By: /s/ David Walker
----------------------------
David Walker
Vice President
Dated: October 27, 1997
Exhibit Index
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Exhibit Page
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1. CWABS, Inc. Asset Backed Certificates, Series 1997-3, Statement to
Certificateholders dated October 27, 1997. 3
EXHIBIT 1
Payment Date: 10/27/97
The Bank of New York
101 Barclay Street, 12E
New York, NY 10286
Attn: Leslie Gaskill, MBS Unit
(212) 815-2973
COUNTRYWIDE ASSET BACKED SECURITIES, INC.
ASSET-BACKED CERTIFICATES, SERIES 1997-3
<TABLE>
<CAPTION>
Current Payment Information
Class Information
Beginning Pass Thru Principal Interest Interest Applied Realized Ending Certificate
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Carryforward Loss Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AF-1 30,001,898.62 6.575000% 385,181.90 164,385.40 0.00 0.00 29,616,716.72
AF-2 26,540,000.00 6.670000% 0.00 147,518.17 0.00 0.00 26,540,000.00
AF-3 12,110.000.00 7.185999% 0.00 71,609.54 0.00 0.00 12,110,000.00
AF-4 10,000,000.00 6.885000% 0.00 57,375.00 0.00 0.00 10,000,000.00
MF-1 3,480,000.00 7.160000% 0.00 20,764.00 0.00 0.00 3,480,000.00
MF-2 2,610,000.00 7.360000% 0.00 16,008.00 0.00 0.00 2,610,000.00
BF 1,740,000.00 7.665000% 0.00 11,114.25 0.00 0.00 1,740,000.00
AV-1 159,253,485.00 5.887500% 1,844,178.04 833,426.58 0.00 0.00 157,409,307.00
MV-1 11,340.000.00 6.047500% 0.00 60,958.80 0.00 0.00 11,340,000.00
MV-2 10,395,000.00 6.247500% 0.00 57,726.90 0.00 0.00 10,395,000.00
BV 5,670,000.00 6.687500% 0.00 33,705.00 0.00 0.00 5,670,000.00
R 0.00 N/A N/A 0.00 N/A N/A 0.00
Totals - 273,140,384.47 2,229,359.94 1,475,591.64 0.00 0.00 270,911,014.54
</TABLE>
<TABLE>
<CAPTION>
Class Information Original Certificate Information Factors per $1,000
Original Pass Thru Cusip Principal Interest Ending
Type Name Cert. Bal. Rate Number Dist. Dist. Cert. Bal
<S> <C> <C> <C> <C> <C> <C> <C>
FIX AF-1 30,520,000.00 6.575000% 126671AW6 12.62063891 5.38615344 970.40356218
FIX AF-2 26,540,000.00 6.670000% 126671AL0 0.00000000 5.55833333 1000.00000000
FIX AF-3 12,110.000.00 7.185999% 126671AM8 0.00000000 5.99583333 1000.00000000
FIX AF-4 10,000,000.00 6.885000% 126671AN6 0.00000000 5.73750000 1000.00000000
FIX MF-1 3,480,000.00 7.160000% 126671AP1 0.00000000 5.96666667 1000.00000000
FIX MF-2 2,610,000.00 7.360000% 126671AQ9 0.00000000 6.13333333 1000.00000000
FIX BF 1,740,000.00 7.665000% 126671AR7 0.00000000 6.38750000 1000.00000000
FIX AV-1 161,595,000.00 5.887500% 126671AS5 11.41234590 5.15750225 974.09763804
FLT MV-1 11,340.000.00 6.047500% 126671AT3 0.00000000 5.37555556 1000.00000000
FLT MV-2 10,395,000.00 6.247500% 126671AU0 0.00000000 5.55333333 1000.00000000
FLT BV 5,670,000.00 6.687500% 126671AV8 0.00000000 5.94444444 1000.00000000
Totals - 276,000,000.00 - - 8.07739107 5.34634651 981.56168310538
</TABLE>
COLLATERAL INFORMATION
Group 1
Beginning Principal Balance 86,661,328.70
Scheduled Principal Payment 81,808.23
Prepayment Amount 101,004.27
Ending Principal Balance 86,478,516.20
Extra Principal Distribution Amount 202,369.40
Net Mortgage Rate 0.798692%
Cumulative Applied Realized Loss Amounts 0.00
Trigger Event Has not Occurred
Targeted Overcollateralization Amount 873,383.41
Ending Overcollateralization Amount 381,799.49*
Group 2
Beginning Principal Balance 186,963,090.47
Scheduled Principal Payment 104,728.06
Prepayment Amount 1,373,270.27
Ending Principal Balance 185,485,092.14
Extra Principal Distribution Amount 366,179.71
Net Mortgage Rate 0.723702%
Cumulative Applied Realized Loss Amounts 0.00
Trigger Event Has not Occurred
Targeted Overcollateralization Amount 3,063,393.72
Ending Overcollateralization Amount 670,784.32*
FEES & ADVANCES
Group 1 Group 2
Monthly master servicer fees paid 36,095.77 76,843.08
Advances included in this distribution 23,756.13 25,066.11
TOTAL REO INFORMATION
Group 1 Group 2
Total Number of REO Properties 1 0
Total Principal Balance of REO Properties 68,556 0
LIQUIDATION AND LOSSES INFORMATION
Group 1 Group 2
Liquidated Loan # 0 0
Stated Principal Balance 0.00 0.00
Realized Losses 0.00 0.00
Liquidated Loan # 0 0
Stated Principal Balance 0.00 0.00
Realized Losses 0.00 0.00
Aggregate Stated Principal Balance of all Liquidated Loan 0.00 0.00
GROUP 1 DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 month 33 1,729,481.09
2 months 5 361,948.69
3+ months 3 151,183.79
Foreclosure 4 189,750.49
Totals 45 2,432.364.06
GROUP 2 DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 month 34 2,288,589.75
2 months 6 457,723.75
3+ months 0 0.00
Foreclosure 3 147,900.00
Totals 43 2,894,213.70
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceeding calendar
month)
Loan Number Loan Group Stated Principal Balance
1702057 1 68,555.95
0 1 0.00
0 2 0.00
0 2 0.00
