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): February 16, 1999.
LEHMAN ABS CORPORATION
(as depositor under the Pooling and Servicing Agreement, dated as of
June 1, 1998, which will issue Class A Certificates).
LEHMAN ABS CORPORATION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES,
SERIES 1998-3.
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-39649 13-3447441
(Commission File Number) (I.R.S. Employer Identification No.)
THREE WORLD FINANCIAL CENTER
200 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
February 16, 1999.
SIGNATURE
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.
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
June 1, 1998.
Date: March 20, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Report to Certificateholders as to distributions made on
February 16, 1999.
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
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 24,961,000.00 16,115,006.34 72,338.47 1,416,838.07 1,
>489,176.54 0.00 0.00 14,698,168.27
A-2 11,667,000.00 11,667,000.00 60,085.05 0.00
> 60,085.05 0.00 0.00 11,667,000.00
A-3 12,147,000.00 12,147,000.00 63,872.98 0.00
> 63,872.98 0.00 0.00 12,147,000.00
A-4 18,694,000.00 18,694,000.00 100,947.60 0.00
>100,947.60 0.00 0.00 18,694,000.00
A-5 11,594,000.00 11,594,000.00 65,989.18 0.00
> 65,989.18 0.00 0.00 11,594,000.00
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 79,063,000.00 70,217,006.34 363,233.28 1,416,838.07 1,
>780,071.35 0.00 0.00 68,800,168.27
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 525180BV6 645.607401146 2.898059773 56.762071632 59
>.660131405 588.845329514 5.050000% 4.985630%
A-2 525180BW4 1,000.000000000 5.150000000 0.000000000 5
>.150000000 1,000.000000000 6.180000% 6.180000%
A-3 525180BX2 1,000.000000000 5.258333745 0.000000000 5
>.258333745 1,000.0000000000 6.310000% 6.310000%
A-4 525180BY0 1,000.000000000 5.400000000 0.000000000 5
>.400000000 1,000.000000000 6.480000% 6.480000%
A-5 525180BZ7 1,000.000000000 5.691666379 0.000000000 5
>.691666379 1,000.000000000 6.830000% 6.830000%
R LH9803101 0.000000000 0.000000000 0.000000000 0
>.000000000 0.000000000 0.000000% 0.000000%
SELLER: Home Loan and Investment Bank, F.S.B. ADMI
>NISTRATOR: Jake D. Steen
SERVICER: Home Loan and Investment Bank, F.S.B.
> Bankers Trust Company
LEAD UNDERWRITER: Lehman ABS Corporation
> 3 Park Plaza
RECORD DATE: January 29, 1999
> Irvine, CA 92614
DISTRIBUTION DATE: February 16, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: February 16, 1999
ACCRUED SERVICING FEE COLLECTED:
> 29,726.69
PERMITTED REDUCTIONS TO SERVICING FEES:
> (1,199.97)
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 28,526.72
AMOUNT OF MONTHLY ADVANCES:
> 102,571.64
AMOUNT OF COMPENSATING INTEREST:
> 1,199.97
AMOUNT DUE THE CERTIFICATE INSURER:
> 7,606.84
DELINQUENT LOAN
> TOTAL TOTAL
INFORMATION: 30 TO 59 6
>0 TO 89 90 AND OVER LOANS IN LOANS IN
(INCLUDING LOANS IN FORECLOSURE) DAYS
> DAYS DAYS FORECLOSURE REO
GROUP 1 PRINCIPAL BALANCE 606,435.96
>184,895.95 816,394.74 0.00 0.00
PERCENTAGE OF ENDING POOL BALANCE 0.8814%
> 0.2687% 1.1866% 0.0000% 0.0000%
NUMBER OF LOANS 10
> 3 10 0 0
PERCENTAGE OF LOANS REMAINING 0.8881%
> 0.2664% 0.8881% 0.0000% 0.0000%
BOOK VALUE OF REO PROPERTY:
> 0.00
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 70,217,892.03
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 68,801,053.96
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 70,217,892.03
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 68,801,053.96
NUMBER OF LOANS IN GROUP I AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,155
NUMBER OF LOANS IN GROUP I AT THE END OF THE RELATED DUE PERIOD:
> 1,126
TOTAL NUMBER OF LOANS AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,155
TOTAL NUMBER OF LOANS AT THE END OF THE RELATED DUE PERIOD:
> 1,126
GROUP I WEIGHTED AVERAGE REMAINING TERM TO MATURITY:
> 202
Page 2 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: February 16, 1999
PRINCIPAL BALANCE OF LOANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTIO
>N DATE: 1,286,833.15
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION
> DATE: 29
PRINCIPAL CURTAILMENTS ON MORTGAGE LOANS:
> 14,236.93
PRINCIPAL PORTION OF MONTHLY PAYMENTS ON MORTGAGE LOANS:
> 77,779.69
FIXED RATE PRINCIPAL REMITTANCE AMOUNT COMPONENTS:
SCHEDULED PRINCIPAL PAYMENTS
> 77,779.69
CURTAILMENTS
> 14,236.93
PREPAYMENTS
> 1,286,833.15
INSURANCE PROCEEDS
> 0.00
RELEASED MORTGAGE PROPERTY PROCEEDS
> 0.00
NET LIQUIDATION PROCEEDS
> 0.00
UNRECOVERED CLASS A-1 PORTION
> 37,988.30
UNRECOVERED CLASS A-2 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
REMAINING PRE-FUNDING AMOUNTS FOR DISTRIBUTION
> 0.00
FIXED RATE PRINCIPAL REMITTANCE AMOUNT:
> 1,416,838.07
TOTAL AMOUNT OF INTEREST RECEIVED ON MORTGAGE LOANS:
> 541,842.64
AMOUNT OF FIXED RATE INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE:
> 0.00
FIXED RATE AVAILABLE REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE:
> 1,904,614.09
GROUP I WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 9.47%
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 3 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: February 16, 1999
AMOUNT TRANSFERRED FROM THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCO
>UNT: 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT BEGINNING BALANCE:
> 33,513.45
NET SIMPLE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S
>UB-ACCT. 17,266.34
NET SIMPLE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB
>-ACCT. 0.00
LESS: ANNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 5.03
> 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT ENDING BALANCE:
> 50,779.79
AMOUNT TRANSFERRED FROM THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT:
> 0.00
SPREAD ACCOUNT BEGINNING BALANCE:
> 1,234,050.56
AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 116,935.90
GAIN / (LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUNT
> 4,552.26
TOTAL AMOUNT DEPOSITED IN THE SPREAD ACCOUNT
> 121,488.16
TOTAL AMOUNTS WITHDRAWN FROM THE SPREAD ACCOUNT
> 0.00
SPREAD ACCOUNT ENDING BALANCE:
> 1,355,538.72
EXCESS SPREAD PERCENTAGE:
> 100.00%
AMOUNT OF EXCESS SPREAD:
> 116,935.90
AMOUNT OF MONTHLY EXCESS SPREAD:
> 116,935.90
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
BASE SPREAD ACCOUNT REQUIREMENT:
> 1,502,213.83
SUMMARY OF REALIZED LOSSES:
CURRENT GROUP I REALIZED LOSSES:
> 37,988.30
CUMMULATIVE GROUP I REALIZED LOSSES:
> 37,988.30
CUMULATIVE LOSS PERCENTAGE
> 0.00%
Page 4 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: February 16, 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
> 1,639.62
TOTAL AMOUNT OF REIMBURSEMENTS TO THE SERVICER:
> 1,639.62
AMOUNT DUE THE SELLER PURSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIB
>UTION DATE: 0.00
Page 5 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
