<PAGE>
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) December 25, 1995
LEHMAN ABS CORPORATION (as depositor under the Pooling and Servicing
Agreement dated as of November 1, 1995, providing for the issuance of
the Lehman FHA Title I Loan Trust 1995-6, FHA Title I Loan Asset
Backed Certificates, Series 1995-6)
LEHMAN ABS CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 33-98594 13-3447441
(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
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (Zip Code)
Registrant's telephone number, including area code: (212) 298-2000
<PAGE>
ITEM 5. OTHER EVENTS
Attached hereto are copies of the Monthly Certificateholder Reports
to the Certificateholders which were derived from the monthly information
submitted by the Master Servicer of the Trust to the Trustee.
ITEM 7. FINANCIAL STATEMENT AND EXHIBITS.
Exhibits
Exhibit 1: Monthly Certificateholder Report to the Certificateholders,
dated as of December 25, 1995.
Exhibit 2: Monthly Certificateholder Report Statement to the
Certificateholders, dated as of January 25, 1996.
2
<PAGE>
SIGNATURE
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.
First Bank National Association, not in its
individual capacity but solely as Trustee.
By: /s/ Tina Hatfield
____________________________________________
Tina Hatfield
Assistant Vice President
Date: February 15, 1995
3
<PAGE>
EXHIBIT INDEX
<PAGE>
<TABLE>
EXHIBIT INDEX
<CAPTION>
Sequential
Document Page Number
<S> <C>
Exhibit 1: Monthly Certificateholder Report to the
Certificateholders dated as of December 25, 1995. 5
Exhibit 2: Monthly Certificateholder Report to the
Certificateholders dated as of January 25, 1996 10
</TABLE>
4
<PAGE>
<TABLE> FHA TITLE I LOAN ASSET-BACKED CERTIFICATES Exhibit 1
SERIES 1995-6
CERTIFICATEHOLDER REPORT
DISTRIBUTION DATE: 12/25/95
FACTORS (Per $1,000 Of Original Certificate Balance)
<CAPTION>
Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Class Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
A-1 525177AK7 68,600,000.00 5.56666662 17.18309869 982.81690131
A-2 525177AL5 32,340,000.00 5.52500000 0.00000000 1,000.0000000
A-3 525177AM3 42,140,000.00 5.56666659 0.00000000 1,000.0000000
A-4 525177AN1 12,740,000.00 5.88333359 0.00000000 1,000.0000000
A-5 525177AP6 49,221,000.00 6.10000000 0.00000000 1,000.0000000
S None 135,997,026.18 0.41041669 __________ 1,416.36864548
/(a)/
</TABLE>
<TABLE>INTEREST
<CAPTION> Monthly Interest Current
Interest Interest On Interest Interest Distribution Interest
Certificate Carryover Carryover Distributable Distribution Carryover
Class Rate Shortfall Shortfall Amount Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 6.68000% 0.00 0.00 381,873.33 381,873.33 381,873.33 0.00
A-2 6.63000% 0.00 0.00 178,678.50 173,678.50 178,678.50 0.00
A-3 6.68000% 0.00 0.00 234,579.33 234,579.33 234,579.33 0.00
A-4 7.06000% 0.00 0.00 74,953.67 74,953.67 74,953.67 0.00
A-5 7.32000% 0.00 0.00 300,248.10 300,248.10 300,248.10 0.00
S 0.49250% 0.00 0.00 55,815.45 55,815.45 55,815.45 0.00
Total 0.00 0.00 1,226,148.38 1,226,148.38 1,226,148.38 0.00
</TABLE>
<TABLE>PRINCIPAL
<CAPTION>
Outstanding Monthly/(b)/ Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribution Certificate Carryover
Class Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 68,600,000.00 0.00 1,178,760.57 1,178,760.57 1,178,760.57 67,421,239.43 0.00
A-2 32,340,000.00 0.00 0.00 0.00 0.00 32,340,000.00 0.00
A-3 42,140,000.00 0.00 0.00 0.00 0.00 42,140,000.00 0.00
A-4 12,740,000.00 0.00 0.00 0.00 0.00 12,740,000.00 0.00
A-5 49,221,000.00 0.00 0.00 0.00 0.00 49,221,000.00 0.00
S 135,997,026.18 __ __ __ __ 192,621,923.76 0.00
Total 205,041,000.00 0.00 1,178,760.57 1,178,760.57 1,178,760.57 203,862,239.43 0.00
</TABLE>
<TABLE>
<CAPTION>DISTRIBUTIONS OTHER INFORMATION
<S> <C> <S> <C>
FHA Premium Account Deposit 0.00 Defaulted Loans During The Related Due Period 0.00
Master Servicer Fee 13,599.70
Master Servicer Reimbursement 0.00 Principal Balance Of All Defaulted
Trustee Fee 3,487.10 Mortgage Loan 0.00
Priority Expenses 0.00 Cram Down Losses 0.00
Class Interest Distribution 1,226,148.38 Excess Interest Paid As Principal 0.00
Amounts Owing to Certificate Insurer 30,756.15 Required OC Amount 2.00%
Class A Principal Distribution 1,178,760.57 Overcollateralization Prior to
Class A Guaranteed Principal Allocation of Distributable Excess Spread 4,185,157.88
Distribution Amt 0.00 Actual Overcollateralization 4,185,157.88
Successor Master Servicer Fee 0.00 Required Overcollateralization 4,184,523.16
Other Fee 0.00 Beginning Collateral Balance 135,997,026.18
Class R Distribution 5,888,744.44 Ending Collateral Balance 192,621,923.76
Total Distribution Amount 3,041,496.34
0
</TABLE>
/(a)/ The Class S Notional Amount as of the Cut-off Date;
/(b)/ Includes Guaranteed Principal, if any
5
<PAGE>
MASTER SERVICER CERTIFICATE
FHA TITLE I HOME IMPROVEMENT LOAN
PASS-THROUGH CERTIFICATES, SERIES 1995-6
**************************************************************************
In accordance with Section 4.01 (c) of the Pooling and Servicing Agreement
(FHA Title I Loans) (the "Agreement") dated as of November 1, 1995 among
Lehman ABS Corporation, as Depositor, the First National Bank of Keystone
as Seller. Norwest Bank Minnesota, N.A., as Master Servicer and Claims
Administrator. First Bank National Association as Trustee and Coast
Partners Acceptance Corporation as Contract of Insurance Holder, the
following data for the December 26, 1995 Distribution Date is being
presented to the Trustee for use in making distributions, transfers,
deposits, withdrawals and overcollateralization calculations pursuant to
the Agreement. Capitalized terms used in the Certificate are used as
defined in the Agreement.
DUE PERIOD: November 1, 1995 - November 30, 1995
DISTRIBUTION AMOUNT:
Mortgage Payments Received
Interest:
Ending Aggregate Principal Balance
of Mortgage Loans as of the preceding
Distribution Date: $135,997,026.18
--------------
Less: Total Amount of Defaulted Mortgage Loans:
Adjusted Beginning Aggregate Principal Balance: $ 0
--------------
Interest due on Mortgage Loans during
the preceding Due Period: $ 1,454,100.94
--------------
Interest collected on Mortgage Loans during
the preceding Due Period: $ 1,344,225.01
--------------
Principal:
Regular Installments $ 457,028.72
-------------
Curtailments $ 77,356.09
-------------
Full Prepayments $ 644,375.76
------------
Adjustments to Prepayments $ 0
------------
Foreclosures (Claim Funds Received) Other:
See Explanation $ 0
------------
Total Principal Collections: $1,178,760.57
------------
Defective Mortgage Loans Purchased by Keystone
as of the November 30, 1995 Monthly Cutoff
---------------------
(i) 100% of the Principal Balance of
such Defective Loans: 0
------------
(ii) Unpaid accrued interest for such
Defective Mortgages: 0
------------
6
<PAGE>
Mortgage Loans Purchased by Master Servicer as of
the November 30, 1995 Monthly Cutoff:
-----------------
(i) 100% of the Principal Balance of
Mortgage Loans with Rejected Claims: 0
-------------
(ii) Unpaid Accrued Interest for such Mortgage Loans
with Rejected Claims: 0
-------------
Amounts received from Keystone upon
optional termination:
(i) 100% of the Principal Balance of
such Defective Loans: 0
-------------
(ii) Unpaid Accrued Interest 0
-------------
(iii) Fair Market Value of Pending FHS Claims
as determined by Independent Appraiser. 0
-------------
(iv) Fair Market Value of Foreclosed
Properties as determined by Independent
Appraiser. 0
-------------
TOTAL DISTRIBUTION AMOUNT: 2,671,943.35
-------------
Prime $ 1,050,422.28
---------------
Empire Funding $ 1,368,565.93
---------------
Compu Link $ 154,518.63
---------------
City Mortgage $ 98,436.60
---------------
FHA INSURANCE INFORMATION:
FHA Insurance Coverage Balance - Beg Due Period 33,343,300.00
------------
FHA Claims paid 0
------------
FHA Insurance Reduction/Additions 0
------------
FHA Insurance Coverage Balance - End of due Period 33,343,300.00
------------
FHA Claims Field 0
------------
DELINQUENCY INFORMATION:
Annual Default Percentage - Rolling Twelve Month 0
------------
Cumulative Default Percentage 0
------------
30 Day + Delinquency Percentage 1.3049%
------------
60 Day + Delinquency Percentage 0.0369%
------------
7
<PAGE>
DEFAULTED MORTGAGE LOANS:
Total amount of Mortgage Loans which
became Defaulted Mortgage Loans during
the prior Due Period: 0
------------
Recoveries on Defaulted Loans during the prior Due Period (Current): 0
------------
Amounts, if any received with respect
to a Mortgage Loan or any related
Foreclosed Property subsequent to the
date of repurchase of such Mortgage Loan
or Foreclosed Property from the Trust (Cumulative): 0
------------
The aggregate amount, if any, of any
Cram Down Losses that shall have occurred
during the preceding Due Period: 0
------------
Remaining defaulted loan balance reflecting all
collections received (losses) 0
------------
Total loans to be foreclosed
(see attached) 0
------------
Interest Received
Principal Received
Claim Funds
Foreclosure Funds
Other
OTHER
FHA Premium Account Deposit: 0
-------------
FHA Premiums Collected on Invoiced Loans: 36,081.93
-------------
FHA Premiums and Ohter Charges Due: 0
-------------
Shortfall in FHA Premium Account Deposits
in respect of Invoiced Mortgage Loans: 21,754.50
-------------
FHA Premium Account Balance: 0
-------------
Master Servicer Fee: 13,599.70
-------------
Total Advances made by Master Servicer with
respect to Distribution Date:
Interest Advances: 0
-------------
Foreclosure Advances: 0
-------------
FHA Claim Expense: 0
-------------
8
<PAGE>
Cumulative Advances made by Master Servicer:
Interest Advances: 112,875.93
-------------
Foreclosure Advances:
-------------
FHA Claim Expense: 0
-------------
Advances made by Master Servicer
entitled to reimbursement:
Amount of Interest Advances
to be reimbursed from unrelated
Mortgage Loans: 0
--------------
Foreclosure Advances: 0
--------------
FHA Claim Expenses 0
--------------
Unpaid Principal Balance - Current Loans 133,001,154.10
--------------
Total Unpaid Principal Balance 134,818,265.61
--------------
Trustee Fee 2,266.62
--------------
Certificate Provided By: Date: ___________
------------------------
9
<PAGE>
<TABLE>
<CAPTION> FHA TITLE I LOAN ASSET-BACKED CERTIFICATES Exhibit 2
SERIES 1995-6
CERTIFICATEHOLDER REPORT
DISTRIBUTION DATE: 1/25/96
FACTORS (Per $1,000 Of Original Certificate Balance)
Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Class Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
A-1 525177AK7 68,600,000.00 5.47101414 23.33484373 959.48205758
A-2 525177AL5 32,340,000.00 5.52500000 0.00000000 1,000.00000000
A-3 525177AM3 42,140,000.00 5.56666659 0.00000000 1,000.00000000
A-4 525177AN1 12,740,000.00 5.88333359 0.00000000 1,000.00000000
A-5 525177AP6 49,221,000.00 6.10000000 0.00000000 1,000.00000000
S None 135,997,026.18 0.58130131 ___ 1,518.20780865
/(a)/
</TABLE>
<TABLE>INTEREST
<CAPTION> Monthly Current
Interest Interest On Interest Interest Interest
Certificate Carryover Carryover Distributable Interest Distribution Carryover
Class Rate Shortfall Shortfall Amount Distribution Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 6.68000% 0.00 0.00 375,311.57 375,311.57 375,311.57 0.00
A-2 6.63000% 0.00 0.00 178,678.50 178,678.50 178,678.50 0.00
A-3 6.68000% 0.00 0.00 234,579.33 234,579.33 234,579.33 0.00
A-4 7.06000% 0.00 0.00 74,953.67 74,953.67 74,953.67 0.00
A-5 7.32000% 0.00 0.00 300,248.10 300,248.10 300,248.10 0.00
S 0.49250% 0.00 0.00 79,055.25 79,055.25 79,055.25 0.00
Total 0.00 0.00 1,242,826.42 1,242,826.42 1,242,826.42 0.00
</TABLE>
<TABLE>PRINCIPAL
<CAPTION> Outstanding Monthly/(b)/ Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribuition Certificate Carryover
Class Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 67,421,239.43 0.00 1,600,770.28 1,600,770.28 1,600,770.28 65,820,469.15 0.00
A-2 32,340,000.00 0.00 0.00 0.00 0.00 32,340,000.00 0.00
A-3 42,140,000.00 0.00 0.00 0.00 0.00 42,140,000.00 0.00
A-4 12,740,000.00 0.00 0.00 0.00 0.00 12,740,000.00 0.00
A-5 49,221,000.00 0.00 0.00 0.00 0.00 49,221,000.00 0.00
S 192,621,923.76 __ __ __ __ 206,471,747.10 __
Total 203,862,239.43 0.00 1,600,770.28 1,600,770.28 0.00 202,261,469.15 0.00
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTIONS OTHER INFORMATION
<S> <C> <S> <C>
FHA Premium Account Deposit 0.00 Defaulted Loans During The Related Due
Master Servicer Fee 19,262.19 Period 24,977.90
Master Servicer Reimbursement 0.00 Principal Balance of All Defaulted
Trustee Fee 3,467.46 Mortgage Loan 0.00
Priority Expenses 0.00 Cram Down Losses 0.00
Class Interest Distribution 1,242,826.42 Excess Interest Paid As Principal 24,977.90
Amounts Owing to Certificate Insurer 31,598.65 Required OC Amount 2.00%
Class A Principal Distribution 1,600,770.28 Overcollateralization Prior to
Class A Guaranteed Principal Allocation of
Distribution Amt 0.00 Distributable Excess Spread 4,210,277.95
Successor Master Servicer Fee 0.00 Actual Overcollateralization 4,210,277.95
Other Fee 0.00 Required Overcollateralization 4,184,523.16
Class R Distribution 933,709.67 Beginning Collateral Balance 192,621,923.76
Ending Collateral Balance 206,471,747.10
Total Distribution Amount 3,831,634.67
</TABLE>
/(a)/ The Class S Notional Amount as of the Cut-off Date;
/(b)/ Includes Guaranteed Principal, if any
10
<PAGE>
MASTER SERVICER CERTIFICATE
FHA TITLE I HOME IMPROVEMENT LOAN
PASS-THROUGH CERTIFICATES, SERIES 1995-6
**************************************************************************
In accordance with Section 4.01 (c) of the Pooling and Servicing Agreement
(FHA Title I Loans) (the "Agreement") dated as of November 1, 1995 among
Lehman ABS Corporation, as Depositor, the First National Bank of Keystone,
as Seller. Norwest Bank Minnesota, N.A., as Master Servicer and Claims
Administrator. First Bank National Association as Trustee and Coast
Partners Acceptance Corporation as Contract of Insurance Holder, the
following data for the January 25, 1996 Distribution Date is being
presented to the Trustee for use in making distributions, transfers,
deposits, withdrawals and overcollateralization calculations pursuant to
the Agreement. Capitalized terms used in the Certificate are used as
defined in the Agreement.
DUE PERIOD: December 1, 1995 - December 31, 1995
DISTRIBUTION AMOUNT:
Mortgage Payments Received
Interest:
Ending Aggregate Principal Balance
of Mortgage Loans as of the preceding
Distribution Date: $192,621,924.17
--------------
Less: Total Amount of Defaulted Mortgage Loans: $ 0
--------------
Adjusted Beginning Aggregate Principal Balance: $192,621,924.17
--------------
Interest due on Mortgage Loans during
the preceding Due Period: $ 2,038,942.75
--------------
Interest collected on Mortgage Loans during
the preceding Due Period: $ 1,906,624.32
--------------
Principal:
Regular Installments $ 402,668.28
-------------
Curtailments $ 88,669.66
-------------
Full Prepayments $ 1,055,210.99
--------------
Adjustments to Prepayments $ 0
------------
Foreclosures (Claim Funds Received)/Other: See Explanation$ 0
------------
Total Principal Collections: $1,546,548.93
------------
Defective Mortgage Loans Purchased by Keystone
as of the December 31, 1995 Monthly Cutoff
---------------------
(i) 100% of the Principal Balance of
such Defective Loans: $ 29,243.45
--------------------
11
<PAGE>
(ii) Unpaid accrued interest for such
Defective Mortgages: $ 1,464.88
--------------------
Mortgage Loans Purchased by Master Servicer as of
the December 31, 1995 Monthly Cutoff:
------------------------
(i) 100% of the Principal Balance of
Mortgage Loans with Rejected Claims: 0
-------------
(ii) Unpaid Accrued Interest for such Mortgage Loans
with Rejected Claims: 0
-------------
Amounts received from Keystone upon
optional termination:
(i) 100% of the Aggregate Principal Balance
for Mortgage Loan: 0
-------------
(ii) Unpaid Accrued Interest: 0
-------------
(iii) Fair Market Value of Pending FHA Claims
as determined by Independent Appraiser: 0
-------------
(iv) Fair Market Value of Foreclosed
Properties as determined by Independent
Appraiser: 0
-------------
TOTAL DISTRIBUTION AMOUNT: 3,636,862.97
-------------
Prime $ 1,411,147.53
-----------------
Empire Funding $ 1,772,554.78
-----------------
Compu Link $ 391,283.32
-----------------
City Mortgage $ 61,877.34
-----------------
FHA INSURANCE INFORMATION:
FHA Insurance Coverage Balance - Beg Due Period 33,343,300.00
------------
FHA Claims paid 0
------------
FHA Insurance Reduction/Additions 0
------------
FHA Insurance Coverage Balance - End of Due Period 33,343,300.00
------------
FHA Claims Filed 0
------------
DELINQUENCY INFORMATION:
Annual Default Percentage - Rolling Twelve Month .0065%
-----------------
Cumulative Default Percentage 0
------------
12
<PAGE>
30 Day + Delinquency Percentage 1.9418%
------------
60 Day + Delinquency Percentage 0.2111%
------------
DEFAULTED MORTGAGE LOANS:
Total amount of Mortgage Loans which
became Defaulted Mortgage Loans during
the prior Due Period: 24,977.90
--------------------
Recoveries on Defaulted Loans during the prior Due Period (Current): 0
------------
Amounts, if any received with respect
to a Mortgage Loan or any related
Foreclosed Property subsequent to the
date of repurchase of such Mortgage Loan
or Foreclosed Property from the Trust (Cumulative): 0
------------
The aggregate amount, if any, of any
Cram Down Losses that shall have occurred
during the preceding Due Period: 0
------------
Remaining defaulted loan balance reflecting all
collections received (losses) 0
------------
Total loans to be foreclosed
(see attached) 0
------------
Interest Received
Principal Received
Claim Funds
Foreclosure Funds
Other
OTHER
FHA Premium Account Deposit: 0
-------------
FHA Premiums Collected on Invoiced Loans: 51,371.29
-------------
FHA Premiums and Other Charges Due: 0
-------------
Shortfall in FHA Premium Account Deposits
in respect of Invoiced Mortgage Loans: 4,680.62
------------
FHA Premium Account Balance 0
-------------
Master Servicer Fee: 19,262.19
-------------
Total Advances made by Master Servicer with
respect to Distribution Date:
13
<PAGE>
Interest Advances: 132,318.43
-------------
Foreclosure Advances: 0
-------------
FHA Claim Expense: 0
-------------
Cumulative Advances made by Master Servicer:
Interest Advances: 245,194.36
-------------
Foreclosure Advances: 0
-------------
FHA Claim Expense: 0
-------------
Advances made by Master Servicer
entitled to reimbursement:
Amount of Interest Advances
to be reimbursed from unrelated
Mortgage Loans: 0
--------------
Foreclosure Advances: 0
--------------
FHA Claim Expenses 0
--------------
Unpaid Principal Balance - Current Loans 187,304,949.55
--------------
Total Unpaid Principal Balance 191,075,375.24
--------------
Trustee Fee 3,210.37
--------------
Certificate Provided By: /s/ Marianna Sterschic Date: 1/18/96
---------------------- ------------
14
