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Previous: SIMON PROPERTY GROUP INC /DE/, 8-K/A, 1998-12-08 |
Next: CENTEX HOME EQUITY LOAN TRUST 1998-2, 8-K, 1998-12-08 |
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): November 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.
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 November 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
Monthly report distributed to holders of
EX-99.1 Home Equity Loan Asset-Backed Certs.,
Series 1998-2 Trust, relating to the
November 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: 12/02/1998
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
November 25, 1998 distribution.
<TABLE>
<CAPTION>
Lehman Home Equity Loan Trust
Mortgage Pass-Through Certificates
Record Date: 10/30/1998
Distribution Date: 11/25/1998
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 52180BQ7 SEN_FL 5.29938% 82,159,273.44 362,827.67 5,993,113.80
A-2 525180BR5 SEN_FL 5.42938% 64,437,000.00 291,544.13 0.00
M-1 525180BS3 MEZ_FL 5.61938% 15,739,000.00 73,702.85 0.00
M-2 525180BT1 MEZ_FL 5.81938% 13,640,000.00 66,146.95 0.00
B 525180BU8 JUN_FL 6.51938% 14,690,000.00 79,808.08 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% 3,709,709.03 0.00 0.00
Special Fe SEN_IO 0.00000% 0.00 26,068.96 0.00
Totals 194,374,982.47 900,098.64 5,993,113.80
</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 76,166,159.63 6,355,941.47 0.00
A-2 0.00 64,437,000.00 291,544.13 0.00
M-1 0.00 15,739,000.00 73,702.85 0.00
M-2 0.00 13,640,000.00 66,146.95 0.00
B 0.00 14,690,000.00 79,808.08 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 4,354,706.28 0.00 0.00
Special Fee 0.00 0.00 26,068.96 0.00
Totals 0.00 189,026,865.91 6,893,212.44 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 82,159,273.44 161,569.89 5,831,543.92 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 3,709,709.03 0.00 0.00 0.00 0.00
Special Fe 0.00 0.00 0.00 0.00 0.00 0.00
Totals 209,850,337.79 194,374,982.47 161,569.89 5,831,543.92 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 5,993,113.80 76,166,159.63 0.75156062 5,993,113.80
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 4,354,706.28 12,891.75606146 0.00
Special Fee 0.00 0.00 0.00000000 0.00
Totals 5,993,113.80 189,026,865.91 0.90076989 5,993,113.80
</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-1 101,344,000.00 810.69696716 1.59427189 57.54207373 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 10982293.8216051 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 59.13634552 751.56062155 0.75156062 59.13634552
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 12,891,756.061458 12891.75606146 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 5.29938% 82,159,273.44 362,827.68 0.00 0.00
A-2 64,437,000.00 5.42938% 64,437,000.00 291,544.13 0.00 0.00
M-1 15,739,000.00 5.61938% 15,739,000.00 73,702.85 0.00 0.00
M-2 13,640,000.00 5.81938% 13,640,000.00 66,146.95 0.00 0.00
B 14,690,000.00 6.51938% 14,690,000.00 79,808.08 0.00 0.00
X 0.00 0.00000% 198,059,796.96 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% 3,709,709.03 0.00 0.00 0.00
Special Fee 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 209,850,337.79 874,029.69 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 0.00 362,827.67 0.00 76,166,159.63
A-2 0.00 0.00 291,544.13 0.00 64,437,000.00
M-1 0.00 0.00 73,702.85 0.00 15,739,000.00
M-2 0.00 0.00 66,146.95 0.00 13,640,000.00
B 0.00 0.00 79,808.08 0.00 14,690,000.00
X 0.00 0.00 0.00 0.00 194,374,982.47
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 4,354,706.28
Special Fee 0.00 0.00 26,068.96 0.00 0.00
Totals 0.00 0.00 900,098.64 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 5.29938% 810.69696716 3.58015946 0.00000000 0.00000000
A-2 64,437,000.00 5.42938% 1000.00000000 4.52448329 0.00000000 0.00000000
M-1 15,739,000.00 5.61938% 1000.00000000 4.68281657 0.00000000 0.00000000
M-2 13,640,000.00 5.81938% 1000.00000000 4.84948314 0.00000000 0.00000000
B 14,690,000.00 6.51938% 1000.00000000 5.43281688 0.00000000 0.00000000
X 0.00 0.00000% 943.81452537 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% 10982293.82160514 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 3.58015936 0.00000000 751.56062155
A-2 0.00000000 0.00000000 4.52448329 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 4.68281657 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.84948314 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.43281688 0.00000000 1000.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 926.25527563
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 12891756.06145830
Special Fee 0.00000000 0.00000000 65172399999.9999 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 6,859,700.24
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 116,272.73
Realized Losses 0.00
Total Deposits 6,975,972.97
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 82,760.53
Payment of Interest and Principal 6,893,212.44
Total Withdrawals (Pool Distribution Amount) 6,975,972.97
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 80,989.58
Trustee Fee 556.11
Master Servicing Fee 1,214.84
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 82,760.53
</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 45 3,876,186.15 2.018843% 2.050601%
60 Days 34 2,591,860.27 1.525348% 1.371160%
90+ Days 81 5,946,838.27 3.633917% 3.146028%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 160 12,414,884.69 7.178107% 6.567788%
</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 116,272.73
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 10.049790%
Weighted Average Net Coupon 9.549790%
Weighted Average Pass-Through Rate 9.542292%
Weighted Average Maturity(Stepdown Calculation ) 332
Begin Scheduled Collateral Loan Count 2,275
Number Of Loans Paid In Full 46
End Scheduled Collateral Loan Count 2,229
Begining Scheduled Collateral Balance 194,374,982.47
Ending Scheduled Collateral Balance 189,026,865.91
Ending Actual Collateral Balance at 30-Oct-1998 189,145,768.22
Monthly P &I Constant 1,772,037.67
Ending Scheduled Balance for Premium Loans 189,026,865.91
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 0.00
Overcollateralization reduction Amount 0.00
Specified O/C Amount 0.00
Overcollateralized Amount 3,709,709.03
Overcollateralized Deficiency Amount 4,159,678.63
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 644,997.24
Excess Cash Amount 644,997.24
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Rolling Three Month Delinquency Rate 3.916453%
Prepayment Penalties Due To Class X $16,669.77
Special Servicer Fee $17,762.00
Special Servicer Incentive Fee $8,306.96
</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 9.871230 10.317736
Weighted Average Net Rate 9.363730 9.810236
Weighted Average Maturity 350.00 306.00
Beginning Loan Count 1,132 1,143
Loans Paid In Full 26 20
Ending Loan Count 1,106 1,123
Beginning Scheduled Balance 116,643,666.96 77,731,315.51
Ending scheduled Balance 112,628,486.83 76,398,379.08
Record Date 10/30/1998 10/30/1998
Principal And Interest Constant 1,021,296.48 750,741.19
Scheduled Principal 61,782.73 82,398.51
Unscheduled Principal 3,953,397.40 1,250,537.92
Scheduled Interest 959,513.75 668,342.68
Servicing Fees 48,601.53 32,388.04
Master Servicing Fees 729.02 485.82
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 Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 910,183.20 635,468.82
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptcy
1 Principal Balance 2,366,699.59 1,424,435.46 4,117,712.84 0.00 0.00 0.00
Percentage Of Balanc 2.101% 1.265% 3.656% 0.000% 0.000% 0.000%
Loan Count 22 16 49 0 0 0
Percentage Of Loans 1.989% 1.447% 4.430% 0.000% 0.000% 0.000%
2 Principal Balance 1,509,486.56 1,167,424.81 1,829,125.43 0.00 0.00 0.00
Percentage Of Balanc 1.976% 1.528% 2.394% 0.000% 0.000% 0.000%
Loan Count 23 18 32 0 0 0
Percentage Of Loans 2.048% 1.603% 2.850% 0.000% 0.000% 0.000%
</TABLE>
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