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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 24, 1996
LEHMAN ABS CORPORATION, (as depositor under the Pooling and
Servicing Agreement, dated as of August 31, 1996, which forms Champion Home
Equity Loan Trust 1996-3 which Champion Home Equity Loan Trust 1996-3, Home
Equity Loan Asset-Backed Certificates, Series 1996-3).
LEHMAN ABS CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 333-3911 13-3447441
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
Three World Financial Center
200 Vesey Street
New York, New York 10285
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 526-7000
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Item 5. Other Events.
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Filing of Computational Materials./FN/
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In connection with the offering of the Champion Home Equity Loan Asset-
Backed Certificates, Series 1996-3, Lehman Brothers Inc., as underwriter of
the Certificates (the "Underwriter"), has prepared certain materials (the
"Computational Materials") for distribution to its potential investors.
Although the Company provided the Underwriter with certain information
regarding the characteristics of the Loans in the related portfolio, it did
not participate in the preparation of the Computational Materials.
Concurrently with the filing hereof, pursuant to Rule 202 of Regulation S-T,
the Registrant is filing the Computational Materials by paper filing on Form
SE in reliance on a continuing hardship exemption.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to the
Certificates, any of the following: yield; average life, duration; expected
maturity; interest rate sensitivity; loss sensitivity; cash flow
characteristics; background information regarding the Loans; the proposed
structure; decrement tables; or similar information (tabular or otherwise)
of a statistical, mathematical, tabular or computational nature. The
Computational Materials are attached hereto as Exhibit 99.1.
/FN/ Capitalized terms used and not otherwise defined herein shall
have the meanings assigned to them in the Prospectus dated
September 25, 1996, and the Prospectus Supplement dated September
25, 1996, of Lehman ABS Corporation, relating to its Champion
Home Equity Loan Trust 1996-3, Home Equity Loan Asset-Backed
Certificates, Series 1996-3).
Item 7. Financial Statements, Pro Forma Financial
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Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LEHMAN ABS CORPORATION
By: /s/ Martin P. Harding
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Martin P. Harding
Senior Vice President
Dated: September 24, 1996
Exhibit Index
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Exhibit Page
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99.1 The Computational Materials. 6
Exhibit 99.1
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In accordance with Rule 202 of Regulation S-T, the Computational
Materials are being filed on paper pursuant to Form SE pursuant to a
continuing hardship exemption.
