______________________________________________________________________
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) November 25, 1997
CWABS, Inc. Asset-Backed Certificates, Series 1997-1
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-11095 13-3961092
- ---------------------------- ------------ ------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
4500 Park Granada
Calabasas, California 91302
- ---------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 225-3240
----- --------
_____________________________________________________________________________
Item 5. Other Events.
- ---- ------------
On the November 25, 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 $9,137,472.17,
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
- ---- -----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
1. CWABS, Inc. Asset Backed Certificates, Series 1997-1, Statement to
Certificateholders dated November 25, 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
----------------------------
David Walker
Vice President
Dated: November 25, 1997
Exhibit Index
-------------
Exhibit Page
- ------- ----
1. CWABS, Inc. Asset Backed Certificates, Series 1997-1, Statement to
Certificateholders dated November 25, 1997. 3
EXHIBIT 1
Payment Date: 11/25/97
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-1 158,600,743.27 5.856250% 6,026,654.96 748,204.51 6,774,859.48 0.00 152,574,088.31
2344 A-2 29,024,075.89 5.736250% 1,854,740.99 134,116.43 1,988,857.42 0.00 27,169,334.90
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 252,924,819.16 7,881,395.96 1,256,076.21 9,137,472.17 0.00 245,043,423.21
</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 5.856250% 126671AD8 32.93254079 4.08854925 833.73818748
Floater A-2 40,700,000.00 5.736250% 126671AE6 45.57103173 3.29524386 667.55122595
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 54.05882353
Totals 289,000,000.00 27.27126628 4.34628446 847.9011184
</TABLE>
COLLATERAL INFORMATION
Group 1
Beginning Principal Balance 162,244,805.77
Scheduled Principal Payment 86,128.68
Prepayment Amount 5,447,395.75
Ending Principal Balance 156,711,281.34
Subordinated Deficit Amount 0.00
Subordinated Increase Amount 493,130.53
Required Subordinated Amount 4,211,709.69
Subordinated Amount 4,137,193.03
Carry-Forward Amount 426.38
Insured Payment 0.00
Group 2
Beginning Principal Balance 96,556,716.01
Scheduled Principal Payment 151,452.80
Prepayment Amount 1,423,557.21
Ending Principal Balance 94,981,706.00
Subordinated Deficit Amount 0.00
Subordinated Increase Amount 279,730.98
Required Subordinated Amount 5,512,058.33
Subordinated Amount 2,512,371.10
Carry-Forward Amount 0.00
Insured Payment 0.00
FEES & ADVANCES
Monthly master servicer fees paid
Group 1 61,029.11
Group 2 1,262.76
Advances included in this distribution
Group 1 101,862.85
Group 2 23,143.50
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) 0.00
Cumulative losses (from Cut-Off) 77,668.91
</TABLE>
GROUP 1 DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 month 94 8,465,087.63
2 months 28 2,006,193.58
3+ months 11 981,776.99
Totals 133 11,453,058.20
GROUP 1 DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 month 20 1,184,548.73
2 months 13 695,745.08
3+ months 8 433,808.28
Totals 41 2,314,138.09
TOTAL REO INFORMATION
Group 1 Group 2
Total Number of REO Properties 2 1
Total Principal Balance of REO Properties 107,250.00 24,000.00
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 24,000.00
