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): September 25, 1998
CWABS, INC.
(Depositor)
(Issuer in respect of Asset-Backed Certificates, Series 1998-2)
(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 1998-2
On September 25, 1998, The Bank of New York, as Trustee for CWABS, INC.,
Asset-Backed Certificates Series 1998-2, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of August 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 1998-2 relating to the distribution date of September
25, 1998 prepared by The Bank of New York, as Trustee under
the Pooling and Servicing Agreement dated as of August 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: September 25, 1998
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 September 25, 1998
Payment Date: 09/25/98
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-2
------------------------------------------------------------
<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 35,000,000.00 6.220000% 524,470.71 181,416.67 705,887.38 0.00 0.00
AF2 26,500,000.00 6.070000% 0.00 134,045.83 134,045.83 0.00 0.00
AF3 14,924,000.00 6.600000% 0.00 82,082.00 82,082.00 0.00 0.00
AF4 10,000,000.00 6.190000% 0.00 51,583.33 51,583.33 0.00 0.00
MF1 4,274,000.00 6.520000% 0.00 23,222.07 23,222.07 0.00 0.00
MF2 2,850,000.00 6.745000% 0.00 16,019.37 16,019.37 0.00 0.00
BF 1,425,000.00 7.560000% 0.00 8,977.50 8,977.50 0.00 0.00
AV1 157,039,000.00 5.822340% 3,113,460.45 711,149.02 3,824,609.47 0.00 0.00
MV1 9,026,000.00 5.992340% 0.00 42,067.56 42,067.56 0.00 0.00
MV2 7,221,000.00 6.192340% 0.00 34,778.25 34,778.25 0.00 0.00
BV 7,221,000.00 6.852340% 0.00 38,485.03 38,485.03 0.00 0.00
Residual R 0.00 0.000000% 0.00 0.03 0.03 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 275,480,000.00 - 3,637,931.16 1,323,826.65 4,961,757.81 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 34,475,529.29 0.00
AF2 26,500,000.00 0.00
AF3 14,924,000.00 0.00
AF4 10,000,000.00 0.00
MF1 4,274,000.00 0.00
MF2 2,850,000.00 0.00
BF 1,425,000.00 0.00
AV1 153,925,539.55 0.00
MV1 9,026,000.00 0.00
MV2 7,221,000.00 0.00
BV 7,221,000.00 0.00
Residual R 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 271,842,068.84 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/98
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-2
------------------------------------------------------------
<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 35,000,000.00 6.220000% 126671EF9 14.984877 5.183333 985.015123
AF2 26,500,000.00 6.070000% 126671EG7 0.000000 5.058333 1,000.000000
AF3 14,924,000.00 6.600000% 126671EH5 0.000000 5.500000 1,000.000000
AF4 10,000,000.00 6.190000% 126671EJ1 0.000000 5.158333 1,000.000000
MF1 4,274,000.00 6.520000% 126671EK8 0.000000 5.433333 1,000.000000
MF2 2,850,000.00 6.745000% 126671EL6 0.000000 5.620833 1,000.000000
BF 1,425,000.00 7.560000% 126671EM4 0.000000 6.300000 1,000.000000
AV1 157,039,000.00 5.822340% 126671EN2 19.826033 4.528487 980.173967
MV1 9,026,000.00 5.992340% 126671EP7 0.000000 4.660709 1,000.000000
MV2 7,221,000.00 6.192340% 126671EQ5 0.000000 4.816264 1,000.000000
BV 7,221,000.00 6.852340% 126671ER3 0.000000 5.329598 1,000.000000
Residual R 0.00 0.000000% 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 275,480,000.00 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Agg stated principal balance 94,628,244.10 177,873,878.21 272,502,122.31
Agg loan count 1212 1606 2818
Agg average loan rate 9.034139% 9.183413% 9.13
Agg prepayment amount 246,516.86 2,534,492.03 2,781,008.89
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master servicing fees 39,250.37 70,464.92 109,715.29
Sub servicer fees 0.00 0.00 0.00
Trustee fees 0.00 0.00 0.00
Aggregate advances N/A N/A N/A
Advances this periods 0.00 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 0.00 0.00 0.00
Special Hazar 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% 275,480,000.00
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 27 2,328,035.91
60 to 89 days 6 986,024.98
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 33 3,314,060.89
- --------------------------------------------------------------------------------
<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
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 4,961,757.81 4,961,757.81
Principal remittance amount 3,637,931.16 3,637,931.16
Interest remittance amount 1,323,826.65 1,323,826.65
