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): November 25, 1999
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 November 25, 1999, 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 November
25, 1999 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: November 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 November 25, 1999
Payment Date: 11/25/99
------------------------------------------------------------
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 19,855,652.83 6.220000% 1,254,840.26 102,918.47 1,357,758.73 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 108,333,584.99 5.578750% 4,241,153.68 537,214.21 4,778,367.89 0.00 0.00
MV1 9,026,000.00 5.748750% 0.00 46,122.86 46,122.86 0.00 0.00
MV2 7,221,000.00 5.948750% 0.00 38,183.04 38,183.04 0.00 0.00
BV 7,221,000.00 6.608750% 0.00 42,419.36 42,419.36 0.00 0.00
Residual R 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
BFI 0.00 0.000000% 0.00 171,699.79 171,699.79 0.00 0.00
BVI 0.00 0.000000% 0.00 314,731.63 314,731.63 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 211,630,237.82 - 5,495,993.94 1,569,219.47 7,065,213.41 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 18,600,812.57 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 104,092,431.31 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
BFI 0.00 0.00
BVI 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 206,134,243.88 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/99
------------------------------------------------------------
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 19,855,652.83 6.220000% 126671EF9 35.852579 2.940528 531.451788
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 108,333,584.99 5.578750% 126671EN2 27.007009 3.420897 662.844461
MV1 9,026,000.00 5.748750% 126671EP7 0.000000 5.110000 1,000.000000
MV2 7,221,000.00 5.948750% 126671EQ5 0.000000 5.287778 1,000.000000
BV 7,221,000.00 6.608750% 126671ER3 0.000000 5.874444 1,000.000000
Residual R 0.00 0.000000% N/A 0.000000 0.000000 0.000000
BFI 0.00 0.000000% N/A 0.000000 0.000000 0.000000
BVI 0.00 0.000000% N/A 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 211,630,237.82 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 79,523,545.84 130,268,044.05 209,791,589.89
loan count 1016 1227 2243
average loan rate 9.272868% 9.231042% 9.25
prepayment amount 1,157,198.39 4,157,578.61 5,314,777.00
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 33,108.46 52,632.01 85,740.47
Monthly sub servicer fees 0.00 0.00 0.00
Monthly trustee fees 0.00 0.00 0.00
Aggregate advances N/A N/A N/A
Advances this periods 96,938.00 165,176.72 262,114.72
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 2,429.58 68,756.41 71,185.99
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 949,733.33 1,805,075.16 2,754,808.49
Special Hazard 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% 211,630,237.82
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 165 13,962,434.37
60 to 89 days 48 4,763,803.79
90 or more 42 3,572,902.71
Foreclosure 71 5,707,272.67
Totals: 326 28,006,413.54
- --------------------------------------------------------------------------------
<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
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: 1,442,065.44
Current Total Outstanding Number of Loans: 14
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 7,065,213.41 7,065,213.41
Principal remittance amount 5,495,993.94 5,495,993.94
Interest remittance amount 1,569,219.47 1,569,219.47
