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Previous: AF BANKSHARES INC, 10QSB, 1998-11-10 |
Next: PROVIDENT BANK HOME EQUITY LOAN TRUST 1998-1, 8-K, 1998-11-10 |
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): October 26, 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.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On October 26, 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 October 26, 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: 11/10/1998
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
October 26, 1998 distribution.
<TABLE>
<CAPTION>
Lehman Home Equity Loan Trust
Mortgage Pass-Through Certificates
Record Date: 09/30/1998
Distribution Date: 10/26/1998
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 52180BQ7 SEN_FL 5.67375% 86,412,941.22 422,190.23 4,253,667.79
A-2 525180BR5 SEN_FL 5.80375% 64,437,000.00 322,035.09 0.00
M-1 525180BS3 MEZ_FL 5.99375% 15,739,000.00 81,233.46 0.00
M-2 525180BT1 MEZ_FL 6.19375% 13,640,000.00 72,749.03 0.00
B 525180BU8 JUN_FL 6.89375% 14,690,000.00 87,204.02 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% 3,140,855.74 0.00 0.00
Special Fee SEN_IO 0.00000% 0.00 20,906.92 0.00
Totals 198,059,796.96 1,006,318.75 4,253,667.79
</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 82,159,273.44 4,675,858.02 0.00
A-2 0.00 64,437,000.00 322,035.09 0.00
M-1 0.00 15,739,000.00 81,233.46 0.00
M-2 0.00 13,640,000.00 72,749.03 0.00
B 0.00 14,690,000.00 87,204.02 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 3,709,709.03 0.00 0.00
Special Fee 0.00 0.00 20,906.92 0.00
Totals 0.00 194,374,982.47 5,259,986.54 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 86,412,941.22 167,746.02 4,085,921.77 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 3,140,855.74 0.00 0.00 0.00 0.00
Special Fee 0.00 0.00 0.00 0.00 0.00 0.00
Totals 209,850,337.79 198,059,796.96 167,746.02 4,085,921.77 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 4,253,667.79 82,159,273.44 0.81069697 4,253,667.79
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 3,709,709.03 10,982.29382161 0.00
Special Fee 0.00 0.00 0.00000000 0.00
Totals 4,253,667.79 194,374,982.47 0.92625528 4,253,667.79
</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-1 101,344,000.00 852.66953367 1.65521412 40.31735248 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 9298249.62254655 0.00000000 0.00000000 0.00000000
Special Fee 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 41.97256660 810.69696716 0.81069697 41.97256660
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 10,982,293.821605 10982.29382161 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 5.67375% 86,412,941.22 422,190.23 0.00 0.00
A-2 64,437,000.00 5.80375% 64,437,000.00 322,035.09 0.00 0.00
M-1 15,739,000.00 5.99375% 15,739,000.00 81,233.46 0.00 0.00
M-2 13,640,000.00 6.19375% 13,640,000.00 72,749.03 0.00 0.00
B 14,690,000.00 6.89375% 14,690,000.00 87,204.02 0.00 0.00
X 0.00 0.00000% 201,735,437.25 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% 3,140,855.74 0.00 0.00 0.00
Special Fee 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 209,850,337.79 985,411.83 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 0.00 422,190.23 0.00 82,159,273.44
A-2 0.00 0.00 322,035.09 0.00 64,437,000.00
M-1 0.00 0.00 81,233.46 0.00 15,739,000.00
M-2 0.00 0.00 72,749.03 0.00 13,640,000.00
B 0.00 0.00 87,204.02 0.00 14,690,000.00
X 0.00 0.00 0.00 0.00 198,059,796.96
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 3,709,709.03
Special Fee 0.00 0.00 20,906.92 0.00 0.00
Totals 0.00 0.00 1,006,318.75 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 5.67375% 852.66953367 4.16591244 0.00000000 0.00000000
A-2 64,437,000.00 5.80375% 1000.00000000 4.99767354 0.00000000 0.00000000
M-1 15,739,000.00 5.99375% 1000.00000000 5.16128471 0.00000000 0.00000000
M-2 13,640,000.00 6.19375% 1000.00000000 5.33350660 0.00000000 0.00000000
B 14,690,000.00 6.89375% 1000.00000000 5.93628455 0.00000000 0.00000000
X 0.00 0.00000% 961.33005729 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% 9298249.62254655 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 4.16591244 0.00000000 810.69696716
A-2 0.00000000 0.00000000 4.99767354 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 5.16128471 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.33350660 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.93628455 0.00000000 1000.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 943.81452537
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 10982293.82160514
Special Fee 0.00000000 0.00000000 52267299999.9999 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 5,224,995.62
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 119,322.38
Realized Losses 0.00
Total Deposits 5,344,318.00
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 84,331.45
Payment of Interest and Principal 5,259,986.55
Total Withdrawals (Pool Distribution Amount) 5,344,318.00
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 82,525.07
Trustee Fee 568.51
Master Servicing Fee 1,237.87
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 84,331.45
</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 65 5,365,894.95 2.857143% 2.760589%
60 Days 33 2,133,758.37 1.450549% 1.097754%
90+ Days 67 5,230,672.88 2.945055% 2.691022%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 165 12,730,326.20 7.252747% 6.549365%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds
Principal Balance of Contaminated Properties 0.00
Periodic Advance 119,322.38
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 10.054560%
Weighted AverageNet Coupon 9.554559%
Weighted Average Pass-Through Rate 9.547060%
Weighted Average Maturity(Stepdown Calculation ) 333
Beginning Scheduled Collateral Loan Count 2,315
Number Of Loans Paid In Full 40
Ending Scheduled Collateral Loan Count 2,275
Beginning Scheduled Collateral Balance 198,059,796.96
Ending Scheduled Collateral Balance 194,374,982.47
Ending Actual Collateral Balance at 30-Sep-1998 194,500,265.07
Monthly P &I Constant 1,804,816.30
Ending Scheduled Balance for Premium Loans 194,374,982.47
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 0.00
Overcollateralization Reduction Amount 0.00
Specified O/C Amount 0.00
Overcollateralized Amount 3,140,855.74
Overcollateralized Deficiency Amount 4,728,531.93
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 568,853.30
Excess Cash Amount 568,853.30
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Rolling Three Month Delinquency Rate 3.142254%
Prepayment Penalties Due To Class X $31,508.43
Special Servicer Fee $11,952.00
Special Servicer Incentive Fee $8,954.92
</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 9.877504 10.323296
Weighted Average Net Rate 9.370004 9.815796
Weighted Average Maturity 351.00 307.00
Beginning Loan Count 1,154.00 1,161.00
Loans Paid In Full 22.00 18.00
Ending Loan Count 1,132.00 1,143.00
Beginning Scheduled Balance 119,396,349.81 78,663,447.15
Ending Schelduled Balance 116,643,666.96 77,731,315.51
Record Date 98-09-30 98-09-30
Principal And Interest Constant 1,045,267.46 759,548.84
Scheduled Principal 62,485.83 82,827.11
Unscheduled Principal 2,690,197.02 849,304.53
Scheduled Interest 982,781.63 676,721.73
Servicing Fee 49,748.49 32,776.44
Master Servicing Fee 746.22 491.65
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 0.00 0.00
Pool Insurance Fee 0.00 0.00
Spread 1 0.00 0.00
Spread 2 0.00 0.00
Spread 3 0.00 0.00
Net Interest 932,236.92 643,453.64
Realized Loss Amount 0.00 0.00
Cummulative Realized Loss 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C>
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
1 29 2,957,998.79 19 1,287,125.62 40 3,635,924.54
2 36 2,407,896.16 14 846,632.75 27 1,594,748.34
Total 65 $5,365,894.95 33 $2,133,758.37 67 $5,230,672.88
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
<S> <C>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
1 0 0.00 0 0.00 0 0.00
2 0 0.00 0 0.00 0 0.00
TOTAL 0 0.00 0 0.00 0 0.00
</TABLE>
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