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 25, 1999
CWABS, INC.
(Depositor)
(Issuer in respect of Asset-Backed Certificates, Series 1998-1)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 91110-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
CWABS, INC.
Asset-Backed Certificates
Series 1998-1
On January 25, 1999, The Bank of New York, as Trustee for CWABS, INC.,
Asset-Backed Certificates Series 1998-1, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of February 1, 1998, among CWABS, INC. as
Depositor, Countrywide Home Loans, Seller and Master Servicer and The Bank of
New York, as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of CWABS, INC., Asset-Backed Certificates
Series 1998-1 relating to the distribution date of January
25, 1999 prepared by The Bank of New York, as Trustee under
the Pooling and Servicing Agreement dated as of February 1,
1998.
<PAGE>
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.
Dated: January 25, 1999
CWABS, INC.
By: /s/ Kelly A. Sheahan
------------------------------
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated January 25, 1999
Payment Date: 01/25/99
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-1
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior AF1 23,282,229.43 6.450000% 1,727,861.54 125,141.98 1,853,003.52 0.00 0.00
AF2 22,000,000.00 6.270000% 0.00 114,950.00 114,950.00 0.00 0.00
AF3 10,000,000.00 6.790000% 0.00 56,583.33 56,583.33 0.00 0.00
AF4 10,000,000.00 6.390000% 0.00 53,250.00 53,250.00 0.00 0.00
MF1 4,200,000.00 6.970000% 0.00 24,395.00 24,395.00 0.00 0.00
MF2 2,940,000.00 7.240000% 0.00 17,738.00 17,738.00 0.00 0.00
BF 2,956,603.00 7.580000% 0.00 18,675.88 18,675.88 0.00 0.00
AV1 121,965,891.66 5.834380% 3,817,987.25 553,463.06 4,371,450.31 0.00 0.00
MV1 10,680,000.00 6.024380% 0.00 50,042.52 50,042.52 0.00 0.00
MV2 9,790,000.00 6.234380% 0.00 47,471.34 47,471.34 0.00 0.00
BV 6,267,734.00 6.824380% 0.00 33,268.20 33,268.20 0.00 0.00
BFI 0.00 0.000000% 0.00 182,417.51 182,417.51 0.00 0.00
BVI 0.00 0.000000% 0.00 432,632.20 432,632.20 0.00 0.00
Residual R 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 224,082,458.09 - 5,545,848.79 1,710,029.01 7,255,877.80 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 21,554,367.89 0.00
AF2 22,000,000.00 0.00
AF3 10,000,000.00 0.00
AF4 10,000,000.00 0.00
MF1 4,200,000.00 0.00
MF2 2,940,000.00 0.00
BF 2,956,603.00 0.00
AV1 118,147,904.41 0.00
MV1 10,680,000.00 0.00
MV2 9,790,000.00 0.00
BV 6,267,734.00 0.00
BFI 0.00 0.00
BVI 0.00 0.00
Residual R 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 218,536,609.30 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 01/25/99
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-1
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
Factors per $1,000
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
Senior AF1 23,282,229.43 6.450000% 126671AY2 54.131001 3.920488 675.262152
AF2 22,000,000.00 6.270000% 126671AZ9 0.000000 5.225000 1,000.000000
AF3 10,000,000.00 6.790000% 126671BA3 0.000000 5.658333 1,000.000000
AF4 10,000,000.00 6.390000% 126671BJ4 0.000000 5.325000 1,000.000000
MF1 4,200,000.00 6.970000% 126671BB1 0.000000 5.808333 1,000.000000
MF2 2,940,000.00 7.240000% 126671BC9 0.000000 6.033333 1,000.000000
BF 2,956,603.00 7.580000% 126671BD7 0.000000 6.316667 1,000.000000
AV1 121,965,891.66 5.834380% 126671BE5 25.234549 3.658051 780.885026
MV1 10,680,000.00 6.024380% 126671BF2 0.000000 4.685629 1,000.000000
MV2 9,790,000.00 6.234380% 126671BG0 0.000000 4.848962 1,000.000000
BV 6,267,734.00 6.824380% 126671BH8 0.000000 5.307851 1,000.000000
BFI 0.00 0.000000% 0.000000 0.000000 0.000000
BVI 0.00 0.000000% 0.000000 0.000000 0.000000
Residual R 0.00 0.000000% 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 224,082,458.09 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 74,491,136.93 147,556,204.43 222,047,341.36
loan count 1032 1463 2495
average loan rate 9.838559% 9.353793% 9.52
prepayment amount 1,643,489.03 3,730,804.84 5,374,293.87
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 30,459.83 58,670.78 89,130.61
sub servicer fees 4.45 11.06 15.51
trustee fees 0.00 0.00 0.00
Aggregate advances N/A N/A N/A
Advances this periods 55,398.01 133,998.56 189,396.57
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 1,680,332.08 3,560,754.70 5,241,086.78
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 224,082,458.09
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 142 11,585,832.79
60 to 89 days 26 2,079,567.24
90 or more 15 1,352,948.60
Foreclosure 75 5,421,890.59
Totals: 258 20,440,239.22
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 277,022.30
Current Total Outstanding Number of Loans: 5
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 7,255,877.80 7,255,877.80
Principal remittance amount 5,545,848.79 5,545,848.79
Interest remittance amount 1,710,029.01 1,710,029.01
