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 28,
1998.
LEHMAN ABS CORPORATION
(as the Depositor (the "Depositor"), Aurora Loan Services Inc. as
Servicer (the "Servicer"), Norwest Bank Minnesota, National
Association, as Master Servicer (the "Master Servicer"), and Bankers
Trust Company of California, N.A., as trustee (the "Trustee) under
the Pooling and Servicing Agreement, dated as of January 1, 1998,
providing for the issuance of the Home Equity Loan Asset-Backed
Certificates, Series 1998-1).
LEHMAN ABS CORPORATION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES,
SERIES 1998-1.
(Exact name of Registrant as specified in its Charter)
(State or Other Jurisdiction of Incorporation)
333-14293 13-3447441
(Commission File Number) (I.R.S. Employer Identification No.)
THREE WORLD FINANCIAL CENTER
200 VESEY STREET
NEW YORK, NEW YORK 10022
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 526-7000
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements
to the Certificateholders which was derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Report to Certificateholders as to distributions made on
December 28, 1998.
Monthly Report to Certificateholders as to distributions made on
January 25, 1999.
SIGNATURE
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.
Bankers Trust Company of California,
N.A., not in its individual
capacity, but solely as a duly
authorized agent of the Registrant
pursuant to the Pooling and
Servicing Agreement, dated as of
January 1, 1998.
Date: March 25, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders
dated as of December 28, 1998.
Monthly Remittance Statement to the Certificateholders
dated as of January 25, 1999.
a
Lehman ABS Corporation
Home Equity Loan Asset-Backed Certificates
Series 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 114,550,000.00 83,326,915.11 486,073.67 2,120,714.58 2,
>606,788.25 0.00 0.00 81,206,200.53
PO 15,922.00 14,254.44 0.00 34.19
> 34.19 0.00 0.00 14,220.25
X(*) 135,147,596.00 103,338,420.88 157,449.36 0.00
>157,449.36 0.00 0.00 101,145,435.88
M-1 13,977,000.00 13,464,638.69 78,543.73 47,818.44
>126,362.17 0.00 0.00 13,416,820.25
M-2 2,727,000.00 2,627,035.10 15,324.37 9,329.68
> 24,654.05 0.00 0.00 2,617,705.42
B-1 1,363,000.00 1,313,035.88 7,659.38 4,663.13
> 12,322.51 0.00 0.00 1,308,372.75
B-2 1,363,000.00 1,313,035.88 7,659.38 4,663.13
> 12,322.51 0.00 0.00 1,308,372.75
B-3 818,000.00 788,014.20 4,596.75 2,798.56
> 7,395.31 0.00 0.00 785,215.64
B-4 1,571,802.00 1,514,183.74 8,832.74 5,377.49
> 14,210.23 0.00 0.00 1,508,806.25
R 100.00 100.00 0.58 0.00
> 0.58 0.00 0.00 100.00
TOTALS 136,385,824.00 104,361,213.04 766,139.96 2,195,399.20 2,
>961,539.16 0.00 0.00 102,165,813.84
* Represents Notional Amount
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 525180BH7 727.428329 4.243332 18.513440
> 22.756772 708.914889 7.000000% 7.000000%
PO 525180BJ3 895.266926 0.000000 2.147343
> 2.147343 893.119583 0.000000% 0.000000%
X(*) 525180BK0 764.633807 1.165018 0.000000
> 1.165018 748.407215 1.828367% 1.868009%
M-1 525180BM6 963.342541 5.619498 3.421223
> 9.040722 959.921317 7.000000% 7.000000%
M-2 525180BN4 963.342538 5.619498 3.421225
> 9.040722 959.921313 7.000000% 7.000000%
B-1 525180BP9 963.342539 5.619501 3.421225
> 9.040726 959.921313 7.000000% 7.000000%
B-2 963.342539 5.619501 3.421225
> 9.040726 959.921313 7.000000% 7.000000%
B-3 963.342543 5.619499 3.421222
> 9.040721 959.921320 7.000000% 7.000000%
B-4 963.342546 5.619499 3.421226
> 9.040725 959.921320 7.000000% 7.000000%
R 525180BL8 1,000.000000 5.800000 0.000000
> 5.800000 1,000.000000 7.000000% 7.000000%
SELLER: Lehman Capital ADMI
>NISTRATOR: Joyce B. Santiago
SERVICER: Norwest BankMinnesota
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brother
> 3 Park Plaza
RECORD DATE: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman ABS Corporation
Home Equity Loan Asset-Backed Certificates
Series 1998-1
Statement To Certificateholders
Distribution Date: December 28, 1998
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 6
>0 TO 89 90 PLUS
INFORMATION DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 2,644,256.20
>426,040.75 3,372,630.47 6,442,927.42
PERCENTAGE OF POOL BALANCE 2.5882%
> 0.4170% 3.3011% 6.3063%
NUMBER OF LOANS 73
> 15 77 165
PERCENTAGE OF LOANS 2.5427%
> 0.5225% 2.6820% 5.7471%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000%
> 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0
> 0 0 0
PERCENTAGE OF LOANS 0.0000%
> 0.0000% 0.0000% 0.0000%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000%
> 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0
> 0 0 0
PERCENTAGE OF LOANS 0.0000%
> 0.0000% 0.0000% 0.0000%
REO LOAN INFORMATION:
PRINCIPAL BALANCE
> 0.00
PERCENTAGE OF POOL BALANCE
> 0.0000%
NUMBER OF LOANS
> 0
PERCENTAGE OF LOANS
> 0.0000%
BOOKVALUE OF REO PROPERTY
> 0.00
BEGINNING POOL PRINCIPAL BALANCE
> 104,361,214.99
ENDING POOL PRINCIPAL BALANCE
> 102,165,815.79
WEIGHTED AVERAGE COUPON
> 9.3485%
WEIGHTED AVERAGE MONTHS TO MATURITY
> 130
BEGINNING POOL LOAN COUNT
> 2,928
ENDING POOL LOAN COUNT
> 2,871
NUMBER OF LOANS THAT PREPAID IN FULL
> 57
SCHEDULED PRINCIPAL RECEIVED
> 352,003.06
PREPAYMENT PRINCIPAL
> 1,824,735.58
REPURCHASE / SUBSTITUTION AMOUNT
> 0.00
LIQUIDATION PROCEEDS
> 0.00
CURRENT MORTGAGE POOL REALIZED LOSSES
> 0.00
AGGREGATE MORTGAGE POOL REALIZED LOSSES
> 0.00
AVAILABLE FUNDS
> 2,961,539.16
Page 2 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman ABS Corporation
Home Equity Loan Asset-Backed Certificates
Series 1998-1
Statement To Certificateholders
Distribution Date: December 28, 1998
SCHEDULED INTEREST RECEIVED
> 619,164.33
ADVANCED PRINCIPAL
> 18,660.56
ADVANCED INTEREST
> 183,004.92
MASTER SERVICING FEE
> 2,174.19
SERVICING FEE
> 43,483.84
COMPENSATING INTEREST
> 4,097.70
MASTER SERVICER AND SERVICER EXPENSES
> 0.00
SENIOR PRINCIPAL DISTRIBUTION AMOUNT
> 2,120,714.58
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT
> 74,650.43
NON-PO FORMULA PRINCIPAL AMOUNT
> 2,195,365.01
PO FORMULA PRINCIPAL AMOUNT
> 34.19
CLASS SUBORDINATE PERCENTAGES
CLASS M-1
> 12.90%
CLASS M-2
> 2.52%
CLASS B-1
> 1.26%
CLASS B-2
> 1.26%
CLASS B-3
> 0.76%
CLASS B-4
> 1.45%
CLASS INTEREST OPTIMAL INTEREST PRIO
>R UNPAID INTEREST UNPAID
INTEREST SHORTFALL I
>NTEREST PAID INTEREST
CLASS A-1 486,073.67 0.00
> 0.00 486,073.67 0.00
CLASS X 157,449.36 0.00
> 0.00 157,449.36 0.00
CLASS M-1 78,543.73 0.00
> 0.00 78,543.73 0.00
CLASS M-2 15,324.37 0.00
> 0.00 15,324.37 0.00
CLASS B-1 7,659.38 0.00
> 0.00 7,659.38 0.00
CLASS B-2 7,659.38 0.00
> 0.00 7,659.38 0.00
CLASS B-3 4,596.75 0.00
> 0.00 4,596.75 0.00
CLASS B-4 8,832.74 0.00
> 0.00 8,832.74 0.00
CLASS R 0.58 0.00
> 0.00 0.58 0.00
BEGINNING DEFERRED AMOUNT
> 106,995.30
ENDING DEFERRED AMOUNT
> 97,156.23
Page 3 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman ABS Corporation
Home Equity Loan Asset-Backed Certificates
Series 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 114,550,000.00 81,206,200.53 473,702.84 3,377,324.19 3,
>851,027.03 0.00 0.00 77,828,876.34
PO 15,922.00 14,220.25 0.00 40.68
> 40.68 0.00 0.00 14,179.57
X(*) 135,147,596.00 101,145,435.88 154,138.62 0.00
>154,138.62 0.00 0.00 97,673,315.73
M-1 13,977,000.00 13,416,820.25 78,264.78 63,575.46
>141,840.24 0.00 0.00 13,353,244.79
M-2 2,727,000.00 2,617,705.42 15,269.95 12,403.97
> 27,673.92 0.00 0.00 2,605,301.45
B-1 1,363,000.00 1,308,372.75 7,632.17 6,199.71
> 13,831.88 0.00 0.00 1,302,173.04
B-2 1,363,000.00 1,308,372.75 7,632.17 6,199.71
> 13,831.88 0.00 0.00 1,302,173.04
B-3 818,000.00 785,215.64 4,580.42 3,720.74
> 8,301.16 0.00 0.00 781,494.90
B-4 1,571,802.00 1,508,806.25 8,801.37 7,149.46
> 15,950.83 0.00 0.00 1,501,656.79
R 100.00 100.00 0.58 0.00
> 0.58 0.00 0.00 100.00
TOTALS 136,385,824.00 102,165,813.84 750,022.90 3,476,613.92 4,
>226,636.82 0.00 0.00 98,689,199.92
* Represents Notional Amount
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 525180BH7 708.914889 4.135337 29.483406
> 33.618743 679.431483 7.000000% 7.000000%
PO 525180BJ3 893.119583 0.000000 2.554955
> 2.554955 890.564628 0.000000% 0.000000%
X(*) 525180BK0 748.407215 1.140521 0.000000
> 1.140521 722.715894 1.828730% 1.893738%
M-1 525180BM6 959.921317 5.599541 4.548577
> 10.148118 955.372740 7.000000% 7.000000%
M-2 525180BN4 959.921313 5.599542 4.548577
> 10.148119 955.372736 7.000000% 7.000000%
B-1 525180BP9 959.921313 5.599538 4.548577
> 10.148114 955.372737 7.000000% 7.000000%
B-2 959.921313 5.599538 4.548577
> 10.148114 955.372737 7.000000% 7.000000%
B-3 959.921320 5.599535 4.548582
> 10.148117 955.372738 7.000000% 7.000000%
B-4 959.921320 5.599541 4.548575
> 10.148117 955.372744 7.000000% 7.000000%
R 525180BL8 1,000.000000 5.800000 0.000000
> 5.800000 1,000.000000 7.000000% 7.000000%
SELLER: Lehman Capital ADMI
>NISTRATOR: Joyce B. Santiago
SERVICER: Norwest BankMinnesota
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brother
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman ABS Corporation
Home Equity Loan Asset-Backed Certificates
Series 1998-1
Statement To Certificateholders
Distribution Date: January 25, 1999
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 6
>0 TO 89 90 PLUS
INFORMATION DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 2,594,254.50
>980,463.21 3,342,037.35 6,916,755.06
PERCENTAGE OF POOL BALANCE 2.6287%
> 0.9935% 3.3864% 7.0086%
NUMBER OF LOANS 75
> 24 79 178
PERCENTAGE OF LOANS 2.6901%
> 0.8608% 2.8336% 6.3845%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000%
> 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0
> 0 0 0
PERCENTAGE OF LOANS 0.0000%
> 0.0000% 0.0000% 0.0000%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000%
> 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0
> 0 0 0
PERCENTAGE OF LOANS 0.0000%
> 0.0000% 0.0000% 0.0000%
REO LOAN INFORMATION:
PRINCIPAL BALANCE
> 0.00
PERCENTAGE OF POOL BALANCE
> 0.0000%
NUMBER OF LOANS
> 0
PERCENTAGE OF LOANS
> 0.0000%
BOOKVALUE OF REO PROPERTY
> 0.00
BEGINNING POOL PRINCIPAL BALANCE
> 102,165,815.79
ENDING POOL PRINCIPAL BALANCE
> 98,689,201.87
WEIGHTED AVERAGE COUPON
> 9.3485%
WEIGHTED AVERAGE MONTHS TO MATURITY
> 129
BEGINNING POOL LOAN COUNT
> 2,872
ENDING POOL LOAN COUNT
> 2,788
NUMBER OF LOANS THAT PREPAID IN FULL
> 84
SCHEDULED PRINCIPAL RECEIVED
> 454,958.88
PREPAYMENT PRINCIPAL
> 2,992,461.61
REPURCHASE / SUBSTITUTION AMOUNT
> 0.00
LIQUIDATION PROCEEDS
> 0.00
CURRENT MORTGAGE POOL REALIZED LOSSES
> 0.00
AGGREGATE MORTGAGE POOL REALIZED LOSSES
> 0.00
AVAILABLE FUNDS
> 4,226,636.82
Page 2 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman ABS Corporation
Home Equity Loan Asset-Backed Certificates
Series 1998-1
Statement To Certificateholders
Distribution Date: January 25, 1999
SCHEDULED INTEREST RECEIVED
> 608,456.62
ADVANCED PRINCIPAL
> 29,193.43
ADVANCED INTEREST
> 176,977.31
MASTER SERVICING FEE
> 2,128.45
SERVICING FEE
> 42,569.09
COMPENSATING INTEREST
> 5,720.42
MASTER SERVICER AND SERVICER EXPENSES
> 0.00
SENIOR PRINCIPAL DISTRIBUTION AMOUNT
> 3,377,324.19
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT
> 99,249.05
NON-PO FORMULA PRINCIPAL AMOUNT
> 3,476,573.24
PO FORMULA PRINCIPAL AMOUNT
> 40.68
CLASS SUBORDINATE PERCENTAGES
CLASS M-1
> 13.13%
CLASS M-2
> 2.56%
CLASS B-1
> 1.28%
CLASS B-2
> 1.28%
CLASS B-3
> 0.77%
CLASS B-4
> 1.48%
CLASS INTEREST OPTIMAL INTEREST PRIO
>R UNPAID INTEREST UNPAID
INTEREST SHORTFALL I
>NTEREST PAID INTEREST
CLASS A-1 473,702.84 0.00
> 0.00 473,702.84 0.00
CLASS X 154,138.62 0.00
> 0.00 154,138.62 0.00
CLASS M-1 78,264.78 0.00
> 0.00 78,264.78 0.00
CLASS M-2 15,269.95 0.00
> 0.00 15,269.95 0.00
CLASS B-1 7,632.17 0.00
> 0.00 7,632.17 0.00
CLASS B-2 7,632.17 0.00
> 0.00 7,632.17 0.00
CLASS B-3 4,580.42 0.00
> 0.00 4,580.42 0.00
CLASS B-4 8,801.37 0.00
> 0.00 8,801.37 0.00
CLASS R 0.58 0.00
> 0.00 0.58 0.00
BEGINNING DEFERRED AMOUNT
> 97,156.23
ENDING DEFERRED AMOUNT
> 86,218.83
Page 3 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
