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): January 20, 1998
NATIONSBANC ASSET SECURITIES, INC.
(as depositor under the Trust Agreement, dated as of
December 1, 1997, providing for the issuance of
NationsBanc Asset Securities, Inc.
Asset Backed Certificates, Series 1997-1
NationsCredit Home Equity Services Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-32857 Applied for
State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
100 North Tryon Street
Charlotte, North Carolina 28255
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (704) 386-2400
Item 5. Other Events
On January 20, 1998 a scheduled distribution was made from the Trust
to holders of the Certificates. The Trustee has caused to be filed
with the Commission, the Monthly Report dated January 20, 1998.
The Monthly Report is filed pursuant to and in accordance with
(1) numerous no-action letters (2) current Commission policy in the area.
A. Monthly Report Information
See Exhibit No.1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders:NONE
F. Item 5: Other Information - Form 10-Q, PartII - Items 1,2,4,5
if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
_________1. Monthly Distribution Report dated January 20, 1998.
NATIONSBANC ASSET SECURITIES, INC.
ASSET BACKED CERTIFICATES
SERIES 1997-1
REPORTS TO CERTIFICATEHOLDERS
Distribution Date: 20-Jan-98
Original Beginning
Certificate Certificate Principal Interest
Class Cusip Face Value (1) Balance Distribution Distribution
A 63859HAA0 365,775,000.00 365,775,000.00 3,208,560.50 1,878,407.03
X NA 365,775,004.73 365,775,004.73 0.00 0.00
LR NA 0.00 0.00 0.00 0.00
MR NA 0.00 0.00 0.00 0.00
R NA 0.00 0.00 0.00 0.00
TOTAL 365,775,000.00 365,775,000.00 3,208,560.50 1,878,407.03
Ending
Total Realized Certificate
Class Distribution Losses Balance
A 5,086,967.53 0.00 362,566,439.50
X 0.00 0.00 363,495,574.64
LR 0.00 0.00 0.00
MR 0.00 0.00 0.00
R 0.00 0.00 0.00
TOTAL 5,086,967.53 0.00 362,566,439.50
AMOUNTS PER $1,000 UNIT
Ending
Principal Interest Total Realized Certificate
Class Distribution Distribution Distribution Losses Balance
A 8.77195134 5.13541666 13.90736800 0.00000000 991.22804866
X 0.00000000 0.00000000 0.00000000 0.00000000 993.76821800
LR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
MR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
PASS THROUGH RATES
Original Current Next
Pass-Through Pass-Through Pass-Through
Class Interest Rat Interest Rate Interest Rate (1)
A 6.37500% 6.37500% 5.90625%
X 3.15331% 3.15331% 3.00100%
LR 0.00000% 0.00000% 0.00000%
MR 0.00000% 0.00000% 0.00000%
R 0.00000% 0.00000% 0.00000%
(1) Estimated
* The Class X Certificates accrue interest on a Notional Balance
(i) Principal Distributions
Beginning Balance 365,775,004.73
Scheduled Principal 222,369.52
Curtailments 25,410.65
Paid in Full 2,031,649.92
Realized Losses 0.00
Liquidation Proceeds 0.00
Ending Balance 363,495,574.64
(ii) Interest Distributions
Net Interest Due: 2,854,935.79
Less Prepayment Interest Shortfalls 0.00
Less Relief Act Interest Shortfall 0.00
Principal Collections: 2,279,430.09
Available Funds 5,134,365.88
Premium Amount 45,721.88
Trustee Fees 1,676.47
(iii) Insured Payment to Class A Certificates 0.00
Certificate Insurer Reimbursement Amount 0.00
Cumulative Insurance Payments 0.00
(iv) Required Subordinated Amount 10,973,250.14
Subordinated Amount (before distributions) 4.73
Subordinated Amount (after distributions) 929,135.14
Subordination Increase Amount 10,973,245.41
Subordination Decrease Amount 0.00
(v) Substitution Adjustments 0.00
Loan Repurchases 0.00
(vi) Realized Losses that were incurred during the related Due Period
Total Realized Losses 0.00
Which Include:
Fraud Losses 0.00
Special Hazard Losses 0.00
Bankruptcy Losses 0.00
Cumulative Realized Losses 0.00
(vii) Mortgage Loans purchased or substituted
Cumulative Mortgage Loans purchased or substituted
Number Balance
0 $0.00
0 $0.00
% of Aggregate
(viii)Delinquency Information Scheduled Scheduled
Number Principal Balance Principal Balance
30-59 days delinquent 162 $15,336,245.98 4.2191%
60-89 days delinquent 27 $2,620,848.86 0.7210%
90 or more days delinquent 1 $143,502.19 0.0395%
*Note: The above statistics include loans in foreclosure proceedings,
bankruptcy proceedings, or loans relating to REO properties.
% of Aggregate
Scheduled Scheduled
Number Principal Balance PrincipalBalance
Loans in Foreclosure 0 $0.00 0.0000%
Loans in Bankruptcy 0 $0.00 0.0000%
Loans in REO 0 $0.00 0.0000%
Total Book Value of REO Properties: $0.00
(ix) Mortgage Loan Characteristics Beginning End
of Period of Period
Weighted Average Remaining Term to Maturity 342 341
Weighted Average Mortgage Rate 9.86620% 9.85928%
Number of Loans 3,126 3,105
(x) Fraud Loss Amount $7,315,500.09
Bankruptcy Amount $133,956.00
Special Hazard Amount $3,657,750.05
(xi) Performance Measures
Net Monthly Excess Cash Flow $929,130.41
Spread Squeeze Subordination Increase Amount $0.00
Rolling Loss Percentage 0.00000%
Rolling Delinquency Percentage NA
Cumulative Loss Percentage 0.00000%
Periodic Spread 3.17309%
Step Up Trigger Occurrence NO
Step Down Trigger Occurrence NO
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.
NATIONSBANC ASSET SECURITIES, INC.
ASSET BACKED CERTIFICATES, SERIES 1997-1
By: /s/ Mark Lemay
Name: Mark Lemay
Title: Vice President
US Bank National Association
Dated: February 6, 1998
