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 15,
1998.
LEHMAN ABS CORPORATION,
as Depositor (the "Depositor"), Home Loan and Investment Bank, F.S.B., as
Seller and Servicer (the "Seller" and the "Servicer", respectively), and
Bankers Trust Company of California, N.A., as Trustee (the "Trustee) under
the Pooling and Servicing Agreement, dated as of December 1, 1997,
providing for the issuance of the Home Equity Loan Asset-Backed
Certificates, Series 1997-2).
LEHMAN HOME EQUITY TRUST 1997-2 HOME EQUITY LOAN ASSET-BACKED
CERTIFICATES, SERIES 1997-2.
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-14293 13-3447441
(Commission File Number) (I.R.S. Employer Identification No.)
THREE WORLD FINANCIAL CENTER
20 VESEY STREET
NEW YORK, NEW YORK 10022
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212)526-7000
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements
to the Certificateholders which was derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Report to Certificateholders as to distributions made on
December 15, 1998.
Monthly Report to Certificateholders as to distributions made on
January 15, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Depositor has duly caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California,
N.A., not in its individual
capacity, but solely as a duly
authorized agent of the Registrant
pursuant to the Pooling and
Servicing Agreement, dated as of
December 1, 1997.
Date: January 29, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders
dated as of December 15, 1998.
Monthly Remittance Statement to the Certificateholders
dated as of January 15, 1999.
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 39,000,000.00 29,427,328.93 168,716.68 1,229,421.46 1,
>398,138.14 0.00 0.00 28,197,907.47
A-2 30,000,000.00 17,674,824.06 87,937.86 1,470,472.13 1,
>558,409.99 0.00 0.00 16,204,351.93
R 0.00 0.00 113,393.36 0.00
>113,393.36 0.00 0.00 0.00
TOTALS 69,000,000.00 47,102,152.99 370,047.90 2,699,893.59 3,
>069,941.49 0.00 0.00 44,402,259.40
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 525180BF1 754.5468956 4.3260687 31.5236272
>35.8496959 723.0232685 6.880000% 6.880000%
A-2 525180BG9 589.1608020 2.9312620 49.0157377
>51.9469997 540.1450643 5.517810% 5.775470%
R 0.0000000 1.6433820 0.0000000
> 1.6433820 0.0000000 0.000000% 0.000000%
SELLER: Home Loan and Investment Bank, F.S.B. ADMI
>NISTRATOR: Jake Steen
SERVICER: Home Loan and Investment Bank, F.S.B.
> Bankers Trust Company
LEAD UNDERWRITER: Lehman ABS Corporation
> 3 Park Plaza
RECORD DATE: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 15, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 6
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-2
Statement To Certificateholders
Distribution Date: December 15, 1998
ACCRUED SERVICING FEE COLLECTED:
> 19,382.88
PERMITTED REDUCTIONS TO SERVICING FEES:
> (3,253.83)
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 16,129.05
AMOUNT OF MONTHLY ADVANCES:
> 47,840.61
AMOUNT OF COMPENSATING INTEREST:
> 3,253.83
AMOUNT DUE THE CERTIFICATE INSURER:
> 5,250.02
DELINQUENT LOAN
> TOTAL TOTAL
INFORMATION: 30 TO 59 6
>0 TO 89 90 + LOANS IN LOANS IN
(INCLUDING LOANS IN FORECLOSURE) DAYS
> DAYS DAYS FORECLOSURE REO
GROUP 1 PRINCIPAL BALANCE 66,264.53
> 33,547.53 133,758.65 86,522.89 0.00
PERCENTAGE OF ENDING POOL BALANCE 0.2350%
> 0.1190% 0.4744% 0.3068% 0.0000%
NUMBER OF LOANS 2
> 1 3 2 0
PERCENTAGE OF LOANS REMAINING 0.3937%
> 0.1969% 0.5906% 0.3937% 0.0000%
GROUP 2 PRINCIPAL BALANCE 728,798.64
>129,364.39 297,469.00 221,470.03 0.00
PERCENTAGE OF ENDING POOL BALANCE 4.4975%
> 0.7983% 1.8357% 0.7854% 0.0000%
NUMBER OF LOANS 8
> 2 5 4 0
PERCENTAGE OF LOANS REMAINING 3.0418%
> 0.7605% 1.9011% 0.7874% 0.0000%
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 38,989,093.94
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 29,427,328.93
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 28,197,907.47
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP II:
> 29,999,556.40
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP II:
> 17,674,824.06
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP II:
> 16,204,351.93
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 68,988,650.34
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 47,102,152.99
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 44,402,259.40
NUMBER OF LOANS IN GROUP I AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 529
NUMBER OF LOANS IN GROUP I AT THE END OF THE RELATED DUE PERIOD:
> 508
NUMBER OF LOANS IN GROUP II AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 287
NUMBER OF LOANS IN GROUP II AT THE END OF THE RELATED DUE PERIOD:
> 263
TOTAL NUMBER OF LOANS AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 816
TOTAL NUMBER OF LOANS AT THE END OF THE RELATED DUE PERIOD:
> 771
GROUP I WEIGHTED AVERAGE REMAINING TERM TO MATURITY:
> 200
GROUP II WEIGHTED AVERAGE REMAINING TERM TO MATURITY:
> 272
Page 2 of 6
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-2
Statement To Certificateholders
Distribution Date: December 15, 1998
PRINCIPAL BALANCE OF LOANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTIO
>N DATE: 2,616,232.02
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION
> DATE: 45
PRINCIPAL CURTAILMENTS ON MORTGAGE LOANS:
> 19,032.84
PRINCIPAL PORTION OF MONTHLY PAYMENTS ON MORTGAGE LOANS:
> 64,628.73
FIXED RATE PRINCIPAL REMITTANCE AMOUNT COMPONENTS:
SCHEDULED PRINCIPAL PAYMENTS
> 49,190.75
CURTAILMENTS
> 12,821.91
PREPAYMENTS
> 1,167,408.80
INSURANCE PROCEEDS
> 0.00
RELEASED MORTGAGE PROPERTY PROCEEDS
> 0.00
NET LIQUIDATION PROCEEDS
> 0.00
UNRECOVERED CLASS A-1 PORTION
> 0.00
PRIOR FIXED RATE CARRY FORWARD AMOUNT
> 0.00
PRINCIPAL PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS
> 0.00
PRINCIPAL SUBSTITUTION ADJUSTMENT AMOUNT
> 0.00
FIXED RATE PRINCIPAL REMITTANCE AMOUNT:
> 1,229,421.46
VARIABLE RATE PRINCIPAL REMITTANCE AMOUNT COMPONENTS:
SCHEDULED PRINCIPAL PAYMENTS
> 15,437.98
CURTAILMENTS
> 6,210.93
PREPAYMENTS
> 1,448,823.22
INSURANCE PROCEEDS
> 0.00
RELEASED MORTGAGE PROPERTY PROCEEDS
> 0.00
NET LIQUIDATION PROCEEDS
> 0.00
UNRECOVERED CLASS A-2 PORTION
> 0.00
PRIOR CLASS A-2 CARRY FORWARD AMOUNT
> 0.00
PRINCIPAL PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS
> 0.00
PRINCIPAL SUBSTITUTION ADJUSTMENT AMOUNT
> 0.00
VARIABLE RATE PRINCIPAL REMITTANCE AMOUNT:
> 1,470,472.13
TOTAL AMOUNT OF INTEREST RECEIVED ON MORTGAGE LOANS:
> 388,733.82
AMOUNT OF FIXED RATE INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE:
> 0.00
AMOUNT OF VARIABLE RATE INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE:
> 0.00
FIXED RATE AVAILABLE REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE:
> 1,449,211.05
VARIABLE RATE AVAILABLE REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE:
> 1,621,277.40
Page 3 of 6
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-2
Statement To Certificateholders
Distribution Date: December 15, 1998
GROUP I WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 9.37%
GROUP II WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 10.65%
CLASS A-1 INTEREST REMITTANCE AMOUNT COMPONENTS:
SCHEDULED INTEREST PAYMENTS
> 168,716.68
LESS: CLASS A-1 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT
> 0.00
FIXED RATE INTEREST REMITTANCE AMOUNT:
> 168,716.68
CLASS A-1 MORTGAGE LOAN INTEREST SHORTFALL COMPONENTS:
AMOUNT OF PREPAYMENT INTEREST SHORTFALL
> 0.00
AMOUNT OF CIVIL RELIEF ACT SHORTFALL
> 0.00
GROUP I MORTGAGE LOAN INTEREST SHORTFALL AMOUNT:
> 0.00
CLASS A-2 INTEREST REMITTANCE AMOUNT COMPONENTS:
SCHEDULED INTEREST PAYMENTS
> 87,937.86
LESS: A-2 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT
> 0.00
VARIABLE RATE INTEREST REMITTANCE AMOUNT:
> 87,937.86
CLASS A-2 MORTGAGE LOAN INTEREST SHORTFALL COMPONENTS:
AMOUNT OF PREPAYMENT INTEREST SHORTFALL
> 0.00
AMOUNT OF CIVIL RELIEF ACT SHORTFALL
> 0.00
GROUP II MORTGAGE LOAN INTEREST SHORTFALL AMOUNT:
> 0.00
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF REIMBURSABLE AMOUNTS:
> 0.00
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF NONRECOVERABLE ADVANC
>ES: 0.00
Page 4 of 6
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-2
Statement To Certificateholders
Distribution Date: December 15, 1998
AMOUNT TRANSFERRED FROM THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCO
>UNT: 0.00
AMOUNT TRANSFERRED FROM THE SPREAD ACCOUNT TO THE SIMPLE INTEREST ACCOUNT:
> 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT BEGINNING BALANCE:
> 32,975.37
NET SIMPLE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S
>UB-ACCT. 16,901.17
NET SIMPLE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB
>-ACCT. 0.00
LESS: ANNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 6.02
> 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT ENDING BALANCE:
> 49,876.54
AMOUNT TRANSFERRED FROM THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT:
> 113,393.36
SPREAD ACCOUNT BEGINNING BALANCE:
> 1,094,828.87
AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 108,690.30
GAIN / (LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUNT
> 4,703.06
TOTAL AMOUNT DEPOSITED IN THE SPREAD ACCOUNT
> 113,393.36
TOTAL AMOUNTS WITHDRAWN FROM THE SPREAD ACCOUNT
> 113,393.36
SPREAD ACCOUNT ENDING BALANCE:
> 1,094,828.87
EXCESS SPREAD PERCENTAGE:
> 100.00%
AMOUNT OF EXCESS SPREAD:
> 108,690.30
AMOUNT OF MONTHLY EXCESS SPREAD:
> 108,690.30
AMOUNT OF SPREAD ACCOUNT EXCESS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO REIMBURSABLE AMOUNTS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO MONTHLY ADVANCES:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO CLASS R CERTIFICATEHOLDERS:
> 0.00
SUMMARY OF REALIZED LOSSES:
CURRENT GROUP I REALIZED LOSSES:
> 0.00
CUMULATIVE GROUP I REALIZED LOSSES:
> 1,136.32
CUMULATIVE REALIZED LOSSES ON THE FIXED RATE CERTIFICATES:
> 0.00
CURRENT GROUP II REALIZED LOSSES:
> 0.00
CUMULATIVE GROUP II REALIZED LOSSES:
> 0.00
CUMULATIVE REALIZED LOSSES ON THE VARIABLE RATE CERTIFICATES:
> 0.00
Page 5 of 6
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-2
Statement To Certificateholders
Distribution Date: December 15, 1998
COMPONENTS OF REIMBURSEMENTS TO THE SERVICER FROM THE CERTIFICATE ACCOUNT PURSU
>ANT TO:
SECTION 3.03 (ii) ACCRUED & UNPAID SERVICING FEES & ADVANCES
> 0.00
SECTION 3.03 (iv) INTEREST EARNED ON SPREAD ACCOUNT DUE SERVICE
>R 0.00
SECTION 3.03 (v) AMOUNTS DEPOSITED IN CERTIFICATE ACCOUNT IN ER
>ROR 0.00
SECTION 3.03 (vii) REO CONSERVATION & DISPOSITION AMOUNTS DUE S
>ERVICER 0.00
SECTION 3.03 (viii) REIMBURSEMENT OF NONRECOVERABLE ADVANCES
> 0.00
TOTAL AMOUNT OF REIMBURSEMENTS TO THE SERVICER:
> 0.00
AMOUNT ON DEPOSIT IN THE PRE-FUNDING ACCOUNT AS OF THE CURRENT DISTRIBUTION DAT
>E: 0.00
AMOUNT ON DEPOSIT IN THE CAPITALIZED INTEREST ACCOUNT AS OF THE CURRENT DISTRIB
>UTION DATE: 0.00
AMOUNT DUE THE SELLER PURSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIB
>UTION DATE: 0.00
GAINS / (LOSSES) TO MONTHLY EXCESS SPREAD ACCOUNT DEPOSIT BY GROUPS
CURRENT GROUP I AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 47,884.95
CURRENT GROUP II AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 60,805.35
Page 6 of 6
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 39,000,000.00 28,197,907.47 161,668.00 1,487,946.47 1,
>649,614.47 0.00 0.00 26,709,961.00
A-2 30,000,000.00 16,204,351.93 80,589.45 1,088,074.94 1,
>168,664.39 0.00 0.00 15,116,276.99
R 0.00 0.00 106,419.55 0.00
>106,419.55 0.00 0.00 0.00
TOTALS 69,000,000.00 44,402,259.40 348,677.00 2,576,021.41 2,
>924,698.41 0.00 0.00 41,826,237.99
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 525180BF1 723.0232685 4.1453333 38.1524736
>42.2978069 684.8707949 6.880000% 6.880000%
A-2 525180BG9 540.1450643 2.6863150 36.2691647
>38.9554797 503.8758997 5.775470% 5.240000%
R 0.0000000 1.5423123 0.0000000
> 1.5423123 0.0000000 0.000000% 0.000000%
SELLER: Home Loan and Investment Bank, F.S.B. ADMI
>NISTRATOR: Jake Steen
SERVICER: Home Loan and Investment Bank, F.S.B.
> Bankers Trust Company
LEAD UNDERWRITER: Lehman ABS Corporation
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 15, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-2
Statement To Certificateholders
Distribution Date: January 15, 1999
ACCRUED SERVICING FEE COLLECTED:
> 18,855.81
PERMITTED REDUCTIONS TO SERVICING FEES:
> (2,687.01)
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 16,168.80
AMOUNT OF MONTHLY ADVANCES:
> 57,896.29
AMOUNT OF COMPENSATING INTEREST:
> 2,687.01
AMOUNT DUE THE CERTIFICATE INSURER:
> 4,945.28
DELINQUENT LOAN
> TOTAL TOTAL
INFORMATION: 30 TO 59 6
>0 TO 89 90 + LOANS IN LOANS IN
(INCLUDING LOANS IN FORECLOSURE) DAYS
> DAYS DAYS FORECLOSURE REO
GROUP 1 PRINCIPAL BALANCE 53,031.24
> 33,547.53 47,235.76 47,235.76 0.00
PERCENTAGE OF ENDING POOL BALANCE 0.1985%
> 0.1256% 0.1768% 0.1768% 0.0000%
NUMBER OF LOANS 2
> 1 1 1 0
PERCENTAGE OF LOANS REMAINING 0.4175%
> 0.2088% 0.2088% 0.2088% 0.0000%
GROUP 2 PRINCIPAL BALANCE 150,881.86
> 0.00 297,469.00 297,469.00 0.00
PERCENTAGE OF ENDING POOL BALANCE 0.9981%
> 0.0000% 1.9679% 1.1137% 0.0000%
NUMBER OF LOANS 2
> 0 5 5 0
PERCENTAGE OF LOANS REMAINING 0.8197%
> 0.0000% 2.0492% 1.0438% 0.0000%
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 38,989,093.94
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 28,197,907.47
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 26,709,961.00
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP II:
> 29,999,556.40
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP II:
> 16,204,351.93
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP II:
> 15,116,276.99
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 68,988,650.34
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 44,402,259.40
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 41,826,237.99
NUMBER OF LOANS IN GROUP I AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 508
NUMBER OF LOANS IN GROUP I AT THE END OF THE RELATED DUE PERIOD:
> 479
NUMBER OF LOANS IN GROUP II AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 263
NUMBER OF LOANS IN GROUP II AT THE END OF THE RELATED DUE PERIOD:
> 244
TOTAL NUMBER OF LOANS AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 771
TOTAL NUMBER OF LOANS AT THE END OF THE RELATED DUE PERIOD:
> 723
GROUP I WEIGHTED AVERAGE REMAINING TERM TO MATURITY:
> 199
GROUP II WEIGHTED AVERAGE REMAINING TERM TO MATURITY:
> 271
Page 2 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-2
Statement To Certificateholders
Distribution Date: January 15, 1999
PRINCIPAL BALANCE OF LOANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTIO
>N DATE: 2,496,850.31
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION
> DATE: 48
PRINCIPAL CURTAILMENTS ON MORTGAGE LOANS:
> 18,114.19
PRINCIPAL PORTION OF MONTHLY PAYMENTS ON MORTGAGE LOANS:
> 61,056.91
FIXED RATE PRINCIPAL REMITTANCE AMOUNT COMPONENTS:
SCHEDULED PRINCIPAL PAYMENTS
> 46,949.64
CURTAILMENTS
> 10,147.72
PREPAYMENTS
> 1,430,849.11
INSURANCE PROCEEDS
> 0.00
RELEASED MORTGAGE PROPERTY PROCEEDS
> 0.00
NET LIQUIDATION PROCEEDS
> 0.00
UNRECOVERED CLASS A-1 PORTION
> 0.00
PRIOR FIXED RATE CARRY FORWARD AMOUNT
> 0.00
PRINCIPAL PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS
> 0.00
PRINCIPAL SUBSTITUTION ADJUSTMENT AMOUNT
> 0.00
FIXED RATE PRINCIPAL REMITTANCE AMOUNT:
> 1,487,946.47
VARIABLE RATE PRINCIPAL REMITTANCE AMOUNT COMPONENTS:
SCHEDULED PRINCIPAL PAYMENTS
> 14,107.27
CURTAILMENTS
> 7,966.47
PREPAYMENTS
> 1,066,001.20
INSURANCE PROCEEDS
> 0.00
RELEASED MORTGAGE PROPERTY PROCEEDS
> 0.00
NET LIQUIDATION PROCEEDS
> 0.00
UNRECOVERED CLASS A-2 PORTION
> 0.00
PRIOR CLASS A-2 CARRY FORWARD AMOUNT
> 0.00
PRINCIPAL PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS
> 0.00
PRINCIPAL SUBSTITUTION ADJUSTMENT AMOUNT
> 0.00
VARIABLE RATE PRINCIPAL REMITTANCE AMOUNT:
> 1,088,074.94
TOTAL AMOUNT OF INTEREST RECEIVED ON MORTGAGE LOANS:
> 375,172.21
AMOUNT OF FIXED RATE INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE:
> 0.00
AMOUNT OF VARIABLE RATE INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE:
> 0.00
FIXED RATE AVAILABLE REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE:
> 1,697,328.35
VARIABLE RATE AVAILABLE REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE:
> 1,227,545.34
Page 3 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-2
Statement To Certificateholders
Distribution Date: January 15, 1999
GROUP I WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 9.37%
GROUP II WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 10.72%
CLASS A-1 INTEREST REMITTANCE AMOUNT COMPONENTS:
SCHEDULED INTEREST PAYMENTS
> 161,668.00
LESS: CLASS A-1 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT
> 0.00
FIXED RATE INTEREST REMITTANCE AMOUNT:
> 161,668.00
CLASS A-1 MORTGAGE LOAN INTEREST SHORTFALL COMPONENTS:
AMOUNT OF PREPAYMENT INTEREST SHORTFALL
> 0.00
AMOUNT OF CIVIL RELIEF ACT SHORTFALL
> 0.00
GROUP I MORTGAGE LOAN INTEREST SHORTFALL AMOUNT:
> 0.00
CLASS A-2 INTEREST REMITTANCE AMOUNT COMPONENTS:
SCHEDULED INTEREST PAYMENTS
> 80,589.45
LESS: A-2 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT
> 0.00
VARIABLE RATE INTEREST REMITTANCE AMOUNT:
> 80,589.45
CLASS A-2 MORTGAGE LOAN INTEREST SHORTFALL COMPONENTS:
AMOUNT OF PREPAYMENT INTEREST SHORTFALL
> 0.00
AMOUNT OF CIVIL RELIEF ACT SHORTFALL
> 0.00
GROUP II MORTGAGE LOAN INTEREST SHORTFALL AMOUNT:
> 0.00
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF REIMBURSABLE AMOUNTS:
> 0.00
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF NONRECOVERABLE ADVANC
>ES: 0.00
Page 4 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-2
Statement To Certificateholders
Distribution Date: January 15, 1999
AMOUNT TRANSFERRED FROM THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCO
>UNT: 0.00
AMOUNT TRANSFERRED FROM THE SPREAD ACCOUNT TO THE SIMPLE INTEREST ACCOUNT:
> 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT BEGINNING BALANCE:
> 49,876.54
NET SIMPLE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S
>UB-ACCT. 19,961.25
NET SIMPLE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB
>-ACCT. 0.00
LESS: ANNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 6.02
> 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT ENDING BALANCE:
> 69,837.79
AMOUNT TRANSFERRED FROM THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT:
> 106,419.55
SPREAD ACCOUNT BEGINNING BALANCE:
> 1,094,828.87
AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 101,649.55
GAIN / (LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUNT
> 4,770.00
TOTAL AMOUNT DEPOSITED IN THE SPREAD ACCOUNT
> 106,419.55
TOTAL AMOUNTS WITHDRAWN FROM THE SPREAD ACCOUNT
> 106,419.55
SPREAD ACCOUNT ENDING BALANCE:
> 1,094,828.87
EXCESS SPREAD PERCENTAGE:
> 100.00%
AMOUNT OF EXCESS SPREAD:
> 101,649.55
AMOUNT OF MONTHLY EXCESS SPREAD:
> 101,649.55
AMOUNT OF SPREAD ACCOUNT EXCESS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO REIMBURSABLE AMOUNTS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO MONTHLY ADVANCES:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO CLASS R CERTIFICATEHOLDERS:
> 0.00
SUMMARY OF REALIZED LOSSES:
CURRENT GROUP I REALIZED LOSSES:
> 0.00
CUMULATIVE GROUP I REALIZED LOSSES:
> 1,136.32
CUMULATIVE REALIZED LOSSES ON THE FIXED RATE CERTIFICATES:
> 0.00
CURRENT GROUP II REALIZED LOSSES:
> 0.00
CUMULATIVE GROUP II REALIZED LOSSES:
> 0.00
CUMULATIVE REALIZED LOSSES ON THE VARIABLE RATE CERTIFICATES:
> 0.00
Page 5 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-2
Statement To Certificateholders
Distribution Date: January 15, 1999
COMPONENTS OF REIMBURSEMENTS TO THE SERVICER FROM THE CERTIFICATE ACCOUNT PURSU
>ANT TO:
SECTION 3.03 (ii) ACCRUED & UNPAID SERVICING FEES & ADVANCES
> 0.00
SECTION 3.03 (iv) INTEREST EARNED ON SPREAD ACCOUNT DUE SERVICE
>R 0.00
SECTION 3.03 (v) AMOUNTS DEPOSITED IN CERTIFICATE ACCOUNT IN ER
>ROR 0.00
SECTION 3.03 (vii) REO CONSERVATION & DISPOSITION AMOUNTS DUE S
>ERVICER 0.00
SECTION 3.03 (viii) REIMBURSEMENT OF NONRECOVERABLE ADVANCES
> 0.00
TOTAL AMOUNT OF REIMBURSEMENTS TO THE SERVICER:
> 0.00
AMOUNT ON DEPOSIT IN THE PRE-FUNDING ACCOUNT AS OF THE CURRENT DISTRIBUTION DAT
>E: 0.00
AMOUNT ON DEPOSIT IN THE CAPITALIZED INTEREST ACCOUNT AS OF THE CURRENT DISTRIB
>UTION DATE: 0.00
AMOUNT DUE THE SELLER PURSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIB
>UTION DATE: 0.00
GAINS / (LOSSES) TO MONTHLY EXCESS SPREAD ACCOUNT DEPOSIT BY GROUPS
CURRENT GROUP I AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 44,659.11
CURRENT GROUP II AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 56,990.44
Page 6 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
