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
ASSET BACKED SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-64351-01 13-3354848
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
11 Madison Avenue
Park Avenue Plaza
New York, New York 10010
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 325-1811
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 9
consecutively numbered pages.
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Item 5. Other Events.
This report and the attached exhibit is being filed pursuant to "no-action"
positions taken by the Securities and Exchange Commission with respect to
alternative means of satisfying the Registrant's reporting obligations under the
Securities Exchange Act of 1934, as amended, with respect to the Registrant's
Home Equity Loan Trust, Series 1998-LB1 (the "Certificates") . The Certificates
were issued, and this report and exhibit is being filed, pursuant to the terms
of the Pooling and Servicing Agreement, dated as of December 1 , 1998 ( the
"Agreement"), among Asset Back Securities Corporation, as depositor, Long Beach
Mortgage Company, as servicer, and The Chase Manhattan Bank, as trustee (the
Trustee). On January 25, 1999 distribution was made to the Certificateholders.
Specific information with respect to the distribution is filed as Exhibit 99.1.
No other reportable transactions or matters have occurred during the current
reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed as part of this report:
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 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: February 26, 1999 By: /s/ Thomas Provenzano
Thomas J. Provenzano
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
January 25, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on January 25, 1999
<PAGE>
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ASSET BACKED SECURITIES CORPORATION
HOME EQUITY LOAN TRUST SERIES 1998-LB1
STATEMENT TO CERTIFICATEHOLDERS
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<S> <C> <C>
DIST DATE: 01/25/99 PAGE #1
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ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE O/C PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 150,000,000.00 150,000,000.00 958,953.30 797,500.00 1,756,453.30 149,041,046.70 1,115,871.42 150,156,918.12
A-2 340,000,000.00 340,000,000.00 2,980,925.10 1,620,383.33 4,601,308.43 337,019,074.99 8,779,726.60 345,798,801.50
A-3 145,000,000.00 145,000,000.00 1,724,125.27 701,195.83 2,425,321.10 143,275,874.73 3,674,951.61 146,950,826.34
X N/A N/A N/A 0.00 0.00
R N/A N/A N/A 0.00 0.00 N/A
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TOTALS 635,000,000.00 635,000,000.00 5,664,003.67 3,119,079.16 8,783,082.83 629,335,996.33 13,570,549.63 642,906,545.96
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FACTOR INFORMATION PER $1,000
PASS THRU RATES
PRINCIPAL INTEREST END. CERT. INIT PASS CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE THRU RATE
- --------------------------------------------------------- ----------------------------------------
A-1 6.39302200 5.31666667 993.60697800 A-1 6.38000000% 6.38000000%
A-2 8.76742676 4.76583332 991.23257324 A-2 6.12750000% 6.12750000%
A-3 11.89051910 4.83583331 988.10948090 A-3 6.21750000% 6.21750000%
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TOTALS 8.919690819 4.911935685 991.0803092
- ---------------------------------------------------------
If there are any questions or problems with this statement, please contact the
Administrator listed below.
---------------------------------------
TOM PROVENZANO
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3246
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(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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ASSET BACKED SECURITIES CORPORATION
HOME EQUITY LOAN TRUST SERIES 1998-LB1
STATEMENT TO CERTIFICATEHOLDERS
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DIST DATE: 01/25/99 PAGE #2
<S> <C> <C>
GROUP I GROUP II GROUP III
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 0.00 0.00 0.00
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 1,756,453.30 4,601,308.43 2,425,321.10
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 355,028.28 944,552.76 334,324.67
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00 0.00
SECTION 7.08 (7) REALIZED LOSSES 0.00 0.00 0.00
SECTION 7.08 (8) SUBORDINATION DEFICIT AMOUNT 0.00 0.00 0.00
SUBORDINATION REDUCTION AMOUNT 0.00 0.00 0.00
SPECIFIED SUBORDINATION AMOUNT 7,462,661.74 26,087,638.04 11,125,547.02
SECTION 7.08 (8) (A)PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
SUBSEQUENT MORTGAGE LOANS 0.00 0.00 0.00
(B)PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
DISTRIBUTION AMOUNT 0.00 0.00 0.00
(C)PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
CAPITALIZED INTEREST ACCOUNT 0.00 0.00 0.00
(D)THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
ACCOUNT TO THE CERTIFICATE ACCOUNT 0.00 0.00 0.00
THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
ACCOUNT TO THE DEPOSITOR 0.00 0.00 0.00
PER $1000
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 1,756,453.30 11.71
CLASS A-2 DISTRIBUTION 4,601,308.43 13.53
CLASS A-3 DISTRIBUTION 701,195.83 4.84
CLASS X 0.00
CLASS R DISTRIBUTION 0.00
SECTION 7.09 (a)(ii) GROUP I PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 98,810.68 0.66
PRINCIPAL PREPAYMENTS 505,114.34 3.37
SUBORDINATION INCREASE AMOUNT 355,028.28 2.37
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
RECOVERIES FROM PRIOR MONTHS 0.00 0.00
OTHER 0.00 0.00
GROUP II PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 177,580.73 0.52
PRINCIPAL PREPAYMENTS 1,858,791.61 5.47
SUBORDINATION INCREASE AMOUNT 944,552.76 2.78
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
RECOVERIES FROM PRIOR MONTHS 0.00 0.00
OTHER 0.00 0.00
GROUP III PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 82,061.14 0.57
PRINCIPAL PREPAYMENTS 1,307,739.46 9.02
SUBORDINATION INCREASE AMOUNT 334,324.67 2.31
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
RECOVERIES FROM PRIOR MONTHS 0.00 0.00
OTHER 0.00 0.00
SECTION 7.09 (a)(iv) CLASS A-1 CARRYFORWARD 0.00
CLASS A-2 CARRYFORWARD 0.00
CLASS A-3 CARRYFORWARD 0.00
CLASS A-2 INTEREST INDEX CARRYOVER 0.00
CLASS A-3 INTEREST INDEX CARRYOVER 0.00
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
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ASSET BACKED SECURITIES CORPORATION
HOME EQUITY LOAN TRUST SERIES 1998-LB1
STATEMENT TO CERTIFICATEHOLDERS
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PAGE #3
GROUP I GROUP II GROUP III
SECTION 7.09 (a)(vi)ENDING AGGREGATE LOAN BALANCE 150,156,918.12 345,798,801.50 146,950,826.34
ENDING NUMBER OF LOANS 1820 3,382 461
GROUP I GROUP II GROUP III
SECTION 7.09 (a)(vii)SUBORDINATED AMOUNT 1,115,871.42 8,779,726.60 3,674,951.61
SUBORDINATION DEFICIT 0.00 0.00 0.00
SECTION 7.09 (a)(ix)SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00 0.00 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00 0.00 0.00
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON RATE 9.883620% 9.555140% 9.083180%
SECTION 7.09 (a)(xii)LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 615,317.86 423,273.11 597,417.79
SECTION 7.09 (a)(xiv)REMAINING PRE-FUNDED AMOUNT 0.00 0.00 0.00
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
GROUP I
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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30-59 DAYS 9 3,881,101.28 2.58%
60-89 DAYS 0 0.00 0.00%
90 + DAYS 0 0.00 0.00%
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GROUP II
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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30-59 DAYS 28 2,068,895.32 0.60%
60-89 DAYS 1 123,004.63 0.29%
90 + DAYS 0 0.00 0.00%
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GROUP III
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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30-59 DAYS 0 0.00 0.00%
60-89 DAYS 3 1,119,281.91 0.76%
90 + DAYS 0 0.00 0.00%
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AGGREGATE
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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30-59 DAYS 37 5,949,996.60 0.93%
60-89 DAYS 4 1,242,286.54 0.19%
90 + DAYS 0 0.00 0.00%
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*The number and aggrgate principal balance of delinquent loans includes loans in foreclosure and bankruptcy
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
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ASSET BACKED SECURITIES CORPORATION
HOME EQUITY LOAN TRUST SERIES 1998-LB1
STATEMENT TO CERTIFICATEHOLDERS
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PAGE # 4
DISTRIBUTION: 25-Jan-99
GROUP I GROUP II GROUP III TOTAL
SECTION 7.09 (b)(ii)NUMBER OF LOANS IN FORECLOSURE 0 0 0 0
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 0.00 0.00 0.00 0.00
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 0 0 0 0
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 0.00 0.00 0.00 0.00
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(ii)NUMBER OF LOANS IN BANKRUPTCY 0 0 0 0
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 0.00 0.00 0.00 0.00
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 0 0 0 0
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 0.00 0.00 0.00 0.00
SECTION 7.09 (b)(iv)NUMBER OF REO PROPERTIES 0 0 0 0
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 0.00 0.00 0.00 0.00
SECTION 7.09 (b)(v)BOOK VALUE OF REO PROPERTY 0.00 0.00 0.00 0.00
SECTION 7.09 (b)(vi)CUMULATIVE LOSS PERCENTAGE 0.00000000% 0.00000000% 0.00000000% 0.00000000%
CUMULATIVE REALIZED LOSSES 0.00 0.00 0.00 0.00
CURRENT PERIOD REALIZED LOSSES 0.00 0.00 0.00 0.00
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTHS) 0.00000000% 0.00000000% 0.00000000% 0.00000000%
SECTION 7.09 (b)(ix)90 + DELINQUENCY PERCENTAGE (ROLLING 3 MONTHS) 0.00000000% 0.00000000% 0.00000000% 0.00000000%
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
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