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
December 27, 1999
LEHMAN ABS CORPORATION,
(as depositor under the Sale and
Servicing Agreement, dated as of September 1, 1999)
LEHMAN ABS CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware 333-76627 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 1999-3, Home
Equity Loan Asset-Backed Notes, Series 1999-3, Class A Notes, issued pursuant
to an indenture, dated as of September 1, 1999 between Champion Home Equity
Loan Trust 1999-3 (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 27-Dec-99
HARRIS TRUST AND SAVINGS BANK
311 WEST MONROE, 12TH FLOOR
CHICAGO, ILLINOIS 60690
CHAMPION HOME EQUITY LOAN ASSET-BACKED NOTES
SERIES 1999-3
STATEMENT TO NOTEHOLDERS PREPARED BY THE MASTER SERVICER
PURSUANT TO SECTION 5.03 OF THE SALE AND SERVICING AGREEMENT (SSA)
DATED AS OF SEPTEMBER 1, 1999
Distribution Date: 12/27/99
5.03(a)i
Available Funds for Group 1 3,543,273.17
Available Funds for Group 2 1,348,213.89
Available Funds for Group 3 2,988,405.00
Class I-A Note Rate 5.92000%
Class II-A Note Rate 5.99000%
Class III-A Note Rate 5.93000%
Group 1 Senior Interest Participation Rate 1.50000%
Group 2 Senior Interest Participation Rate 1.00000%
Group 3 Senior Interest Participation Rate 1.50000%
5.03(a)ii
Previous Class I-A Note Principal Balance 196,906,440.79
Previous Class II-A Note Principal Balance 49,149,526.13
Previous Class III-A Note Principal Balance 97,529,304.69
Previous Senior Interest Part Not'l Prin Balance 197,590,654.35
Previous Senior Interest Part Not'l Prin Balance 49,339,680.23
Previous Senior Interest Part Not'l Prin Balance 97,866,929.59
Previous Total Senior Interest Part Not'l Prin Balance 344,797,264.17
Previous Group 1 Principal Balance 197,590,654.35
Previous Group 2 Principal Balance 49,339,680.23
Previous Group 3 Principal Balance 97,866,929.59
Previous Pool Principal Balance 344,797,264.17
5.03(a)iii
Aggregate Group 1 Prin Collections for the Due Period 1,912,326.34
Aggregate Group 1 Int Collections for the Due Period 1,708,491.65
Total Group 1 Collections for the Due Period 3,620,817.99
Aggregate Group 2 Prin Collections for the Due Period 948,368.43
Aggregate Group 2 Int Collections for the Due Period 425,158.88
Total Group 2 Collections for the Due Period 1,373,527.31
Aggregate Group 3 Prin Collections for the Due Period 2,182,395.47
Aggregate Group 3 Int Collections for the Due Period 869,292.86
Total Group 3 Collections for the Due Period 3,051,688.33
5.03(a)iv
Number and Prin Balance of Loans Subject to Principal Prepayments
Number Balance
Group 1 22 1,640,669.67
Group 2 8 732,564.39
Group 3 17 2,033,584.31
5.03(a)v
The Amount of all Curtailments that were Received during the Due Period
Group 1 45,988.77
Group 2 154,548.07
Group 3 68,848.46
5.03(a)vi
Principal Portion of all Monthly Payments Received during the Due Period
Group 1 225,667.90
Group 2 61,255.97
Group 3 79,962.70
5.03(a)vii
Amount of Interest Received on the Mortgage Loans
Group 1 1,708,491.65
Group 2 425,158.88
Group 3 869,292.86
5.03(a)viii
Amount Required to be Paid by the Seller in respect of Group 1
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
Amount Required to be Paid by the Seller in respect of Group 2
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
Amount Required to be Paid by the Seller in respect of Group 3
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 in respect of Group 1 0.00
Amount of Compensating Interest in respect of Group 1 17,765.74
Amount of Monthly Advances in respect of Group 2 0.00
Amount of Compensating Interest in respect of Group 2 3,959.02
Amount of Monthly Advances in respect of Group 3 0.00
Amount of Compensating Interest in respect of Group 3 16,338.98
CHAMPION HOME EQUITY LOAN ASSET-BACKED NOTES 12/27/99 Page 2 of 3
SERIES 1999-3
5.03(a)x
The Class I-A Note Principal Distribution Amount 2,265,712.72
The Class II-A Note Principal Distribution Amount 1,046,894.97
The Class III-A Note Principal Distribution Amount 2,354,781.06
The Class I-A Note Interest Distribution Amount 1,003,785.28
The Class II-A Note Interest Distribution Amount 253,515.99
The Class III-A Note Interest Distribution Amount 498,022.56
Group 1 Senior Interest Part Interest Dist Amt 246,988.32
Group 2 Senior Interest Part Interest Dist Amt 41,116.40
Group 3 Senior Interest Part Interest Dist Amt 122,333.66
5.03(a)xi
Outstanding Class Interest Carryover Shortfall After Distribution
Class I-A Note Interest Carryover Shortfall 0.00
Class II-A Note Interest Carryover Shortfall 0.00
Class III-A Note Interest Carryover Shortfall 0.00
Group 1 Senior Interest Part Carryover Shortfall 0.00
Group 2 Senior Interest Part Carryover Shortfall 0.00
Group 3 Senior Interest Part Carryover Shortfall 0.00
5.03(a)xii
The Amount of the Insured Payments for Group 1 0.00
The Amount of the Insured Payments for Group 2 0.00
The Amount of the Insured Payments for Group 3 0.00
5.03(a)xiii
Amount distributed to the Transferor
Pursuant to Sections 5.01(a)(ii) of the SSA 410,438.38
Pursuant to Sections 5.01(a)(ix) of the SSA 0.00
410,438.38
5.03(a)xiv
The Class I-A Note Prin Balance after Dist 194,640,728.07
The Class II-A Note Prin Balance after Dist 48,102,631.16
The Class III-A Note Prin Balance after Dist 95,174,523.63
5.03(a)xv
The Weighted Average Remaining Term to Maturity Group 1 212
The Weighted Average Loan Rate in respect of Group 1 10.44382%
The Weighted Average Remaining Term to Maturity Group 2 204
The Weighted Average Loan Rate in respect of Group 2 10.27878%
The Weighted Average Remaining Term to Maturity Group 3 212
The Weighted Average Loan Rate in respect of Group 3 10.41838%
5.03(a)xvi
The Servicing Fee to be Paid to the
Servicer Pursuant to Section 5.01(a)(vi) of the SSA
Group 1 65,863.78
Group 2 16,446.64
Group 3 32,622.27
The Amounts to be Paid to the Certificate Insurer in respect of Group 1
Pursuant to Section 5.01(a)(iv) of the SSA 0.00
Pursuant to Section 5.01(a)(viii) of the SSA 0.00
The Amounts to be Paid to the Certificate Insurer in respect of Group 2
Pursuant to Section 5.01(a)(iv) of the SSA 0.00
Pursuant to Section 5.01(a)(viii) of the SSA 0.00
The Amounts to be Paid to the Certificate Insurer in respect of Group 3
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 to be paid to the
Certificate Insurer Pursuant to Section 5.01 of the SSA
Group 1 23,738.17
Group 2 5,925.25
Group 3 11,757.70
5.03(a)xviii
Amount of all Payments or Reimbursements to the
Servicer Pursuant to Section 3.03 of the SSA
Group 1 29,446.78
Group 2 12,825.80
Group 3 47,000.04
5.03(a)xix
Group 1
The O/C Amount after giving effect to such payment 1,037,599.94
The O/C Reduction Amount 0.00
The Excess O/C Amount after giving effect to such payment 0.00
The Specified O/C Amount 8,600,005.92
The Excess Spread 353,386.38
Group 2
The O/C Amount after giving effect to such payment 288,680.64
The O/C Reduction Amount 0.00
The Excess O/C Amount after giving effect to such payment 0.00
The Specified O/C Amount 2,825,092.51
The Excess Spread 98,526.54
Group 2
The O/C Amount after giving effect to such payment 510,010.49
The O/C Reduction Amount 0.00
The Excess O/C Amount after giving effect to such payment 0.00
The Specified O/C Amount 4,300,028.85
The Excess Spread 172,385.59
5.03(a)xx
Pursuant to Section 5.01(a)(v) of the SSA
Class I-A Noteholders Distributable Excess Spread 353,386.38
Class II-A Noteholders Distributable Excess Spread 98,526.54
Class III-A Noteholders Distributable Excess Spread 172,385.59
5.03(a)xxi
Number of Group 1 Loans at Beginning of Due Period 2,469
Number of Group 1 Loans at End of Due Period 2,447
Number of Group 2 Loans at Beginning of Due Period 503
Number of Group 2 Loans at End of Due Period 495
Number of Group 3 Loans at Beginning of Due Period 1,173
Number of Group 3 Loans at End of Due Period 1,156
CHAMPION HOME EQUITY LOAN ASSET-BACKED NOTES 12/27/99 Page 3 of 3
SERIES 1999-3
5.03(a)xxii
Group 1 Prin Bal as of the end of the Due Period 195,678,328.01
Group 2 Prin Bal as of the end of the Due Period 48,391,311.80
Group 3 Prin Bal as of the end of the Due Period 95,684,534.12
Pool Principal Bal as of the end of the Due Period 339,754,173.93
5.03(a)xxiii
The Number and Aggregate Principal Balances of Mortgage Loans
which are Delinquent (Delinquency Categories exclude Foreclosures and REOs)
Group 1 Group 2
Number Balance Number Balance
30-59 Days 17 1,018,083.27 2 40,841.55
60-89 Days 7 577,231.33 2 376,867.40
90-269 Days 0 0.00 1 30,000.00
270+ 0 0.00 0 0.00
REO 0 0.00 0 0.00
Foreclosure 0 0.00 1 255,000.00
Bankruptcy 0 0.00 0 0.00
Group 3
Number Balance
30-59 Days 6 473,418.66
60-89 Days 4 273,596.40
90-269 Days 0 0.00
270+ 0 0.00
REO 0 0.00
Foreclosure 0 0.00
Bankruptcy 0 0.00
5.03(a)xxiv
Unpaid Principal of all loans that became Liquidated Loans during the Due Period
Group 1 0.00
Group 2 0.00
Group 3 0.00
5.03(a)xxv
Net Liquidation Proceeds Received during Due Period
Group 1 0.00
Group 2 0.00
Group 3 0.00
5.03(a)xxvi
Cumulative Losses on the Mortgage Loans
Group 1 0.00
Group 2 0.00
Group 3 0.00
5.03(a)xxvii
The Book Value of any REO
Group 1 0.00
Group 2 0.00
Group 3 0.00
5.03(a)xxviii
The Delinquency Percentage in respect of such Payment Date
Group 1 0.00000%
Group 2 0.19632%
Group 3 0.00000%
5.03(a)xxix
The Cross-Collateralization Reserve Account for Group 1
Beginning Balance 0.00
Cross-Collateralization Reserve Deposits 0.00
Cross-Collateralization Reserve Release Amount 0.00
Cross-Collateralization Payments from Reserve Account 0.00
Cross-Collateralization Payments from Excess Available F 0.00
Ending Balance 0.00
The Cross-Collateralization Reserve Account for Group 2
Beginning Balance 0.00
Cross-Collateralization Reserve Deposits 0.00
Cross-Collateralization Reserve Release Amount 0.00
Cross-Collateralization Payments from Reserve Account 0.00
Cross-Collateralization Payments from Excess Available F 0.00
Ending Balance 0.00
The Cross-Collateralization Reserve Account for Group 3
Beginning Balance 0.00
Cross-Collateralization Reserve Deposits 0.00
Cross-Collateralization Reserve Release Amount 0.00
Cross-Collateralization Payments from Reserve Account 0.00
Cross-Collateralization Payments from Excess Available F 0.00
Ending Balance 0.00
Factor Information (Per $1000)
5.03(a)ii
The Class I-A Note Beginning Balance Factor 984.53220395
The Class II-A Note Beginning Balance Factor 982.99052260
The Class III-A Note Beginning Balance Factor 975.29304690
Group 1 Senior Interest Part Beginning Not'l Bal Factor 987.95327175
Group 2 Senior Interest Part Beginning Not'l Bal Factor 986.79360460
Group 3 Senior Interest Part Beginning Not'l Bal Factor 978.66929590
5.03(a)x
The Class I-A Note Principal Distribution Factor 11.32856360
The Class II-A Note Principal Distribution Factor 20.93789940
The Class III-A Note Principal Distribution Factor 23.54781060
The Class I-A Note Interest Distribution Factor 5.01892640
The Class II-A Note Interest Distribution Factor 5.07031980
The Class III-A Note Interest Distribution Factor 4.98022560
Group 1 Senior Interest Participation Int Dist Factor 1.23494160
Group 2 Senior Interest Participation Int Dist Factor 0.82232800
Group 3 Senior Interest Participation Int Dist Factor 1.22333660
5.03(a)xiv
The Class I-A Note Ending Balance Factor 973.20364035
The Class II-A Note Ending Balance Factor 962.05262320
The Class III-A Note Ending Balance Factor 951.74523630
CHAMPION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
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 31, 1999
