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Previous: DEF EXCHANGEABLE PREFERRED TRUST, N-2/A, 1998-11-09 |
Next: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998 23 TRUST, 8-K, 1998-11-09 |
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
MORGAN STANLEY ABS CAPITAL I, Inc.,
Life Bank Asset-Backed Certificates, Series 1998-01
New York (governing law of 333-19779 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
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 MORGAN STANLEY
ABS CAPITAL I, Inc., Life Bank Asset-Backed Certificates Series 1998-01.
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 Asset-
Backed Certificates, Series 1998-01, 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.
MORGAN STANLEY ABS CAPITAL I, Inc.,
Life Bank Asset-Backed Certificates, Series 1998-01
By: Norwest Bank Minnesota, N.A., as Indenture Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 11/05/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-Backed Certificates,
Series 1998-1, relating to the October 26, 1998 distribution.
<TABLE>
<CAPTION>
LIFE FINANCIAL HOME LOAN OWNER TRUST
Mortgage Pass-Through Certificates
Record Date: 09/30/1998
Distribution Date: 10/26/1998
LFH Series: 1998-1
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 53184QAA7 SEQ 6.45000% 76,000,000.00 408,500.00 795,804.91
A-2 53184QAB5 SEQ 6.22000% 35,000,000.00 181,416.67 0.00
A-3 53184QAC3 SEQ 6.27000% 34,000,000.00 177,650.00 0.00
A-4 53184QAD1 SEQ 6.30000% 44,000,000.00 231,000.00 0.00
A-5 53184QAE9 SEQ 6.70000% 22,293,000.00 124,469.25 0.00
A-6 53184QAF6 SEQ 6.20000% 23,477,000.00 121,297.83 0.00
A-7 53184QAH2 SEQ 5.96992% 123,922,000.00 657,603.93 2,381,270.38
A-8 53184QAJ8 SEQ 6.08000% 41,308,000.00 209,293.87 0.00
A-IO 53184QAK5 IO 2.00000% 0.00 206,540.00 0.00
F-IO 53184QAG4 IO 6.00000% 0.00 117,385.00 0.00
OC1 LFH981OC1 SEQ 0.00000% 0.00 0.00 0.00
OC2 LFH981OC2 SEQ 0.00000% 0.00 0.00 0.00
R-I LFH9801R1 RES 0.00000% 0.00 0.00 0.00
R-II LFH9801R2 RES 0.00000% 0.00 0.00 0.00
Totals 400,000,000.00 2,435,156.55 3,177,075.29
</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 75,204,195.09 1,204,304.91 0.00
A-2 0.00 35,000,000.00 181,416.67 0.00
A-3 0.00 34,000,000.00 177,650.00 0.00
A-4 0.00 44,000,000.00 231,000.00 0.00
A-5 0.00 22,293,000.00 124,469.25 0.00
A-6 0.00 23,477,000.00 121,297.83 0.00
A-7 0.00 121,540,729.62 3,038,874.31 0.00
A-8 0.00 41,308,000.00 209,293.87 0.00
A-IO 0.00 0.00 206,540.00 0.00
F-IO 0.00 0.00 117,385.00 0.00
OC1 0.00 360,832.07 0.00 0.00
OC2 0.00 119,244.87 0.00 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
Totals 0.00 397,303,001.65 5,612,231.84 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 76,000,000.00 76,000,000.00 0.00 795,804.91 0.00 0.00
A-2 35,000,000.00 35,000,000.00 0.00 0.00 0.00 0.00
A-3 34,000,000.00 34,000,000.00 0.00 0.00 0.00 0.00
A-4 44,000,000.00 44,000,000.00 0.00 0.00 0.00 0.00
A-5 22,293,000.00 22,293,000.00 0.00 0.00 0.00 0.00
A-6 23,477,000.00 23,477,000.00 0.00 0.00 0.00 0.00
A-7 123,922,000.00 123,922,000.00 0.00 2,381,270.38 0.00 0.00
A-8 41,308,000.00 41,308,000.00 0.00 0.00 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
F-IO 0.00 0.00 0.00 0.00 0.00 0.00
OC1 0.00 0.00 0.00 0.00 0.00 0.00
OC2 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
R-II 0.00 0.00 0.00 0.00 0.00 0.00
Totals 400,000,000.00 400,000,000.00 0.00 3,177,075.29 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-1 795,804.91 75,204,195.09 0.98952888 795,804.91
A-2 0.00 35,000,000.00 1.00000000 0.00
A-3 0.00 34,000,000.00 1.00000000 0.00
A-4 0.00 44,000,000.00 1.00000000 0.00
A-5 0.00 22,293,000.00 1.00000000 0.00
A-6 0.00 23,477,000.00 1.00000000 0.00
A-7 2,381,270.38 121,540,729.62 0.98078412 2,381,270.38
A-8 0.00 41,308,000.00 1.00000000 0.00
A-IO 0.00 0.00 0.00000000 0.00
F-IO 0.00 0.00 0.00000000 0.00
OC1 0.00 360,832.07 0.00000000 0.00
OC2 0.00 119,244.87 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 3,177,075.29 397,303,001.65 0.99325750 3,177,075.29
</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 76,000,000.00 1000.00000000 0.00000000 10.47111724 0.00000000
A-2 35,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 34,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 44,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 22,293,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 23,477,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-7 123,922,000.00 1000.00000000 0.00000000 19.21588080 0.00000000
A-8 41,308,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
F-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OC1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OC2 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
<FN>
All denominations are Per $1000
</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 10.47111724 989.52888276 0.98952888 10.47111724
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-7 0.00000000 19.21588080 980.78411920 0.98078412 19.21588080
A-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
F-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC1 0.00000000 0.00000000 360,832.07000000 0.00000000 0.00000000
OC2 0.00000000 0.00000000 119,244.87000000 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
<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 76,000,000.00 6.45000% 76,000,000.00 408,500.00 0.00 0.00
A-2 35,000,000.00 6.22000% 35,000,000.00 181,416.67 0.00 0.00
A-3 34,000,000.00 6.27000% 34,000,000.00 177,650.00 0.00 0.00
A-4 44,000,000.00 6.30000% 44,000,000.00 231,000.00 0.00 0.00
A-5 22,293,000.00 6.70000% 22,293,000.00 124,469.25 0.00 0.00
A-6 23,477,000.00 6.20000% 23,477,000.00 121,297.83 0.00 0.00
A-7 123,922,000.00 5.96992% 123,922,000.00 657,603.93 0.00 0.00
A-8 41,308,000.00 6.08000% 41,308,000.00 209,293.87 0.00 0.00
A-IO 0.00 2.00000% 123,924,000.00 206,540.00 0.00 0.00
F-IO 0.00 6.00000% 23,477,000.00 117,385.00 0.00 0.00
OC1 0.00 0.00000% 0.00 0.00 0.00 0.00
OC2 0.00 0.00000% 0.00 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
Totals 400,000,000.00 2,435,156.55 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 0.00 408,500.00 0.00 75,204,195.09
A-2 0.00 0.00 181,416.67 0.00 35,000,000.00
A-3 0.00 0.00 177,650.00 0.00 34,000,000.00
A-4 0.00 0.00 231,000.00 0.00 44,000,000.00
A-5 0.00 0.00 124,469.25 0.00 22,293,000.00
A-6 0.00 0.00 121,297.83 0.00 23,477,000.00
A-7 0.00 0.00 657,603.93 0.00 121,540,729.62
A-8 0.00 0.00 209,293.87 0.00 41,308,000.00
A-IO 0.00 0.00 206,540.00 0.00 123,924,000.00
F-IO 0.00 0.00 117,385.00 0.00 23,477,000.00
OC1 0.00 0.00 0.00 0.00 360,832.07
OC2 0.00 0.00 0.00 0.00 119,244.87
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 2,435,156.55 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 76,000,000.00 6.45000% 1000.00000000 5.37500000 0.00000000 0.00000000
A-2 35,000,000.00 6.22000% 1000.00000000 5.18333343 0.00000000 0.00000000
A-3 34,000,000.00 6.27000% 1000.00000000 5.22500000 0.00000000 0.00000000
A-4 44,000,000.00 6.30000% 1000.00000000 5.25000000 0.00000000 0.00000000
A-5 22,293,000.00 6.70000% 1000.00000000 5.58333333 0.00000000 0.00000000
A-6 23,477,000.00 6.20000% 1000.00000000 5.16666652 0.00000000 0.00000000
A-7 123,922,000.00 5.96992% 1000.00000000 5.30659552 0.00000000 0.00000000
A-8 41,308,000.00 6.08000% 1000.00000000 5.06666675 0.00000000 0.00000000
A-IO 0.00 2.00000% 1000.00000000 1.66666667 0.00000000 0.00000000
F-IO 0.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
OC1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC2 0.00 0.00000% 0.00000000 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
<FN>
All denomination are Per $1000
</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 5.37500000 0.00000000 989.52888276
A-2 0.00000000 0.00000000 5.18333343 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.22500000 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.25000000 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.58333333 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 5.16666652 0.00000000 1000.00000000
A-7 0.00000000 0.00000000 5.30659552 0.00000000 980.78411920
A-8 0.00000000 0.00000000 5.06666675 0.00000000 1000.00000000
A-IO 0.00000000 0.00000000 1.66666667 0.00000000 1000.00000000
F-IO 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
OC1 0.00000000 0.00000000 0.00000000 0.00000000 360832.07000000
OC2 0.00000000 0.00000000 0.00000000 0.00000000 119244.87000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 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>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
A-IO IO 2.00000% 41,308,000.00 41,308,000.00 0.00 0.00 100.00000000%
A-IO IO 1.00000% 41,308,000.00 41,308,000.00 0.00 0.00 100.00000000%
A-IO IO 3.00000% 41,308,000.00 41,308,000.00 0.00 0.00 100.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,801,784.07
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 5,801,784.07
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 189,552.23
Payment of Interest and Principal 5,612,231.84
Total Withdrawals (Pool Distribution Amount) 5,801,784.07
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 134,184.81
Trustee Fee 5,367.42
MBIA fee group 1 29,346.25
MBIA fee group 2 20,653.75
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 189,552.23
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
</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 42 3,087,951.26 1.213522% 0.966959%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 42 3,087,951.26 1.213522% 0.966959%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
<S> <C>
Class OC1 0.00 0.00000000% 119,244.87 0.03734026% 0.112991% 0.000000%
Class OC2 0.00 0.00000000% 0.00 0.00000000% 0.037340% 0.000000%
Class F-IO 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss
Exposure.
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 11.049061%
Weighted AverageNet Coupon 10.549062%
Weighted Average Pass-Through Rate 10.342751%
Weighted Average Maturity(Stepdown Calculation ) 359
Begin Scheduled Collateral Loan Count 3,471
Number Of Loans Paid In Full 10
End Scheduled Collateral Loan Count 3,461
Begining Scheduled Collateral Balance 400,000,000.00
Ending Scheduled Collateral Balance 319,346,663.04
Ending Actual Collateral Balance at 30-Sep-1998 319,551,335.39
Monthly P &I Constant 2,813,895.68
Ending Scheduled Balance for Premium Loans 319,346,663.04
Scheduled Principal 248,907.97
Unscheduled Principal 2,448,090.41
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Capitalized Interest Requirement - Group 245,806.73
1
Capitalized Interest Requirement - Group 229,468.30
2
Prefunding Account Balance - Group 1 42,436,956.00
Prefunding Account Balance - Group 2 35,519,383.00
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Mixed Fixed Mixed ARM
Weighted Average Coupon Rate 9.697620 9.350141
Weighted Average Net Rate 9.177620 8.830141
Weighted Average Maturity 359.00 359.00
Begining Loan Count 2,394.00 1,077.00
Loans Paid In Full 4.00 6.00
Ending Loan Count 2,390.00 1,071.00
Begining Scheduled Balance 192,333,041.22 129,710,620.20
Ending Scheduled Balance 191,898,068.54 127,448,594.50
Record Date 09/30/98 09/30/98
Principal And Interest Constant 1,731,816.20 1,082,079.48
Scheduled Principal 177,505.64 72,055.55
Unscheduled Principal 257,467.04 2,190,623.37
Scheduled Interest 1,554,310.56 1,010,677.15
Servicing Fee 80,138.77 54,046.09
Other Fee 3,205.55 2,161.84
Net Interest 1,470,966.24 954,469.22
Group ID 1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 360,832.23 119,244.68
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 6,456,175.00 7,022,275.00
Overcollateralization Amount 0.00 0.00
Overcollateralization Deficiency Amount 48,893,133.78 42,541,654.80
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 360,832.23 119,244.68
Excess Cash Amount 360,832.23 119,244.68
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C>
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
1 25 1,580,132.10 0 0.00 0 0.00 0
2 17 1,507,819.16 0 0.00 0 0.00 0
Total 42 $3,087,951.26 0 $0.00 0 $0.00 0
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Groups Foreclosure REO Bankruptcy
1 0 0 0
2 0 0 0
</TABLE>
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