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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): April 16, 1997
LEHMAN ABS CORPORATION, (as depositor under the Pooling and
Servicing Agreement, dated as of April 1, 1997, which forms Lehman
Home Equity Loan Trust 1997-1, which will issue the Home Equity
Loan Trust 1997-1, Home Equity Loan Asset-Backed Certificates,
Series 1997-1).
LEHMAN ABS CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 333-14293 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 10022
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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 Derived Materials.
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Pursuant to Rule 424(b) under the Securities Act of 1933, concurrently
with, or subsequent to, the filing of this Current Report on Form 8-K ("the
Form 8-K"), Lehman ABS Corporation (the "Company") is filing a prospectus and
prospectus supplement with the Securities and Exchange Commission in relation
to its Home Equity Loan Asset-Backed Certificates, Series 1997-1.
Incorporation of Certain Documents by Reference
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Pursuant to Rule 411 of Regulation C under the Securities Act of 1933
and in reliance on Financial Security Assurance Inc., SEC No-Action Letter
(July 16, 1993), Financial Asset Securities Corp. (the "Registrant") will
incorporate by reference the financial statements of Financial Security
Assurance, Inc., into the Registrant's registration statement (File No. 333-
14293). The financial statements will be referred to in the prospectus
supplement relating to Lehman Home Equity Loan Trust 1997-1. In connection
with the incorporation of such documents by reference, the Registrant is
hereby filing the consent of Coopers & Lybrand L.L.P. ("Coopers & Lybrand")
to the use of their name in such prospectus supplement. The consent of
Coopers & Lybrand is attached hereto as Exhibit 1.
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:
23. The Consent of Coopers & Lybrand L.L.P.
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* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus and the Prospectus Supplement of
Lehman ABS Corporation, relating to its Lehman Home Equity Loan Trust 1997-1,
Home Equity Loan Asset-Backed Certificates, Series 1997-1.
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 Harding
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Martin Harding
Managing Director
Dated: April 17, 1997
Exhibit Index
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Exhibit Page
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23. The Consent of Coopers & Lybrand L.L.P. . . . . . 5
EXHIBIT 23: CONSENT OF INDEPENDENT ACCOUNTANTS
COOPERS & LYBRAND
COOPERS
& LYBRAND
A PROFESSIONAL SERVICES FIRM
CONSENT OF INDEPENDENT ACCOUNTANTS
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We consent to the incorporation by reference in the Prospectus Supplement
dated April 16, 1997 (to Prospectus dated March 18, 1997) of Lehman ABS
Corporation, relating to Lehman Home Equity Loan Trust 1997-1 of our report
dated January 24, 1997 on our audits of the consolidated financial statements
of Financial Security Assurance Inc. and Subsidiaries as of December 31, 1996
and 1995, and for each of the three years in the period ended December 31,
1996. We also consent to the reference to our Firm under the caption
"Experts."
/s/Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P.
New York, New York
April 17, 1997
