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) : January 25, 1999
LEHMAN ABS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-39649-13 13-3447441
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
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
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 8
consecutively numbered pages.
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Item 5. Other Events.
On the Distribution Date in January 1999, The Chase Manhattan Bank, as
trustee (the "Trustee") of BankBoston Home Equity Loan Trust 1998-2 (the
"Series 1998-2 Trust") made the required distribution to holders (the "Series
1998-2 Certificateholders") of the Series 1998-2 Trust's Home Equity Loan Asset
Backed Certificates, pursuant to a Pooling and Servicing Agreement dated as of
December 1, 1998 (the "Pooling and Servicing Agreement") by and among Lehman ABS
Corporation, as depositor, BankBoston, N.A., as seller and master servicer, and
The Chase Manhattan Bank, as trustee. All capitalized terms not defined herein
shall have the meanings ascribed to them in the Pooling and Servicing Agreement.
Pursuant to the Pooling and Servicing Agreement, the Trustee distributed
the Monthly Report, which is annexed hereto as Exhibit 1, to the the Series
1998-2 Certificateholders.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed as part of this report:
Monthly Statement to Certificateholders on January 25, 1999,
as Exhibit 99.1.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant on behalf of the Series 1998-2 Trust has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: January 28, 1999 By: /s/ JoAnn Manieri
JoAnn Manieri
Trust Officer
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Statement to Certificateholders 5
on January 25, 1999
<PAGE>
Exhibit 99.1
Monthly Statement to Certificateholders on January 25, 1999
<PAGE>
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BANKBOSTON HOME EQUITY LOAN TRUST
HOME EQUITY LOAN ASSET-BACKED CERTIFICATES, SERIES 1998-2
STATEMENT TO CERTIFICATEHOLDERS
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<S> <C> <C>
DIST DATE: 01/25/99 PAGE # 1
RECORD DATE: 12/14/98
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ORIGINAL BEGINNING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL REALIZED LOSS CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION PRINCIPAL INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 195,707,000.00 195,707,000.00 13,704,400.06 1,024,199.97 14,728,600.03 0.00 0.00 182,002,599.94
A-2 74,621,000.00 74,621,000.00 0.00 366,264.74 366,264.74 0.00 0.00 74,621,000.00
A-3 48,830,000.00 48,830,000.00 0.00 244,556.92 244,556.92 0.00 0.00 48,830,000.00
A-4 20,563,000.00 20,563,000.00 0.00 104,699.94 104,699.94 0.00 0.00 20,563,000.00
A-5 46,843,000.00 46,843,000.00 0.00 239,680.02 239,680.02 0.00 0.00 46,843,000.00
A-6 35,211,000.00 35,211,000.00 0.00 194,834.20 194,834.20 0.00 0.00 35,211,000.00
A-7 46,864,000.00 46,864,000.00 0.00 239,787.47 239,787.47 0.00 0.00 46,864,000.00
R N/A N/A N/A 0.00 0.00 0.00 0.00 N/A
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TOTAL 468,639,000.00 468,639,000.00 13,704,400.06 2,414,023.26 16,118,423.32 0.00 0.00 454,934,599.94
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- -------------------------------------------------------------------------------- -----------------------------
FACTOR INFORMATION PER $1,000 PASS-THRU RATES
PRINCIPAL INTEREST END. CERT. PASS-THRU
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS RATE
- -------------------------------------------------------------------------------- ------------------------------
A-1 70.02508883 5.23333335 929.97491117 A-1 6.280000%
A-2 0.00000000 4.90833331 1000.00000000 A-2 5.890000%
A-3 0.00000000 5.00833340 1000.00000000 A-3 6.010000%
A-4 0.00000000 5.09166659 1000.00000000 A-4 6.110000%
A-5 0.00000000 5.11666674 1000.00000000 A-5 6.140000%
A-6 0.00000000 5.53333333 1000.00000000 A-6 6.640000%
A-7 0.00000000 5.11666674 1000.00000000 A-7 6.140000%
R N/A N/A N/A R N/A
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If there are any questions or comments, please contact the Administrator listed below.
---------------------------------------
JOANN MANIERI
THE CHASE MANHATTAN BANK
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3185
---------------------------------------
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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<PAGE>
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BANKBOSTON HOME EQUITY LOAN TRUST
HOME EQUITY LOAN ASSET-BACKED CERTIFICATES, SERIES 1998-2
STATEMENT TO CERTIFICATEHOLDERS
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DIST DATE: 01/25/99 PAGE # 2
RECORD DATE: 12/14/98
<S> <C> <C>
SECTION 5.03 (i) AVAILABLE FUNDS 16,162,749.19
INSURED PAYMENT 0.00
SECTION 5.03 (ii) BEGINNING POOL PRINCIPAL BALANCE 468,639,592.38
SECTION 5.03 (xix) ENDING POOL PRINCIPAL BALANCE 455,947,278.50
SECTION 5.03 (iii) AGGREGATE AMOUNT OF PRINCIPAL COLLECTIONS 12,692,313.88
AGGREGATE AMOUNT OF INTEREST COLLECTIONS 3,699,087.38
SECTION 5.03 (iv) NUMBER OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS 11,201,864.16
SECTION 5.03 (v) AMOUNT OF ALL CURTAILMENTS RECEIVED 83,615.12
SECTION 5.03 (vi) PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS 12,692,313.88
SECTION 5.03 (vii) INTEREST PORTION OF ALL MONTHLY PAYMENTS 3,665,701.81
SECTION 5.03 (viii) AMOUNT REQUIRED TO BE PAID BY THE SELLER PURSUANT TO SECTIONS 2.02, 2.04, 2.06 0.00
SECTION 5.03 (ix) AMOUNT OF MONTHLY ADVANCES (SIMPLE INTEREST ADVANCE) 0.00
AMOUNT OF MONTHLY ADVANCES (DELINQUENT ADVANCE) 273,324.05
AMOUNT OF COMPENSATING INTEREST 0.00
SECTION 5.03 (x) CLASS A PRINCIPAL DISTRIBUTION AMOUNT 13,704,400.06
CLASS INTEREST DISTRIBUTION 2,414,023.26
SECTION 5.03 (x) OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL:
-------------------------------------------
CLASS AMOUNT
-------------------------------------------
A-1 0.00
A-2 0.00
A-3 0.00
A-4 0.00
A-5 0.00
A-6 0.00
A-7 0.00
R N/A
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SECTION 5.03 (xiv) WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF THE MORTGAGE LOANS 196.47
WEIGHTED AVERAGE LOAN RATE 9.37893147%
SECTION 5.03 (xv) SERVICING FEE TO BE PAID TO THE MASTER SERVICER 195,266.50
REIMBURSEMENT AMOUNT TO BE PAID TO THE CERTIFICATE INSURER 0.00
OTHER AMOUNTS TO BE PAID TO THE CERTIFICATE INSURER 0.00
SECTION 5.03 (xvi) PAYMENTS OR REIMBURSEMENTS TO THE MASTER SERVICER PURSUANT TO SECTION 3.03 0.00
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
<PAGE>
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BANKBOSTON HOME EQUITY LOAN TRUST
HOME EQUITY LOAN ASSET-BACKED CERTIFICATES, SERIES 1998-2
STATEMENT TO CERTIFICATEHOLDERS
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DIST DATE: 01/25/99 PAGE # 3
RECORD DATE: 12/14/98
SECTION 5.03 (xvii) OVERCOLLATERALIZATION AMOUNT (beginning) 592.38
OVERCOLLATERALIZATION AMOUNT RELEASE AMOUNT 0.00
TARGETED OVERCOLLATERALIZATION AMOUNT 8,904,152.26
DISTRIBUTABLE EXCESS SPREAD 1,012,086.18
OVERCOLLATERALIZATION AMOUNT (ending) 1,012,678.56
SECTION 5.03 (xviii) BEGINNING NUMBER OF MORTGAGE LOANS OUTSTANDING 6,946
ENDING NUMBER OF MORTGAGE LOANS OUTSTANDING 6,790
SECTION 5.03 (xx) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF:
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CATEGORY COUNT AGG. PRIN. BAL.
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1 MONTH DELINQUENT 130 9,250,872.65
2 MONTHS DELINQUENT 27 2,001,626.72
3+ MONTHS DELINQUENT 3 249,147.07
FORECLOSURES 0 0.00
REO PROPERTIES 0 0.00
BANKRUPTCIES 7 423,163.30
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SECTION 5.03 (xxi) UNPAID PRINCIPAL BALANCE OF LIQUIDATED MORTGAGE LOANS 0.00
SECTION 5.03 (xxii) NET LIQUIDATION PROCEEDS 0.00
SECTION 5.03 (xxiii) BOOK VALUE OF REO PROPERTIES 0.00
SECTION 5.03 (xxiv) HAS A TRIGGER EVENT OCCURRED OR IS A TRIGGER EVENT CONTINUING? NO
SECTION 5.03 (xxvi) AGGREGATE PREMIUM AMOUNT TO BE PAID TO THE CERTIFICATE INSURER 42,959.00
SECTION 5.03 (xxvii) MOODY'S RATING OF LONG-TERM DEBT OF THE SELLER Aaa
S&P'S RATING OF LONG-TERM DEBT OF THE SELLER AAA
SECTION 5.03 (xxviii) CUMULATIVE LIQUIDATION LOSSES 0.00
90 DAY+ ROLLING AVERAGE 249,147.07
SECTION 5.03 (xxvix) NUMBER OF MORTGAGE LOANS PURCHASED BY MASTER SERVICER 0.00
PRINCIPAL BALANCE OF MORTGAGE LOANS PURCHASED BY MASTER SERVICER 0.00
CUMULATIVE NUMBER OF MORTGAGE LOANS PURCHASED BY MASTER SERVICER 0.00
CUMULATIVE PRINCIPAL BALANCE OF MORTGAGE LOANS PURCHASED BY MASTER SERVICER 0.00
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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