______________________________________________________________________
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 1997-2
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(Exact name of registrant as specified in its charter)
Delaware 333-11095 13-3956151
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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 1997-2 Trustee") of CWABS, Inc. Asset-Backed Certificate
Trust 1997-2 (the "Series 1997-2 Trust"), distributed to holders (the "Series
1997-2 Certificateholders") of the Series 1997-2 Trust's Asset-Backed
Certificates, interest and principal totalling $5,552,401.61, pursuant to a
Pooling and Servicing Agreement dated as of May 23, 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 1997-2
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 1997-2
Trustee distributed statements, which are annexed hereto as Exhibit 1, to the
Series 1997-2 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 1997-2, 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 1997-2, 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 HOME LOAN, INC.
ASSET-BACKED CERTIFICATES, SERIES 1997-2
<TABLE>
<CAPTION>
Class Information Current Payment Information
Beginning Pass Thru Principal Interest Total Ending Certificate
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Balance
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 163,398,413.82 5.958750% 4,713,980.52 838,421.09 5,552,401.61 158,684,433.29
R 0.00 N/A N/A 0.00 0.00 0.00
Totals - 163,398,413.82 - 4,713,980.52 838,421.09 5,552,401.61 158,684,433.29
</TABLE>
<TABLE>
<CAPTION>
Class Information Original Certificate Information Factors per $1,000
Original Pass Thru Cusip Principal Interest Ending
Type Name Cert. Bal. Rate Number Dist. Dist. Cert. Bal.
<S> <C> <C> <C> <C> <C> <C> <C>
Floater A-1 178,026,096.00 5.958750% 126671AJ5 26.47915461 4.70954039 891.35490167
Fixed R 0.00 N/A N/A 0.00000000 0.00000000 0.00000000
Totals - 178,026,096.00 - - 26.47915461 4.70954039 891.35490167
</TABLE>
COLLATERAL INFORMATION
Beginning Principal Balance 165,607,224.79
Scheduled Principal Payment 88,092.60
Prepayment Amount 4,236,573.77
Ending Principal Balance 161,282,558.42
Subordinated Increase Amount 269,053.72
Required Subordinated Amount 4,895,717.65
Subordination Deficit Amount 0.00
OTHER INFORMATION
Class A Carry-Forward Amount 120,260.43
Class A Insured Payment 0.00
Class A Basis Risk Carry-Forward Amound paid 0.00
Class A Basis Risk Carry-Forward Amount remained 0.00
TOTAL REO INFORMATION
Total Number of REO Properties 2
Total Principal Balance of REO Properties 171,400.00
NEW REO INFORMATION
Loan Number Stated Principal Balance
6836706 59,400.00
7235473 112,000.00
0 0.00
FEES & ADVANCES
Monthly master servicer fees paid 65,789.75
Advances included in this distribution 47,717.81
LIQUIDATION/LOSS INFORMATION
Loan Number Ending Stated Balance Realized Losses
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
30 days 41 3,538,960.71
60 days 18 1,437,225.15
90 or more days 8 494,013.57
Foreclosure 10 758,492.54
Totals 77 6,228.691.97
