______________________________________________________________________
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 1997-1
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(Exact name of registrant as specified in its charter)
Delaware 333-11095 13-3961092
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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 1997-1 Trustee") of CWABS, Inc. Asset-Backed
Certificate Trust 1997-1 (the "Series 1997-1 Trust"), distributed to holders
(the "Series 1997-1 Certificateholders") of the Series 1997-1 Trust's
Asset-Backed Certificates, interest and principal totalling $7,534,561.56,
pursuant to a Pooling and Servicing Agreement dated as of February 27, 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 1997-1 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 1997-1
Trustee distributed statements, which are annexed hereto as Exhibit 1, to the
Series 1997-1 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 1997-1, 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
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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 1997-1, 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 1997-1
<TABLE>
<CAPTION>
Current Payment Information
Class Information
Beginning Pass Thru Principal Interest Total Interest Ending Certificate
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Shortfalls Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2343 A-1 163,398,112.35 5.887500% 4,797,369.08 855,116.79 5,652,485.87 0.00 158,600,743.27
2344 A-2 30,376,665.27 5.767500% 1,352,589.38 155,731.04 1,508,320.42 0.00 29,024,075.89
2345 A-3 35,000,000.00 6.675000% 0.00 194,687.50 194,687.50 0.00 35,000,000.00
2346 A-4 14,677,000.00 6.950000% 0.00 85,004.29 85,004.29 0.00 14,677,000.00
2348 A-5 15,623,000.00 7.225000% 0.00 94,063.48 94,063.48 0.00 15,623,000.00
Totals 259,074,777.62 6,149,958.46 1,384,603.10 7,534,561.56 0.00 252,924,819.16
</TABLE>
<TABLE>
<CAPTION>
Class Information Original Certificate Information Factors per $1,000
Original Pass Thru Cusip Principal Interest Ending
Type Name Cert. Bal. Rate Numbers Dist. Dist. Cert. Bal.
<S> <C> <C> <C> <C> <C> <C> <C>
Floater A-1 183,000,000.00 5.887500% 126671AD8 26.21513158 4.67276933 866.67072827
Floater A-2 40,700,000.00 5.767500% 126671AE6 33.23315433 3.82631541 713.12225768
Fixed A-3 35,000,000.00 6.675000% 126671AF3 0.00000000 5.56250000 1000.00000000
Fixed A-4 14,677,000.00 6.950000% 126671AG1 0.00000000 5.79166667 1000.00000000
Fixed A-5 15,623,000.00 7.225000% 126671AH9 0.00000000 6.02083333 54.05882352941
Totals 289,000,000.00 21.28013308 4.79101417 875.1723846425
</TABLE>
COLLATERAL INFORMATION
Group 1
Beginning Principal Balance 166,621,184.13
Scheduled Principal Payment 87,640.59
Prepayment Amount 4,288,737.77
Ending Principal Balance 162,244,805.77
Subordinated Deficit Amount 0.00
Subordinated Increase Amount 420,990.72
Required Subordinated Amount 4,211,709.69
Subordinated Amount 3,644,062.49
Carry-Forward Amount 12.44
Insured Payment 0.00
Group 2
Beginning Principal Balance 97,670,446.70
Scheduled Principal Payment 151,235.78
Prepayment Amount 910,114.60
Ending Principal Balance 96,556,716.01
Subordinated Deficit Amount 0.00
Subordinated Increase Amount 238,858.69
Required Subordinated Amount 5,512,058.33
Subordinated Amount 2,232,640.12
Carry-Forward Amount 0.00
Insured Payment 0.00
FEES & ADVANCES
Monthly master servicer fees paid
Group 1 65,616.16
Group 2 735.93
Advances included in this distribution
Group 1 101,284.94
Group 2 36,538.96
CLASS A-1 BASIS RISK CARRY FORWARD AMOUNT
Amount paid 0.00
Amount remaining 0.00
<TABLE>
<CAPTION>
LIQUIDATION AND LOSSES INFORMATION
Group 1 Group 2
<S> <C> <C>
Liquidated Loan # 0 4595972
Stated Principal Balance 0.00 23,961.11
Realized Losses 0.00 72.05
Liquidated Loan # 0 5855941
Stated Principal Balance 0.00 28,419.20
Realized Losses 0.00 28,352.77
Aggregate Stated Principal Balance of all Liquidated Loans 0.00 52,380.31
Total realized losses (this period) 28,424.82
Cumulative losses (from Cut-Off) 77,668.91
</TABLE>
GROUP 1 DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 month 94 9,113,525.09
2 months 18 927,489.63
3+ months 13 1,501,403.50
Totals 125 11,542,418.22
GROUP 1 DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 month 47 2,763,986.64
2 months 9 509,689,76
3+ months 7 406,453.20
Totals 63 3,680,129.60
TOTAL REO INFORMATION
Group 1 Group 2
Total Number of REO Properties 2 0
Total Principal Balance of REO Properties 107,250.00 0.00
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceding calendar month)
Loan Number Loan Group Stated Principal Balance
0 Group 1 0.00
0 Group 2 0.00
