|
|
|
|
|
|
|
|
|
|
Previous: CYGNET FINANCIAL CORP, 8-K, 1998-09-02 |
Next: OCWEN MORTGAGE LOAN ASSET BACKED CERT SERIES 1998-OFS2, 8-K, 1998-09-02 |
UNITED STATES
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): August 25, 1998
LEHMAN ABS CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1998-2 Trust
New York (governing law of 333-39649 52-2110991
Pooling and Servicing Agreement) (Commission 52-2111084
(State or other File Number) 52-2111085
jurisdiction 52-2111090
IRS EIN
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (301) 696-7900
Former name or former address, if changed since last report)
ITEM 5. Other Events
On August 25, 1998 a distribution was made to holders of LEHMAN ABS
CORPORATION, Home Equity Loan Asset-Backed Certs., Series 1998-2 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home
Equity Loan Asset-Backed Certs., Series 1998-2
Trust, relating to the August 25, 1998 distribution
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.
LEHMAN ABS CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1998-2 Trust
By: Norwest Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 8/26/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1998-2 Trust, relating to the
August 25, 1998 distribution.
<TABLE>
<CAPTION>
Lehman Home Equity Loan Trust
Mortgage Pass-Through Certificates
Record Date: 7/31/1998
Distribution Date: 8/25/1998
LHE Series: 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 535180BQ7 SEN_FL 5.73625% 93,432,897.66 431,741.09 2,782,534.79
A-2 535180BR5 SEN_FL 5.86625% 64,437,000.00 304,502.86 0.00
M-1 535180BS3 MEZ_FL 6.05625% 15,739,000.00 76,785.01 0.00
M-2 535180BT1 MEZ_FL 6.25625% 13,640,000.00 68,742.28 0.00
B 535180BU8 JUN_FL 6.95625% 14,690,000.00 82,317.56 0.00
X LHE98002X SEN_NT 0.00000% 0.00 0.00 0.00
R-I LHE9802R1 RES 0.00000% 0.00 0.00 0.00
R-II LHE9802R2 RES 0.00000% 0.00 0.00 0.00
R-III LHE9802R3 RES 0.00000% 0.00 0.00 0.00
R-IV LHE9802R3 RES 0.00000% 0.00 0.00 0.00
OC LHE9802OC JUN_WA 0.00000% 1,950,042.45 0.00 0.00
Special Fe SEN_IO 0.00000% 0.00 18,260.00 0.00
Totals 203,888,940.11 982,348.80 2,782,534.79
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 90,650,362.87 3,214,275.88 0.00
A-2 0.00 64,437,000.00 304,502.86 0.00
M-1 0.00 15,739,000.00 76,785.01 0.00
M-2 0.00 13,640,000.00 68,742.28 0.00
B 0.00 14,690,000.00 82,317.56 0.00
X 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00
OC 0.00 2,579,074.38 0.00 0.00
Special Fee 0.00 0.00 18,260.00 0.00
Totals 0.00 201,735,437.25 3,764,883.59 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 101,344,000.00 93,432,897.66 191,441.03 2,591,093.76 0.00 0.00
A-2 64,437,000.00 64,437,000.00 0.00 0.00 0.00 0.00
M-1 15,739,000.00 15,739,000.00 0.00 0.00 0.00 0.00
M-2 13,640,000.00 13,640,000.00 0.00 0.00 0.00 0.00
B 14,690,000.00 14,690,000.00 0.00 0.00 0.00 0.00
X 0.00 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
OC 337.79 1,950,042.45 0.00 0.00 0.00 0.00
Special Fe 0.00 0.00 0.00 0.00 0.00 0.00
Totals 209,850,337.79 203,888,940.11 191,441.03 2,591,093.76 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 2,782,534.79 90,650,362.87 0.89448179 2,782,534.79
A-2 0.00 64,437,000.00 1.00000000 0.00
M-1 0.00 15,739,000.00 1.00000000 0.00
M-2 0.00 13,640,000.00 1.00000000 0.00
B 0.00 14,690,000.00 1.00000000 0.00
X 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
R-IV 0.00 0.00 0.00000000 0.00
R-IV 0.00 0.00 0.00000000 0.00
OC 0.00 2,579,074.38 7,635.14130081 0.00
Special Fee 0.00 0.00 0.00000000 0.00
Totals 2,782,534.79 201,735,437.25 0.96133006 2,782,534.79
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 101,344,000.00 921.93812816 1.88902185 25.56731291 0.00000000
A-2 64,437,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 15,739,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 13,640,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 14,690,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 337.79 5772943.10074307 0.00000000 0.00000000 0.00000000
Special Fe 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are Per $1000 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 27.45633476 894.48179340 0.89448179 27.45633476
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 7,635,141.3008081 7635.14130081 0.00000000
Special Fee 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 101,344,000.00 5.73625% 93,432,897.66 431,741.09 0.00 0.00
A-2 64,437,000.00 5.86625% 64,437,000.00 304,502.86 0.00 0.00
M-1 15,739,000.00 6.05625% 15,739,000.00 76,785.01 0.00 0.00
M-2 13,640,000.00 6.25625% 13,640,000.00 68,742.28 0.00 0.00
B 14,690,000.00 6.95625% 14,690,000.00 82,317.56 0.00 0.00
X 0.00 0.00000% 208,454,924.32 0.00 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 0.00 0.00
R-IV 0.00 0.00000% 0.00 0.00 0.00 0.00
OC 337.79 0.00000% 1,950,042.45 0.00 0.00 0.00
Special Fee 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 209,850,337.79 964,088.80 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 431,741.09 0.00 90,650,362.87
A-2 0.00 0.00 304,502.86 0.00 64,437,000.00
M-1 0.00 0.00 76,785.01 0.00 15,739,000.00
M-2 0.00 0.00 68,742.28 0.00 13,640,000.00
B 0.00 0.00 82,317.56 0.00 14,690,000.00
X 0.00 0.00 0.00 0.00 203,888,940.11
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00 0.00
OC 0.00 0.00 0.00 0.00 2,579,074.38
Special Fee 0.00 0.00 18,260.00 0.00 0.00
Totals 0.00 0.00 982,348.80 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 101,344,000.00 5.73625% 921.93812816 4.26015442 0.00000000 0.00000000
A-2 64,437,000.00 5.86625% 1000.00000000 4.72559027 0.00000000 0.00000000
M-1 15,739,000.00 6.05625% 1000.00000000 4.87864604 0.00000000 0.00000000
M-2 13,640,000.00 6.25625% 1000.00000000 5.03975660 0.00000000 0.00000000
B 14,690,000.00 6.95625% 1000.00000000 5.60364602 0.00000000 0.00000000
X 0.00 0.00000% 993.35043496 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC 337.79 0.00000% 5772943.10074307 0.00000000 0.00000000 0.00000000
Special Fee 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are Per $1000 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 4.26015442 0.00000000 894.48179340
A-2 0.00000000 0.00000000 4.72559027 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 4.87864604 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.03975660 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.60364602 0.00000000 1000.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 971.59214637
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 7635141.30080819
Special Fee 0.00000000 0.00000000 45650000000.0000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 3,771,465.33
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 80,235.26
Realized Losses 0.00
Total Deposits 3,851,700.59
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 86,817.00
Payment of Interest and Principal 3,764,883.59
Total Withdrawals (Pool Distribution Amount) 3,851,700.59
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 84,953.86
Trustee Fee 588.99
Master Servicing Fee 1,274.15
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 86,817.00
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 49 3,406,383.49 2.083333% 1.688540%
60 Days 33 2,869,065.02 1.403061% 1.422192%
90+ Days 27 2,372,298.48 1.147959% 1.175945%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 109 8,647,746.99 4.634354% 4.286677%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 80,235.26
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 9.994840%
Weighted AverageNet Coupon 9.487340%
Weighted Average Pass-Through Rate 9.494839%
Weighted Average Maturity(Stepdown Calculation ) 334
Begin Scheduled Collateral Loan Count 2,380
Number Of Loans Paid In Full 28
End Scheduled Collateral Loan Count 2,352
Begining Scheduled Collateral Balance 203,888,940.11
Ending Scheduled Collateral Balance 201,735,437.25
Ending Actual Collateral Balance at 31-Jul-1998 201,832,262.51
Monthly P &I Constant 1,846,360.79
Ending Scheduled Balance for Premium Loans 201,735,437.25
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 0.00
Overcollateralization reduction Amount 0.00
Specified O/C Amount 0.00
Overcollateralized Amount 1,950,042.45
Overcollateralized Deficiency Amount 5,919,345.22
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 629,031.93
Excess Cash Amount 629,031.93
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Rolling Three Month Delinquency Rate 10.9414%
Prepayment Penalties Due To Class X $20,830.35
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description 6 Month LIBOR ARM Mixed Fixed
Weighted Average Coupon Rate 9.764701 10.343297
Weighted Average Net Rate 9.257201 9.835797
Weighted Average Maturity 353.00 309.00
Begining Loan Count 1,185.00 1,195.00
Loans Paid In Full 9.00 19.00
Ending Loan Count 1,176.00 1,176.00
Begining Scheduled Balance 122,791,248.58 81,097,691.53
Ending Scheduled Balance 121,726,300.70 80,009,136.55
Record Date 98-07-31 98-07-31
Principal And Interest Constant 1,063,963.32 782,397.47
Scheduled Principal 64,780.15 83,382.89
Unscheduled Principal 1,000,167.73 1,005,172.09
Scheduled Interest 999,183.17 699,014.58
Servicing Fee 51,163.02 33,790.71
Master Servicing Fee 767.45 506.85
Net Interest 947,252.70 664,717.02
Group ID 1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 0.00 0.00
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 0.00 0.00
Overcollateralization Amount 0.00 0.00
Overcollateralization Deficiency Amount 0.00 0.00
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 27 2,300,993.10 21 2,032,253.28 20 1,646,525.85
2 22 1,105,390.39 12 836,811.74 7 725,772.63
Total 49 $3,406,383.49 33 $2,869,065.02 27 $2,372,298.48
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 0 0.00 0 0.00 0 0.00
2 0 0.00 0 0.00 0 0.00
TOTAL 0.00 0.00 0.00 0.00 0.00 0.00
</TABLE>
|
|