CWABS INC ASSET BACKED CERTIFICATES SERIES 1998-3
8-K, 1999-12-30
ASSET-BACKED SECURITIES
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                      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 25, 1999

                                  CWABS, INC.

                                  (Depositor)

        (Issuer in respect of Asset-Backed Certificates, Series 1998-3)

                (Exact name of registrant as specified in charter)

Delaware                      33-63714                      95-4449516
(State or other               (Commission File No.)         (I.R.S. Employer
    jurisdiction of                                         Identification No.)
    organization)



155 N. Lake Avenue, Pasadena, CA                            91110-7137
(Address of principal executive offices)                    (Zip Code)


Registrant's Telephone Number, including area code: (818)-304-4428

                                 Not Applicable
              (Former name, former address and former fiscal year,
                          if changed since last report)
<PAGE>



Item 5.  Other Events

                                  CWABS, INC.
                           Asset-Backed Certificates
                                 Series 1998-3

On  December  25,  1999,  The  Bank  of  New  York,  as Trustee for CWABS, INC.,
Asset-Backed  Certificates  Series  1998-3,  made  a  monthly  distribution  to
Certificate  holders  of  principal  and/or interest pursuant to the Pooling and
Servicing  Agreement,  dated  as  of  November  1,  1998,  among  CWABS, INC. as
Depositor,  Countrywide  Home  Loans, Seller and Master Servicer and The Bank of
New York, as Trustee.

Item 7.  Financial Statements and Exhibits

                    (c) Exhibits

Exhibit No.                               Description

99                  Report  to Holders of CWABS, INC., Asset-Backed Certificates
                    Series  1998-3 relating to the distribution date of December
                    25,  1999 prepared by The Bank of New York, as Trustee under
                    the  Pooling and Servicing Agreement dated as of November 1,
                    1998.



<PAGE>



                                   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.

Dated: December 25, 1999


                                  CWABS, INC.


                          By: /s/ Kelly A. Sheahan
                              ------------------------------
                          Name:   Kelly A. Sheahan
                                  Assistant Treasurer
                                  The Bank of New York,
                                  as Trustee



<PAGE>



                                 EXHIBIT INDEX



Exhibit


99                  Monthly Remittance Statement dated December 25, 1999



                             Payment Date: 12/25/99


          ------------------------------------------------------------
                             Countrywide Home Loans
                    Asset-Backed Certificates, Series 1998-3
          ------------------------------------------------------------
<TABLE>
<CAPTION>

Class Information                                Current Payment Information

- ----------------------------------------------------------------------------------------------------------------------------------
                                 Beginning       Pass Thru     Principal       Interest      Total           Principal  Interest
Type       Class Code   Name     Cert. Bal.      Rate          Dist. Amt.      Dist. Amt.    Dist.           Losses     Shortfalls
- ----------------------------------------------------------------------------------------------------------------------------------
<S>        <C>          <C>      <C>             <C>           <C>             <C>           <C>             <C>        <C>
Senior                  AF1        81,297,081.23    6.815000%     1,611,145.55    461,699.67    2,072,845.22       0.00       0.00
                        MF1         3,190,000.00    7.050000%             0.00     18,741.25       18,741.25       0.00       0.00
                        MF2         3,190,000.00    7.590000%             0.00     20,176.75       20,176.75       0.00       0.00
                        BF          3,191,000.00    8.775000%             0.00     23,334.19       23,334.19       0.00       0.00
                        AV1        75,642,401.72    6.140000%     2,942,512.84    399,938.19    3,342,451.03       0.00       0.00
                        AV2        89,542,286.23    6.140000%     2,879,699.70    473,429.97    3,353,129.66       0.00       0.00
                        MV1        17,542,000.00    6.465000%             0.00     97,657.78       97,657.78       0.00       0.00
                        MV2        12,994,000.00    6.840000%             0.00     76,534.66       76,534.66       0.00       0.00
                        BV         10,396,000.00    8.340000%             0.00     74,660.61       74,660.61       0.00       0.00
                        BF-IO               0.00    0.000000%             0.00    165,799.60      165,799.60       0.00       0.00
                        BV-IO               0.00    0.000000%             0.00    357,228.90      357,228.90       0.00       0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals          -        -        296,984,769.18     -            7,433,358.09  2,169,201.56    9,602,559.65     -          -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information

- --------------------------------------------------------------------------------
                                             Ending Cert.          Unpaid
Type             Class Code     Name         Notional Bal.         Interest
- --------------------------------------------------------------------------------
Senior                          AF1        79,685,935.68              0.00
                                MF1         3,190,000.00              0.00
                                MF2         3,190,000.00              0.00
                                BF          3,191,000.00              0.00
                                AV1        72,699,888.88              0.00
                                AV2        86,662,586.53              0.00
                                MV1        17,542,000.00              0.00
                                MV2        12,994,000.00              0.00
                                BV         10,396,000.00              0.00
                                BF-IO               0.00              0.00
                                BV-IO               0.00              0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals            -              -        289,551,411.09     -
- --------------------------------------------------------------------------------

</TABLE>
<PAGE>
                             Payment Date: 12/25/99


          ------------------------------------------------------------
                             Countrywide Home Loans
                    Asset-Backed Certificates, Series 1998-3
          ------------------------------------------------------------
<TABLE>
<CAPTION>

Class Information                                Current Payment Information

                                                      Factors per $1,000

- ------------------------------------------------------------------------------------------------------------------------
                                   Beginning     Pass Thru    CUSIP       Principal     Interest    Ending Cert./
Type        Class Code    Name   Cert. Bal.(Face)  Rate       Numbers       Dist.         Dist.     Notional Bal.
- ------------------------------------------------------------------------------------------------------------------------
<S>         <C>           <C>    <C>               <C>        <C>         <C>           <C>         <C>
- ------------------------------------------------------------------------------------------------------------------------
Senior                     AF1    81,297,081.23     6.815000% 126671ET9    16.648365      4.770857    823.414474
                           MF1     3,190,000.00     7.050000% 126671EU6     0.000000      5.875000  1,000.000000
                           MF2     3,190,000.00     7.590000% 126671EV4     0.000000      6.325000  1,000.000000
                           BF      3,191,000.00     8.775000% 126671EW2     0.000000      7.312500  1,000.000000
                           AV1    75,642,401.72     6.140000% 126671EX0    29.425128      3.999382    726.998889
                           AV2    89,542,286.23     6.140000% 126671EY8    24.209736      3.980142    728.575399
                           MV1    17,542,000.00     6.465000% 126671EZ5     0.000000      5.567083  1,000.000000
                           MV2    12,994,000.00     6.840000% 126671FA9     0.000000      5.890000  1,000.000000
                           BV     10,396,000.00     8.340000% 126671FB7     0.000000      7.181667  1,000.000000
                           BF-IO           0.00     0.000000% PRIVATE       0.000000      0.000000      0.000000
                           BV-IO           0.00     0.000000% PRIVATE       0.000000      0.000000      0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals       -             -     296,984,769.18       -            -           -             -           -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>

          ------------------------------------------------------------
                             Countrywide Home Loans
                    Asset-Backed Certificates, Series 1998-3
          ------------------------------------------------------------

- --------------------------------------------------------------------------------
                             COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
                                                                   Total
                                                                   -----
prin bal  90,852,129.85  93,261,362.24   110,931,314.74   295,044,806.83
loan count         1247           712             1160             3119
ave loan rate  9.451680%     8.957602%        9.158582%             9.18
prepay amount 1,507,872.87  2,872,926.83     2,748,660.14     7,129,459.84

- --------------------------------------------------------------------------------
                                FEES AND ADVANCES
- --------------------------------------------------------------------------------
                                                                   Total
                                                                   -----
master servicing fees  37,379.63  36,616.90   45,491.91    119,488.45
sub servicer fees           0.00       0.00        0.00          0.00
trustee fees                0.00       0.00        0.00          0.00


Aggregate advances      N/A                N/A          N/A          N/A
Advances this periods  131,591.08     95,289.35   27,404.43   254,284.86

- --------------------------------------------------------------------------------
                          LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------

                                                                        Total
                                                                        -----
Net realized losses (this period)     0.00     0.00     19,798.43   19,798.43
Cumulative losses (from Cut-Off)  20,535.67  18,037.71  86,060.55  124,633.93

Coverage Amounts                                                        Total
- ----------------                                                        -----
Bankruptcy           0.00             0.00             0.00             0.00
Fraud                0.00             0.00             0.00             0.00
Special Hazard       0.00             0.00             0.00             0.00


                         Aggregate Certificate Information
   -----------------------------------------------------------------------------
   Class            Aggregate           Aggregate                     Aggregate
   Type            Percentage           Prepay Pct.              End Cert. Bal.
   -----------------------------------------------------------------------------
   Senior          100.000000%           100.000000%            296,984,769.18
   -----------------------------------------------------------------------------
   Junior            0.000000%             0.000000%                      0.00
   -----------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                          DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period                             Loan Count    Ending Stated Balance
- ------                             ----------    ---------------------
30 to 59 days                         172                16,399,349.10
60 to 89 days                          53                 4,696,595.96
90 or more                             33                 2,628,968.28
Foreclosure                            55                 3,863,005.17

Totals:                               313                27,587,918.51
- --------------------------------------------------------------------------------


<PAGE>
- --------------------------------------------------------------------------------
                                REO INFORMATION
- --------------------------------------------------------------------------------
   REO Date        Loan Number     Ending Stated Balance          Book Value
   --------        -----------     ---------------------          ----------
   N/A              #                   0                            N/A
   N/A              #                   0                            N/A
   N/A              #                   0                            N/A
   N/A              #                   0                            N/A
   N/A              #                   0                            N/A
   Totals:                              0                            N/A

Current Total Outstanding Balance:                                657,041.67
Current Total Outstanding Number of Loans:                                 5



<PAGE>
- --------------------------------------------------------------------------------
                               OTHER INFORMATION
- --------------------------------------------------------------------------------
                                  Amount/Withdrawal     Total/Ending Bal.
                                  -----------------     -----------------
Available remittance amount            9,602,559.65          9,602,559.65
Principal remittance amount            7,433,358.09          7,433,358.09
Interest remittance amount             2,169,201.56          2,169,201.56





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