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 26, 1999
LEHMAN ABS CORPORATION,
(as depositor under the Sale and
Servicing Agreement, dated as of March 1, 1999)
LEHMAN ABS CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware 333-39649 13-3447441
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(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation) File Number) Identification No.)
Three World Financial Center
200 Vesey Street
New York, New York 10022
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(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code (212) 526-7000
Item 5. Other Events
Reference is made to the Champion Home Equity Loan Trust 1999-1, Home
Equity Loan Asset-Backed Notes, Series 1999-1, Class A Notes, issued pursuant
to an indenture, dated as of March 1, 1999 between the Champion Home Equity
Loan Trust 1999-1 (the "Trust") and Harris Trust and Savings Bank, as
Indenture Trustee. Principal payments and accrued and unpaid interest due on
the Class A Notes will be unconditionally and irrevocably guaranteed by a
policy issued by MBIA Insurance Corporation (the "MBIA Policy").
A. Monthly Report Information:
See Exhibit No. 1
B. No delinquency in payment under the Insurance and
Reimbursement Agreement has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable
under the Insurance and Reimbursement Agreement?
NO
Amount:
E. Are there any developments with respect to the
Insurance and Reimbursement Agreement? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated November 26, 1999
HARRIS TRUST AND SAVINGS BANK
311 WEST MONROE, 12TH FLOOR
CHICAGO, ILLINOIS 60690
CHAMPION HOME EQUITY LOAN ASSET-BACKED NOTES
SERIES 1999-1
STATEMENT TO NOTEHOLDERS PREPARED BY THE MASTER SERVICER
PURSUANT TO SECTION 5.03 OF THE SALE AND SERVICING AGREEMENT (SSA)
DATED AS OF MARCH 1, 1999
Distribution Date: 11/26/99
5.03(a)i 9,189,691.49
Available Funds for the related Distribution Date
Class A Note Rate 5.6688%
Senior Interest Participation Rate 1.5000%
5.03(a)ii
Previous Class A Note Principal Balance 345,028,889.72
Previous Senior Int Participation Notional Prin Balance 350,228,891.30
Previous Pool Principal Balance 350,228,891.30
5.03(a)iii
Aggregate Principal Collections for the Due Period 6,399,376.38
Aggregate Interest Collections for the Due Period 2,772,490.12
Total Collections Received during the Due Period 9,171,866.50
5.03(a)iv
Number and Principal Balances of Mortgage NUMBER PRINCIPAL
Loans subject to Principal Prepayments OF LOANS BALANCE
74 5,794,254.95
5.03(a)v
The Amount of all Curtailments that were Received
during the Due Period 112,568.60
5.03(a)vi
Principal Portion of all Monthly Payments Received 492,552.83
during the Due Period
5.03(a)vii
Amount of Interest Received on the Mortgage Loans 2,772,490.12
5.03(a)viii
Amount Required to be Paid by the Seller
Pursuant to Section 2.02 of the SSA 0.00
Pursuant to Section 2.04 of the SSA 0.00
Pursuant to Section 2.06 of the SSA 0.00
5.03(a)ix
Amount of Monthly Advances 83,632.10
Amount of Compensating Interest 50,935.84
5.03(a)x
The Class A Note Principal Distribution Amount 6,399,376.38
The Class A Note Interest Distribution Amount 1,738,562.24
Senior Interest Participation Interest Distribution Amount 437,786.11
5.03(a)xi
Outstanding Class Interest Carryover Shortfall After Distribution
Class A Note Interest Carryover Shortfall 0.00
Senior Interest Participation Carryover Shortfall 0.00
5.03(a)xii
The Amount of the Insured Payments 0.00
5.03(a)xiii
Amount distributed to the Transferor
Pursuant to Sections 5.01(a)(ii) of the SSA 437,786.11
Pursuant to Sections 5.01(a)(ix) of the SSA 582,690.42
Total 1,020,476.53
CHAMPION HOME EQUITY LOAN ASSET-BACKED NOTES 11/26/99Page 2 of 3
SERIES 1999-1
5.03(a)xiv
The Class A Note Principal Balance after Distribution 338,629,513.34
5.03(a)xv
The Weighted Average Remaining Term to Maturity 192.56
The Weighted Average Loan Rate 9.77082%
5.03(a)xvi
The Servicing Fee to be Paid to the Servicer
pursuant to Section 5.01(a)(vi) of the SSA
Paid from Collection Account 116,742.95
The Amounts to be Paid to the Certificate Insurer
Pursuant to Section 5.01(a)(iv) of the SSA 0.00
Pursuant to Section 5.01(a)(viii) of the SSA 0.00
5.03(a)xvii
The Premium Amount paid to the Certificate Insurer
Pursuant to Section 5.01 of the SSA 25,877.17
5.03(a)xviii
Amount of all Payments or Reimbursements to the Servicer
Pursuant to Section 3.03 of the SSA 0.00
5.03(a)xix
The O/C Amount after giving effect to such payment 5,200,001.58
The O/C Reduction Amount 0.00
The Excess O/C Amount after giving effect to such pmt 0.00
The Specified O/C Amount 5,200,001.58
The Excess Spread 582,690.42
5.03(a)xx
Class A Noteholders Distributable Excess Spread
Pursuant to Section 5.01(a)(v) of the SSA 0.00
5.03(a)xxi
Number of Mortgage Loans at Beginning of Due Period 4,244
Number of Mortgage Loans at End of Due Period 4,170
5.03(a)xxii
Pool Principal Balance as of the End of Due Period 343,829,514.92
5.03(a)xxiii
The Number and Aggregate Principal Balances of Mortgage Loans
which are Delinquent (Delinquency Categories exclude Foreclosures and REOs)
NUMBER OF PRINCIPAL
LOANS BALANCE
30-59 Days 55 4,078,751.66
60-89 Days 16 1,015,330.96
90-269 Days 30 2,396,119.32
270 or more 0 0.00
REO 0 0.00
Foreclosure 7 687,470.28
Bankruptcy 0 0.00
5.03(a)xxiv
Unpaid Principal of all loans that became Liquidated
Loans during Due Period 0.00
5.03(a)xxv
Net Liquidation Proceeds Received during Due Period 0.00
5.03(a)xxvi
Cumulative Losses on the Mortgage Loans 0.00
5.03(a)xxvii
The Book Value of any REO 0.00
5.03(a)xxviii
The Delinquency Percentage in respect of such Payment Date 0.70224%
Factor Information (Per $1000)
5.03(a)ii
The Class A Note Beginning Balance Factor 862.572224
The Senior Int Participation Beginning Notional Bal Factor 875.571963
5.03(a)x
The Class A Note Principal Distribution Factor 15.998441
The Class A Note Interest Distribution Factor 4.346406
The Senior Int Participation Int Distribution Factor 1.094465
5.03(a)xiv
The Class A Note Ending Balance Factor 846.573783
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
LEHMAN ABS CORPORATION
By: /s/ Keith Richardson
--------------------------
Name: Keith Richardson
Title: Assistant Vice President
Dated: December 8, 1999
