______________________________________________________________________
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 26, 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 December 26, 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 $7,562,016.78,
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 December 26, 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: December 26, 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 December 26, 1997. 3
EXHIBIT 1
Payment Date: 12/26/97
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-1 152,574,088.31 5.918750% 4,177,338.81 777,624.57 4,954,963.38 0.00 148,396,749.50
2344 A-2 27,169,334.90 5.798750% 2,097,631.64 135,666.49 2,233,298.13 0.00 25,071,703.26
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 245,043,423.21 6,274,970.45 1,287,046.33 7,562,016.78 0.00 238,768,452.75
</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 5.918750% 126671AD8 22.82698806 4.24931458 #########
Floater A-2 40,700,000.00 5.798750% 126671AE6 51.53886087 3.33332897 #########
Fixed A-3 35,000,000.00 6.675000% 126671AF3 0.00000000 5.56250000 #########
Fixed A-4 14,677,000.00 6.950000% 126671AG1 0.00000000 5.79166667 #########
Fixed A-5 15,623,000.00 7.225000% 126671AH9 0.00000000 6.02083333 54.058824
Totals 289,000,000.00 21.71270052 4.45344750 826.18842
</TABLE>
COLLATERAL INFORMATION
Group 1
Beginning Principal Balance 156,711,281.34
Scheduled Principal Payment 84,352.40
Prepayment Amount 3,805,805.56
Ending Principal Balance 152,608,459.19
Subordinated Deficit Amount 0.00
Subordinated Increase Amount 138,581.83
Required Subordinated Amount 4,211,709.69
Subordinated Amount 4,211,709.69
Carry-Forward Amount 382.21
Insured Payment 0.00
Group 2
Beginning Principal Balance 94,981,706.00
Scheduled Principal Payment 151,056.61
Prepayment Amount 1,398,169.33
Ending Principal Balance 93,432,480.06
Subordinated Deficit Amount 0.00
Subordinated Increase Amount 256,070.80
Required Subordinated Amount 5,512,058.33
Subordinated Amount 3,060,776.80
Carry-Forward Amount 0.00
Insured Payment 0.00
FEES & ADVANCES
Monthly master servicer fees paid
Group 1 62,477.41
Group 2 1,491.98
Advances included in this distribution
Group 1 115,721.12
Group 2 28,729.87
CLASS A-1 BASIS RISK CARRY FORWARD AMONT
Amount paid 0.00
Amount remaining 0.00
<TABLE>
<CAPTION>
LIQUIDATION AND LOSSES INFORMATION
Group 1 Group 2
<S> <C> <C>
Liquidated Loan # 4876470 0
Stated Principal Balance 51,749.65 0.00
Realized Losses 15,007.93 0.00
Liquidated Loan # 5769939 0
Stated Principal Balance 105,925.02 0.00
Realized Losses 0.00 0.00
Aggregate Stated Principal Balance of all Liquidated Loans 0.00 52,380.31
Total realized losses (this period) 64,065.17
Cumulative losses (from Cut-Off) 141,734.08
</TABLE>
GROUP 1 DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 month 90 8,306,307.30
2 months 33 2,988,181.26
3+ months 18 1,750,168.51
Totals 141 13,044,657.07
GROUP 2 DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 month 32 1,726,492.27
2 months 7 300,111.85
3+ months 12 773,645.75
Totals 51 2,800,249.87
TOTAL REO INFORMATION
Group 1 Group 2
Total Number of REO Properties 3 1
Total Principal Balance of REO Properties 152,750.00 24,000.00
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceding calendar month)
Loan Number Loan Group Stated Principal Balance
5077387 Group 1 45,000.00
0 Group 2 0.00
