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 28, 1998
Lehman ABS Corporation (as depositor under the Pooling
And Servicing Agreement, dated as of July 1, 1998 relating to the
Issuance of the BankBoston Home Equity Loan Asset-Backed
Certificates, Series 1998-1)
LEHMAN ABS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-39649 13-3447441
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
Three World Financial Center
200 Vesey St
New York, New York 10285
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 526-7000
Item 5. Other Events
A. Monthly Report Information:
See Exhibit No. 1
B. No delinquency in payment under the Insurance and
Reimbursement Agreement has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable
under the Insurance and Reimbursement Agreement? NO
Amount:
E. Are there any developments with respect to the
Insurance and Reimbursement Agreement? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H. Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated December 28, 1998.
BANKBOSTON HOME EQUITY LOAN TRUST SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
Administrator: Steve Husbands
The First National Bank of Chicago
153 W. 51st Street, 8th Floor
New York, NY 10019
Distribution Date: 28-Dec-98
DISTRIBUTION SUMMARY
Class A-1 A-2 A-3
Original Face Value 144,023,000.00 55,699,000.00 31,320,000.00
Beginning Balance 117,306,533.71 55,699,000.00 31,320,000.00
Principal Distribution 7,132,548.96 0.00 0.00
Pass-Through Rate 6.46000% 6.22000% 6.25000%
Interest Distributed 631,500.17 288,706.48 163,125.00
Interest C/O Shortfall 0.00 0.00 0.00
Total Distribution 7,764,049.13 288,706.48 163,125.00
Remaining Balance 110,173,984.75 55,699,000.00 31,320,000.00
Class A-4 A-5 A-6 R
Original Face Value 54,982,000.00 29,037,000.00 35,000,000.00 0.00
Beginning Balance 54,982,000.00 29,037,000.00 35,000,000.00 0.00
Principal Distribution 0.00 0.00 0.00 0.00
Pass-Through Rate 6.42000% 6.66000% 6.35000% 0.00000%
Interest Distributed 294,153.70 161,155.35 185,208.33 0.00
Interest C/O Shortfall 0.00 0.00 0.00 0.00
Total Distribution 294,153.70 161,155.35 185,208.33 0.00
Remaining Balance 54,982,000.00 29,037,000.00 35,000,000.00 0.00
Class TOTAL Class CUSIP
Original Face Value 350,061,000.00 A-1 06606WAA2
Beginning Balance 323,344,533.71 A-2 06606WAB0
Principal Distribution 7,132,548.96 A-3 06606WAC8
Interest Distributed 1,723,849.03 A-4 06606WAD6
Interest C/O Shortfall 0.00 A-5 06606WAE4
Total Distribution 8,856,397.99 A-6 06606WAF1
Remaining Balance 316,211,984.75
AMOUNTS PER $1,000 UNIT
Class A-1 A-2 A-3
Beginning Balance 814.498613 1000.000000 1000.000000
Principal Distribution 49.523680 0.000000 0.000000
Interest Distribution 4.384718 5.183333 5.208333
Interest C/O Shortfall 0.000000 0.000000 0.000000
Total Distribution 53.908397 5.183333 5.208333
Remaining Balance 764.974933 1000.000000 1000.000000
Class A-4 A-5 A-6
Beginning Balance 1000.000000 1000.000000 1000.000000
Principal Distribution 0.000000 0.000000 0.000000
Interest Distribution 5.350000 5.550000 5.291667
Interest C/O Shortfall 0.000000 0.000000 0.000000
Total Distribution 5.350000 5.550000 5.291667
Remaining Balance 1000.000000 1000.000000 1000.000000
PRINCIPAL DISTRIBUTION BREAKDOWN
Total Principal Scheduled
Distribution Principal Prepayments Liquidations Total
Class A-1 414,343.36 5,934,590.64 0.00 7,132,548.96
Class A-2 0.00 0.00 0.00 0.00
Class A-3 0.00 0.00 0.00 0.00
Class A-4 0.00 0.00 0.00 0.00
Class A-5 0.00 0.00 0.00 0.00
Class A-6 0.00 0.00 0.00 0.00
Statement to Certificateholders
Pooling and Servicing Agreement Dated July 1, 1998
(Pursuant to Section 5.03 )
SEC. 5.03 (i)
Available Funds for the related Distribution Date 8,892,283.55
Insured Payment Amount for the related Distribution Date 0.00
SEC. 5.03 (ii)
Previous Pool Principal Balance 326,111,632.20
SEC. 5.03 (iii)
Aggregate Principal Collections for the Due Period 6,479,512.58
Aggregate Interest Collections during the Due Period 2,442,631.51
Total Collections Received during the Due Period 8,922,144.09
SEC. 5.03 (iv)
Number and Principal Balances of Mortgage NUMBER PRINCIPAL
Loans subject to Principal Prepayments OF LOANS BALANCE
80 5,934,590.64
SEC. 5.03 (v)
The Amount of all Curtailments that were Received during the Due 130,578.58
SEC. 5.03 (vi)
Principal Portion of all Monthly Payments Received during the Due 414,343.36
SEC. 5.03 (vii)
Scheduled Interest Accrued during Due Period,net of Servicing Fee 2,412,770.97
SEC. 5.03 (viii)
Amounts Required to be Paid by the Seller : Repurchases and Substitutions
Pursuant to Section 2.02 : Repurchases for Document Deficiencies 68,800.00
Pursuant to Section 2.04 : Repurchases for Reps and Warranties 0.00
Pursuant to Section 2.06 : Substitutiom Adjustment Amount 0.00
SEC. 5.03 (ix)
Amount of Monthly Advances 867,495.96
Amount of Compensating Interest 0.00
SEC. 5.03 (x)
Class A Principal Distribution Amount See above
Class A Interest Distribution Amount See above
SEC. 5.03 (xi)
Outstanding Class Interest Carryover Shortfall After Distribution See above
SEC. 5.03 (xii)
Amount distributed to the Class R Certificateholders 0.00
SEC. 5.03 (xiii)
Aggregate Class Principal Balance after Distribution See above
SEC. 5.03 (xiv)
The Weighted Average Remaining Term to Maturity 211
The Weighted Average Loan Rate 9.43367%
SEC. 5.03 (xv)
The Servicing Fee to be Paid to the Master Servicer
Paid from Collection AThe Servicing Fee to be Paid to the Master 135,879.72
SEC. 5.03 (xv)
The Amounts to be Paid to the Certificate Insurer
Pursuant to Section 5.01(a)(iv) of the PSA 0.00
Pursuant to Section 5.01(a)(viii) of the PSA 0.00
SEC. 5.03 (xvi)
Amount of all Payments or Reimbursements to the Master Servicer
Pursuant to Section 3.03 of the PSA 0.00
SEC. 5.03 (xvii)
Overcollateralization Amount as of beginning of period 2,767,098.49
Distributable Excess Spread 653,036.38
Overcollateralization Amount after current distribution 3,420,134.87
Overcollateralization Target 5,776,014.63
SEC. 5.03 (xviii)
Number of Mortgage Loans at Beginning of Due Period 4603
Number of Mortgage Loans at End of Due Period 4523
SEC. 5.03 (xvix)
Pool Principal Balance as of the End of Due Period 319,632,119.62
SEC. 5.03 (xvx)
The Number and Aggregate Principal Balances of Mortgage Loans
which are Delinquent (Delinquency Categories exclude Foreclosures, Bankruptcies,
NUMBER OF PRINCIPAL
LOANS BALANCE
30-59 Days 120 8,016,841.93
60-89 Days 17 1,161,909.28
90 or more 22 1,620,563.13
Foreclosure 19 1,413,257.87
REO 0 0.00
Bankruptcy 45 3,313,941.81
SEC. 5.03 (xxi)
Unpaid Principal of all loans that became Liquidated Loans during 0.00
SEC. 5.03 (xxii)
Net Liquidation Proceeds Received during Due Period 0.00
SEC. 5.03 (xxiii)
The Book Value of any REO 0.00
SEC. 5.03 (xxiv)
Has a Trigger Event occurred in the past? NO
Is there a Trigger Event as of the current Distribution Date? NO
SEC. 5.03 (xxvi)
The Premium Amount 34,255.00
SEC. 5.03 (xxvii)
Moody's Rating of the Long-Term Unsecured Debt
of the Seller (BankBoston, N.A.) A1
Standard & Poor's Rating of the Long-Term Unsecured Debt
of the Seller (BankBoston, N.A.) A
SEC. 5.03 (xxviii)
Cumulative Loan Losses as of such Distribution Date 0.00
90 Day + Rolling Average as of such Distribution Date 4,763,903.83
Delinquency Percent 1.36088%
SEC. 5.03 (xix)
Loans Purchased by Servicer
Current Aggregate
Count 1.00 1.00
Aggregate Principal Balance 68,800.00 68,800.00
SIGNATURES
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 thereunto duly authorized.
LEHMAN ABS CORPORATION
By
Name: Martin P. Harding
Title: Managing Director
Dated: December 31, 1998
