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): December 26, 1997
Lehman ABS Corp.,
(as depositor under the Pooling and Servicing
Agreement, dated as of September 1, 1997, providing
for the issuance of Lehman ABS Corp.,
Champion Home Equity Loan Trust 1997-2,
Champion Home Equity Loan Asset-Backed Certificates,
Series 1997-2).
(Exact name of registrant as specified in its charter)
Delaware 33-14293-08 36-4182944
(State or Other Jurisdiction (Commission (I.R.S.
Employer
of Incorporation) File Number) Identification No.)
200 Vesey St., Three World Financial Center
New York, New York 10285
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 526-7000
Item 5. Other Events
On behalf of Champion Home Equity Loan Trust 1997-2,
Champion Home Equity Loan Asset-Backed Certificates, Series
1997-2, a Trust created pursuant to the Pooling and Servicing
Agreement, dated September 1, 1997, by Harris Trust & Savings
Bank, as trustee for the Trust, the Trustee has caused to be
filed with the Commission, the Monthly Report dated
December 26, 1997. The Monthly Report is filed pursuant to
and in accordance with (1) numerous no-action letters (2)
current Commission policy in the area. The filing of the
Monthly Report will occur subsequent to each monthly
distribution to the holders of the Certificates, Due September
25, 2029.
A. Monthly Report Information:
See Exhibit No. 1
B. No delinquency in payment under the Insurance and
Reimbursement Agreement has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable
under the Insurance and Reimbursement Agreement?
NO
Amount:
E. Are there any developments with respect to the
Insurance and Reimbursement Agreement? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated December 26, 1997.
CHAMPION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
SERIES 1997-2
STATEMENT TO CERTIFICATEHOLDERS PREPARED BY THE MASTER
SERVICER
PURSUANT TO SECTION 5.03 OF THE POOLING AND SERVICING
AGREEMENT (PSA)
DATED AS OF SEPTEMBER 1, 1997
Distribution Date: 12/26/97
5.03(a)i Available Funds for the related Distribution Date 3,362,200.03
Class A-1 Certificate Rate 6.59000%
Class A-2 Certificate Rate 6.49000%
Class A-3 Certificate Rate 6.77000%
Class A-4 Certificate Rate 7.03000%
Class A-5 Certificate Rate 6.71000%
Class A-IO Certificate Rate 6.00000%
Class M-1 Certificate Rate 6.92000%
Class M-2 Certificate Rate 7.12000%
Class B Certificate Rate 7.38000%
5.03(a)iiPrevious Class A-1 Principal Balance 74,546,449.87
Previous Class A-2 Principal Balance 53,178,000.00
Previous Class A-3 Principal Balance 11,919,000.00
Previous Class A-4 Principal Balance 19,622,000.00
Previous Class A-5 Principal Balance 20,500,000.00
Previous Class A-IO Notional Principal Balance 20,500,000.00
Previous Class M-1 Principal Balance 9,122,000.00
Previous Class M-2 Principal Balance 4,715,000.00
Previous Class B Principal Balance 6,663,000.00
Previous Pool Principal Balance 201,244,055.74
5.03(a)iiAggregate Principal Collections for the Due Period 1,685,993.18
Aggregate Interest Collections for the Due Period 1,614,718.49
Total Collections Received during the Due Period 3,300,711.67
5.03(a)ivNumber and Principal Balances of Mortgage NUMBER PRINCIPAL
Loans subject to Principal Prepayments OF LOANS BALANCE
23 1,370,115.10
5.03(a)v The Amount of all Curtailments that were Received
during the Due Period 24,599.34
5.03(a)viPrincipal Portion of all Monthly Payments Received 291,278.74
during the Due Period
5.03(a)viAmount of Interest Received on the Mortgage Loans 1,614,718.49
5.03(a)viAmount Required to be Paid by the Seller
Pursuant to Section 2.02 of the PSA 0.00
Pursuant to Section 2.04 of the PSA 0.00
Pursuant to Section 2.06 of the PSA 0.00
5.03(a)ixAmount of Monthly Advances 116,040.10
Amount of Compensating Interest 12,529.97
CHAMPION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES 12/26/97
Page 2 of 4
SERIES 1997-2
5.03(a)x The Class A-1 Principal Distribution Amount 1,732,387.31
The Class A-2 Principal Distribution Amount 0.00
The Class A-3 Principal Distribution Amount 0.00
The Class A-4 Principal Distribution Amount 0.00
The Class A-5 Principal Distribution Amount 0.00
The Class M-1 Principal Distribution Amount 0.00
The Class M-2 Principal Distribution Amount 0.00
The Class B Principal Distribution Amount 0.00
Total Principal Distribution Amount 1,732,387.31
The Class A-1 Interest Distribution Amount 409,384.25
The Class A-2 Interest Distribution Amount 287,604.35
The Class A-3 Interest Distribution Amount 67,243.03
The Class A-4 Interest Distribution Amount 114,952.22
The Class A-5 Interest Distribution Amount 114,629.17
The Class A-IO Interest Distribution Amount 102,500.00
The Class M-1 Interest Distribution Amount 52,603.53
The Class M-2 Interest Distribution Amount 27,975.67
The Class B Interest Distribution Amount 40,977.45
Total Interest Distribution Amount 1,217,869.67
5.03(a)xiOutstanding Class Interest Carryover Shortfall After Distribution
Class A-1 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Class A-3 Interest Carryover Shortfall 0.00
Class A-4 Interest Carryover Shortfall 0.00
Class A-5 Interest Carryover Shortfall 0.00
Class A-IO Interest Carryover Shortfall 0.00
Class M-1 Interest Carryover Shortfall 0.00
Class M-2 Interest Carryover Shortfall 0.00
Class B Interest Carryover Shortfall 0.00
Total Interest Carryover Shortfall 0.00
5.03(a)xiAmount distributed to the Class R Certificateholders 409,008.24
5.03(a)xiThe Class A-1 Principal Balance after Distribution 72,814,062.56
The Class A-2 Principal Balance after Distribution 53,178,000.00
The Class A-3 Principal Balance after Distribution 11,919,000.00
The Class A-4 Principal Balance after Distribution 19,622,000.00
The Class A-5 Principal Balance after Distribution 20,500,000.00
The Class A-IO Notional Principal Balance after Distr 20,500,000.00
The Class M-1 Principal Balance after Distribution 9,122,000.00
The Class M-2 Principal Balance after Distribution 4,715,000.00
The Class B Principal Balance after Distribution 6,663,000.00
Total Principal Balance after Distribution 198,533,062.56
5.03(a)xiThe Weighted Average Remaining Term to Maturity 201
The Weighted Average Loan Rate 10.53629%
5.03(a)xvThe Servicing Fee to be Paid to the Servicer
Paid from Collection Account 67,081.71
5.03(a)xvAmount of all Payments or Reimbursements to the Servicer
Pursuant to Section 3.03 of the PSA 0.00
5.03(a)xvThe O/C Amount after giving effect to such payment 1,025,000.00
The O/C Release Amount 0.00
The O/C Deficiency Amount 46,394.13
The Monthly Excess Interest Amount 455,402.37
5.03(a)xvThe Amount Paid to the Class R Certificateholders
Pursuant to Section 5.01(a)(vii) of the PSA 409,008.24
CHAMPION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES 12/26/97
Page 3 of 4
SERIES 1997-2
5.03(a)xiNumber of Mortgage Loans at Beginning of Due Period 2814
Number of Mortgage Loans at End of Due Period 2791
5.03(a)xxPool Principal Balance as of the End of Due Period 199,558,062.56
5.03(a)xxThe Number and Aggregate Principal Balances of Mortgage Loans
which are Delinquent
NUMBER OF PRINCIPAL
LOANS BALANCE
30-59 Days 21 1,190,277.99
60-89 Days 1 116,000.00
90 or more 4 469,400.00
Foreclosure 0 0.00
REO 0 0.00
Bankruptcy 0 0.00
5.03(a)xxUnpaid Principal of all loans that became Liquidated
Loans during Due Period 0.00
5.03(a)xxNet Liquidation Proceeds Received during Due Period 0.00
5.03(a)xxThe Book Value of any REO 0.00
5.03(a)xxTrigger Event Occurrence NO
5.03(a)xxThe Class M-1 Principal Write-Down Amount 0.00
The Class M-2 Principal Write-Down Amount 0.00
The Class B Principal Write-Down Amount 0.00
Factor Information (Per $1000)
5.03(a)iiThe Class A-1 Certificate Beginning Balance Factor 940.28140248
The Class A-2 Certificate Beginning Balance Factor 1,000.00000000
The Class A-3 Certificate Beginning Balance Factor 1,000.00000000
The Class A-4 Certificate Beginning Balance Factor 1,000.00000000
The Class A-5 Certificate Beginning Balance Factor 1,000.00000000
The Class A-IO Certificate Beginning Notional Balance 1,000.00000000
The Class M-1 Certificate Beginning Balance Factor 1,000.00000000
The Class M-2 Certificate Beginning Balance Factor 1,000.00000000
The Class B Certificate Beginning Balance Factor 1,000.00000000
5.03(a)x The Class A-1 Certificate Principal Distribution Fact 21.85122930
The Class A-2 Certificate Principal Distribution Fact 0.00000000
The Class A-3 Certificate Principal Distribution Fact 0.00000000
The Class A-4 Certificate Principal Distribution Fact 0.00000000
The Class A-5 Certificate Principal Distribution Fact 0.00000000
The Class A-IO Certificate Principal Distribution Fac 0.00000000
The Class M-1 Certificate Principal Distribution Fact 0.00000000
The Class M-2 Certificate Principal Distribution Fact 0.00000000
The Class B Certificate Principal Distribution Factor 0.00000000
The Class A-1 Certificate Interest Distribution Facto 5.16371199
The Class A-2 Certificate Interest Distribution Facto 5.40833333
The Class A-3 Certificate Interest Distribution Facto 5.64166709
The Class A-4 Certificate Interest Distribution Facto 5.85833350
The Class A-5 Certificate Interest Distribution Facto 5.59166683
The Class A-IO Certificate Interest Distribution Fact 5.00000000
The Class M-1 Certificate Interest Distribution Facto 5.76666630
The Class M-2 Certificate Interest Distribution Facto 5.93333404
The Class B Certificate Interest Distribution Factor 6.15000000
5.03(a)xiClass A-1 Interest Carryover Shortfall Factor 0.00000000
Class A-2 Interest Carryover Shortfall Factor 0.00000000
Class A-3 Interest Carryover Shortfall Factor 0.00000000
Class A-4 Interest Carryover Shortfall Factor 0.00000000
Class A-5 Interest Carryover Shortfall Factor 0.00000000
Class A-IO Interest Carryover Shortfall Factor 0.00000000
Class M-1 Interest Carryover Shortfall Factor 0.00000000
Class M-2 Interest Carryover Shortfall Factor 0.00000000
Class B Interest Carryover Shortfall Factor 0.00000000
CHAMPION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES 12/26/97
Page 4 of 4
SERIES 1997-2
The Capitalized Interest Requirement 0.00
Excess Pre-Funding Account 0.00
Amounts on Deposit in the Pre-Funding Account 0.00
5.03(a)xiThe Class A-1 Certificate Ending Balance Factor 918.43017318
The Class A-2 Certificate Ending Balance Factor 1,000.00000000
The Class A-3 Certificate Ending Balance Factor 1,000.00000000
The Class A-4 Certificate Ending Balance Factor 1,000.00000000
The Class A-5 Certificate Ending Balance Factor 1,000.00000000
The Class A-IO Certificate Ending Notional Balance Fa 1,000.00000000
The Class M-1 Certificate Ending Balance Factor 1,000.00000000
The Class M-2 Certificate Ending Balance Factor 1,000.00000000
The Class B Certificate Ending Balance Factor 1,000.00000000
5.03(a)xvThe Servicing Fee Factor 0.32722942
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 thereunto duly authorized.
LEHMAN ABS CORPORATION
By
Name: Jeff Kinney
Title: Assistant Vice President, Harris Trust and Savings Bank
Dated: December 31, 1997
