SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the fiscal year ended Commission file number
December 31, 1995 333-14293
LEHMAN ABS CORPORATION
(as depositor under the Trust Agreement, dated as of January 26, 1995, as
amended and restated by the Amended and Restated Trust Agreement, dated as of
February 1, 1995, which formed the Lehman Home Equity Loan Trust 1995-1 which,
pursuant to an Indenture, dated as of January 1, 1995, issued the Lehman Home
Equity Loan Trust 1995-1, Home Equity Loan Asset-Backed Term Notes, Series
1995-1)
LEHMAN ABS CORPORATION
(Exact name of Registrant as specified in its Charter)
Delaware 13-3447441
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
Three World Financial Center
200 Vesey Street
New York, New York 10285
(Address of principal executive offices)
Registrant's telephone number, including area code: (212) 526-7000
Securities registered pursuant to Section 12(b) of the Act: Not Applicable.
Securities registered pursuant to Section 12(g) of the Act: Not Applicable.
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes No X
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of the Form 10-K or any amendment to this
Form 10-K. [ ].
Aggregate market value of voting stock held by non-affiliates of the
Registrant as of December 31, 1995: Not Applicable.
Number of shares of common stock outstanding as of December 31, 1995:
Not Applicable.
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DOCUMENTS INCORPORATED BY REFERENCE
Documents in Part II and Part IV incorporated herein by reference are as
follows:
Monthly Reports to Noteholders as to distributions made in
February, March, April, May, June, July, August, September, October,
November and December 1995 are hereby incorporated herein by reference
as exhibits to Registrant's Current Report on Form 8-K filed with the
Securities and Exchange Commission on July 17, 1997.
PART I
Item 1. Business.
The trust relating to Lehman Home Equity Loan Trust 1995-1, Home Equity
Loan Asset-Backed Term Notes, Series 1995-1 ("Series 1995-1), was established
pursuant to a Trust Agreement dated as of January 26, 1995, as amended and
restated by the Amended and Restated Trust Agreement, dated as of February 1,
1995, among Lehman ABS Corporation, as depositor, Mortgage Assets Trading, Inc,,
as holder of the designated certificate, and Chemical Bank Delaware, as owner
trustee.
Pursuant to an Indenture, dated as of January 1, 1995, between Lehman
Home Equity Loan Trust 1995-1, as issuer (the "Issuer"), and The First National
Bank of Chicago, as indenture trustee (the "Indenture Trustee"), the Issuer
issued Lehman Home Equity Loan Trust 1995-1, Home Equity Loan Asset-Backed Term
Notes, Series 1995-1 (the "Term Notes"). The Term Notes are secured by certain
adjustable rate home equity revolving credit line loans made or to be made in
the future (the "Mortgage Loans") secured by first or second deeds of trust or
mortgages on residential properties (which are primarily one- to four-family
residences), the collections in respect of such Mortgage Loans, and certain
other property relating to such Mortgage Loans. The Term Notes have the benefit
of an irrevocable and unconditional financial guaranty insurance policy issued
by Capital Markets Assurance Corporation. The Noteholders receive monthly
reports regarding distributions.
Information with respect to the business of the Trust would not be
meaningful because the only "business" of the Trust is the collection on the
Mortgage Loans and distribution of payments on the Notes and the Lehman Home
Equity Loan Trust 1995-1, Home Equity Loan Asset-Backed Certificates (the
"Certificates") to the Noteholders and Certificateholders, respectively. The
information relating to the distribution of payments on the Noteholders is
accurately summarized in the monthly reports to Noteholders, which are filed on
Form 8- K. There is no additional relevant information to report in response to
Item 101 of Regulation S-K.
Item 2. Properties.
The Issuer owns no property. The Term Notes, in the aggregate,
represent debt in a trust estate consisting primarily of the Mortgage Loans. The
Trust will acquire title to real estate only upon default of the borrowers under
a Mortgage Loan. Therefore, this item is inapplicable.
Item 3. Legal Proceedings.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
No matters were submitted to a vote of Noteholders during the fiscal
year covered by this report.
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PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
The Term Notes represent, in the aggregate, debt in the Trust
consisting primarily of the Mortgage Loans.
(a) Market Information. Not applicable There is no established public trading
market for Registrant's Notes. Registrant believes the Notes are traded
primarily in intra-dealer markets and non-centralized inter-dealer markets.
(b) Holders. The number of registered holders of the Notes on December 31, 1995
was 6.
(c) Dividends. Not applicable. The information regarding dividends required
by Sub-paragraph (c) of Item 201 of Regulation S-K is inapplicable
because the Trust does not pay dividends. However, information as to
distribution to Noteholders is provided in the monthly reports to
Noteholders for each month of the fiscal year in which a distribution
to Noteholders was made.
Item 6. Selected Financial Data.
Not Applicable. Because of the limited activities of the Trust, the
Selected Financial Data required by Item 301 of Regulation S-K does not add
relevant information to that which is provided by the Monthly Reports to
Noteholders.
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Not Applicable. The information required by Item 303 of Regulation S-K
is inapplicable because the Trust does not have management per se, but rather
the Trust has an Indenture Trustee who causes the preparation of the Monthly
Reports to Noteholders. The information provided by the Monthly Reports to
Noteholders does provide the relevant financial information regarding the
financial status of the Trust Estate.
Item 8. Financial Statements and Supplementary Data.
Monthly Reports to Noteholders as to distributions made in February,
March, April, May, June, July, August, September, October, November and December
1995 are hereby incorporated herein by reference as exhibits to Registrant's
Current Report on Form 8-K filed with the Securities and Exchange Commission on
July 17, 1997.
Independent Accountant's Report on Servicer's servicing activities is filed as
Exhibit 2 under Item 14(a) hereof.
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Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.
None.
PART III
Item 10. Directors and Executive Officers of Registrant.
Not Applicable. The Trust does not have officers or directors.
Therefore, the information required by items 401 and 405 of Regulation S-K
is inapplicable.
Item 11. Executive Compensation.
Not Applicable. The Trust does not have officers or directors to whom
compensation needs to be paid. Therefore, the information required by Item
402 of Regulation S-K is inapplicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
(a) Security ownership of certain beneficial owners. Under the
Indenture, the holders of the Notes generally do not have the
right to vote and are prohibited from taking part in
management of the Trust. For purposes of this Item and Item 13
only, however, the Noteholders are treated as "voting
security" holders.
As of December 31, 1995, the following are the only persons
known to Registrant to be the beneficial owners of more then
5% of any class of voting securities.
TITLE NAME AND AMOUNT AND NATURE PERCENT
OF ADDRESS OF OF BENEFICIAL OF
CLASS BENEFICIAL OWNERS OWNERSHIP CLASS
Series 1995-1, Bankers Trust Company $ 47,000,000 36.70%
Term Notes c/o BT Services Tennessee Inc.
Pension Trust Services
648 Grassmere Park Drive
Nashville, TN 37211
Series 1995-1, Chase Manhattan Bank/Chemical $ 15,000,000 11.71%
Term Notes Auto Settle Department
4 New York Plaza, 4th Floor
New York, New York 10004
Series 1995-1, French American Banking Corp. $ 12,000,000 9.37%
Term Notes 200 Liberty, 20th Floor
New York, New York 10281
Series 1995-1, Morgan Guaranty Trust Co. $ 50,000,000 39.04%
Term Notes of New York
522 Fifth Avenue, 17th Floor
New York, New York 10036
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(b) Security ownership of management. Not Applicable. The Trust does
not have any officers or directors. Therefore, the information required by
Item 403 of Regulation S-K is inapplicable.
(c) Changes in control. Not Applicable. Since Noteholders do not
possess, directly or indirectly, the power to direct or cause
the direction of the management and policies of the Trust,
other than in the event of default and as set forth in the
Indenture, the information requested with respect to Item 403
of Regulation S-K is inapplicable.
Item 13. Certain Relationships and Related Transactions.
(a) Transactions with management and others. Registrant knows of
no transaction or series of transactions during the fiscal
year ended December 31, 1995, or any currently proposed
transaction or series of transactions, in an amount exceeding
$60,000 involving the Registrant in which the
Certificateholders identified in Item 12(a) had or will have a
direct or indirect material interest. There are no persons of
the types described in Item 404(a)(1), (2) and (4) of
Regulation S-K; however, the information required by Item
404(a)(3) of Regulation S-K is hereby incorporated by
reference in Item 12(a) herein.
(b) Certain business relationships. None.
(c) Indebtedness of management. Not Applicable. The Trust does not
have management consisting of any officers or directors. Therefore, the
information required by Item 404(c) of Regulation S-K is inapplicable.
(d) Transactions with promoters. Not Applicable. The Trust does not
use promoters. Therefore, the information required by Item 404(d) of
Regulation S-K is inapplicable.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) The following is a list of documents filed as part of this report:
EXHIBITS
99.1 Monthly Report to Noteholders as to distributions made in
February, March, April, May, June, July, August, September,
October, November and December 1995 are hereby incorporated
herein by reference as exhibits to Registrant's Current Report
on Form 8-K filed with the Securities and Exchange Commission
on July 17, 1997.
99.2 Independent Accountant's Report on Servicer's servicing activities.
(b) No Reports on Form 8-K were filed during the last quarter of
the period covered by this Report.
(c) The exhibits required to be filed by Registrant pursuant to
Item 601 of Regulation S-K are listed above and in the Exhibit
Index that immediately follows the signature page hereof.
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(d) Not Applicable. The Trust does not have any subsidiaries or affiliates.
Therefore, no financial statements are filed with respect to subsidiaries
or affiliates.
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED
PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE
NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT
No annual report, proxy statement, form of proxy or other
soliciting material has been sent to Noteholders, and the
Registrant does not contemplate sending any such materials
subsequent to the filing of this report.
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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.
LEHMAN HOME EQUITY LOAN TRUST 1995-1
By: Residential Funding Corporation,
as Administrator
Name:
Title
Date: July 15, 1997
[NY01B:331727.5] 16069-00000 07/14/97 12:05pm
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EXHIBIT INDEX
Sequential
Exhibit Document Page Number
99.1 Monthly Reports to Noteholders as to distributions made *
in January, February, March, April, May, June, July,
August, September, October, November and December 1995
(hereby incorporated herein by reference as exhibits to
Registrant's Current Report on Form 8-K filed with the
Securities and Exchange Commission on July 17, 1997).
99.2 Independent Accountant's Report on Servicer's servicing
activities.
- -----------------------------------------------------
* Incorporated by reference.
[NY01B:331727.5] 16069-00000 07/14/97 12:05pm
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RESIDENTIAL FUNDING CORPORATION
Letter Regarding Uniform Single Attestation
Program for Mortgage Bankers
December 31, 1995
INDEPENDENT AUDITORS' REPORT
Board of Directors
Residential Funding Corporation
Minneapolis, Minnesota 55437
We have examined management's assertion about Residential Funding Corporation's
(RFC) compliance with their minimum servicing standards in their role as Master
Servicer as of and for the year ended December 31, 1995 included in the
accompanying management assertion. Such assertions were examined related to
those mortgage loans included in the Series of Certificates listed in the
attached Exhibit 1. Our testing procedures were applied only to the Series of
Certificates serviced on or before September 30, 1995. Direct servicing
functions are performed by various subservicers. Management is responsible for
RFC's compliance with their minimum servicing standards. Our responsibility is
to express an opinion on management's assertion about the entity's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about RFC's compliance with their minimum
servicing standards and performing such other procedures as we considered
necessary in the circumstances. Loans and Series of
<PAGE>
Certificates subject to such procedures were selected from RFC's portfolio using
sampling methods. Accordingly, we make no representation that our examination
procedures were performed on specific Series of Certificates listed in the
attached Exhibit 1. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on RFC's
compliance with their minimum servicing standards.
In our opinion, management's assertion that RFC complied with the aforementioned
minimum servicing standards as of and for the year ended December 31, 1995 is
fairly stated in all material respects except for noncompliance with item VI of
RFC's minimum servicing standards.
This report is intended solely for the information of the Board of Directors and
management of RFC and others for whom RFC services mortgage loans for the Series
of Certificates included in the attached Exhibit 1 and should not be used for
any other purpose.
January 26, 1996
DELOITTE & TOUCHE LLP
400 One Financial Plaza
Minneapolis, MN 55402
As of and for the year ended December 31, 1995, Residential Funding Corporation
(RFC) has complied in all material respects with our minimum servicing standards
set forth below for those loans serviced for others under master servicing
arrangements, except as stated in Section VI - Delinquencies. Direct servicing
functions are performed by various subservicers.
<PAGE>
Our minimum standards are:
I. CUSTODIAL BANK ACCOUNTS
1. Reconciliations shall be prepared on a monthly basis
for all custodial bank accounts and related bank
clearing accounts. These reconciliations shall:
be mathematically accurate;
be prepared within thirty (30) calendar days after the
cutoff date;
be reviewed and approved by someone other than the person who prepared the
reconciliation; and document explanations for reconciling items.
These reconciling items shall be resolved within ninety(90) calendar days of
their original identification.
2. Each custodial and escrow account as maintained by the master servicer and
subservicer shall be maintained in an eligible account in trust for the
applicable certificateholders as prescribed by applicable pooling and servicing
agreements.
3. Funds shall be advanced by the master servicer or the subservicer, as
required by applicable pooling and servicing agreements in accordance with the
amortization schedules of each mortgage loan, or for overdrafts in the
mortgagers escrow accounts.
II. SUBSERVICER REMITTANCES
1. Remittances for mortgage payments and payoffs received from subservicers
shall be deposited into the applicable investor custodial bank account within
one business day of receipt.
2. Remittances from subservicers shall be reconciled to
applicable mortgagor records during the appropriate
accounting cycle.
3. Reconciliations shall be performed monthly for each
subservicer remittance. These reconciliations shall:
<PAGE>
be mathematically accurate;
be prepared within thirty (30) days after the cutoff
date.
III. DISBURSEMENTS
1. Disbursements to investors shall be made in accordance with the applicable
pooling and servicing agreement and/or the prospectus indicating how cash flows
are to be allocated.
2. Amounts remitted to investors per our investor
reports shall agree with the custodial bank statements.
3. Only permitted withdrawals per the applicable pooling and servicing
agreements shall be made from the custodial accounts for certificateholders.
4. Disbursements of investor funds from custodial accounts via wire transfer
shall be made only by authorized personnel.
IV. INVESTOR ACCOUNTING AND REPORTING
Statements to the certificateholders shall be made with each monthly
distribution in accordance with applicable pooling and servicing agreements
detailing the applicable distribution activity and effect on the unpaid
principal balance of the mortgage loans.
V. MORTGAGOR LOAN ACCOUNTING
1. Uniform Single Attestation Program reports from subservicers will be obtained
to provide a basis in meeting our minimum servicing standards.
2. Mortgage loan records shall agree with, or reconcile to, the mortgage loan
records maintained by the subservicer with respect to unpaid principal balance
on a monthly basis.
VI. DELINQUENCIES
Reports from subservicers identifying delinquent loans
<PAGE>
shall be received and reviewed monthly. Reports shall be made with each
distribution to certificateholders as to the number and aggregate principal
balances of delinquent mortgage loans, based on the most recent reports
furnished by the subservicers.
Modifications to the investor reporting system resulted in delinquency amounts
not being accurately reported for certain loans that became real estate owned
(REO) during the current accounting period. These discrepancies were corrected
in the immediate subsequent accounting period. The system modications causing
these discrepancies were corrected in August, 1995.
VII. INSURANCE POLICIES
As of and for this same period, RFC had in effect a fidelity bond and errors and
omissions policy in the amount of $150,000,000 and $60,000,000, respectively.
/s/ Bruce Paradis
Bruce Paradis
Managing Director - President
/s/ Chris Nordeen
Chris Nordeen
Managing Director - Distribution
/s/Davee Olson
Davee Olson
Managing Director - CFO
<PAGE>
/s/ Scott Young
Scott Young
Managing Director - Controller
EXHIBIT I
RESIDENTIAL FUNDING CORPORATION
SERVICED SERIES WITH INITIAL CUTOFF DATE PRIOR TO
SEPTEMBER 30, 1995
DECEMBER 31, 1995
1986 Series
1986-12
1986-15
1986-PC-7R
1986-U1
1986-U5
1986-U7
1986 NY Series A
1987 Series
1987-1
1987-2
1987-3
1987-4
1987-6
1987-S1
1987-S2
1987-S4
1987-S5
1987-S6
1987-S7
1987-S8
1987-S9
1987-SA
1987-U3
1987-U4
<PAGE>
1987-U5
1987-U6
1987-U7
1987-U9
1987-U10
1987-U11-A
1987-U13-A
1987-U14
1987-U15
1987-U16
1987-U17
1987-U18
1987-U19
1987-WH1-A
1987-WH1-B
1987-WHI-C
1987 NY Series A
1988 Series
1988-3A
1988-3B 1988-3C 1988-4B 1988-4C 1988-4D 1988-S1 1988-SW1 1988-U1 1988-U2 1988-U3
1988-U4 1988-U5 1988-U8 1988-U9 1988-U10
1988 NY Series A
1989 Series
1989-2
1989-3A
1989-3B
1989-3C
1989-4A
1989-4B
1989-4C
<PAGE>
1989-4D
1989-4E
1989-5A
1989-5B
1989-7
1989-3 (PBSFC)
1989-4 (PBSFC)
1989-S1
1989-S2
1989-S3
1989-S4
1989-S5
1989-S6
1989-SW1A
1989-SW1B
1989-SW2
1989-U1
1989-WH1
1990 Series
1990-1
1990-2
1990-3A
1990-3B
1990-3C
1990-4
1990-5
1990-6
1990-7
1990-8
1990-9
1990-10
1990-12
1990-13
1990-PC1
1990-PC2
1990-PC3
1990-PC4
1990-PC5
1990-PC6
1990-S1
1990-S14
1990-S17
1990-MS1A
1990-MS1B
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1990-MS1C 1990-MS1D 1990-MS1E 1990-SW1A 1990-SW1B 1990-SW1C 1990-SW2A 1990-SW2B
1990-SW3 1990-R16 1990-WH1 1990-WH2 1990C-1A 1990C-1B 1990C-1C 1990C-1D 1990C-1E
1990C-1F 1990C-1G 1990C-1H 1990C-1I 1990C-1J 1990C-1K
1990 NY Series A
1991 Series
1991-S1
1991-3
1991-4
1991-S5
1991-S7
1991-S8
1991-R9
1991-S11
1991-S12
1991-R13
1991-R14
1991-S15
1991-S19
1991-20
1991-21A
1991-21B
1991-21C
1991-S22
1991-23
<PAGE>
1991-S24 1991-25A 1991-25B 1991-S28 1991-S29 1991-S30 1991-S31 1991-MS1A
1991-MS1B 1991-MS1C 1991-MS2 1991-MS3A 1991-MS3B 1991-MS3C 1991-SW1A 1991-SW1B
1991-SW1C 1991-SW5A 1991-SW5B 1991-WH4A 1991-WH4B 1991-J2 1991-J3
1992 Series
1992-S1
1992-S2 1992-S3 1992-S4 1992-S5 1992-S6 1992-S7 1992-S8 1992-S9 1992-S10
1992-S11 1992-S12 1992-13 1992-S14 1992-S15 1992-S16 1992-17A 1992-17B 1992-17C
1992-S18
<PAGE>
1992-S19 1992-S20 1992-S21 1992-S22 1992-S23 1992-S24 1992-S25 1992-S26 1992-S27
1992-S28 1992-S29 1992-S30 1992-S31 1992-S32 1992-S33 1992-S34 1992-S35 1992-S36
1992-S37 1992-S38 1992-S39 1992-S40 1992-S41 1992-S42 1992-S43 1992-S44
1992-SW1A 1992-SW1B 1992-SW1C 1992-SW3 1992-SW4 1992-SW5 1992-SW6 1992-SW7
1992-SW12 1992-U2 1992-U10 1992-U11 1992-WH8 1992-A 1992-D 1992-2 1992-4 1992-5
1992-J1
<PAGE>
1992-J9
1992-J10
1993 Series
1993-1
1993-6 1993-19 1993-J1 1993-J2 1993-J3 1993-J4 1993-J5 1993-J6 1993-MZ1 1993-MZ2
1993-MZ3 1993-PC3 1993-PC6 1993-PC7 1993-PC9A 1993-PC9B 1993-PC9C 1993-PC9D
1993-PC9F 1993-PC9G 1993-PC9H 1993-PC9I 1993-PC9J
1993-PC11A 1993-PC11B 1993-PC11C 1993-PC12 1993-PC12A 1993-S1 1993-S2 1993-S3
1993-S4 1993-S5 1993-S6 1993-S7 1993-S8 1993-S9 1993-S10 1993-S11 1993-S12
<PAGE>
1993-S13 1993-S14 1993-S15 1993-S16 1993-S17 1993-S18 1993-S20 1993-S21 1993-S22
1993-S23 1993-S24 1993-S25 1993-S26 1993-S27 1993-S28 1993-S29 1993-S30 1993-S31
1993-S32 1993-S33 1993-S34 1993-S35 1993-S36 1993-S37 1993-S38 1993-S39 1993-S40
1993-S41 1993-S42 1993-S43 1993-S44 1993-S45 1993-S46 1993-S47 1993-S48 1993-S49
1993-WH2 1993-WH4A 1993-WH4B 1993-WH4C 1993-WH8 1993-WH10 1993-WH13 1993-WH13A
1993-WH14
<PAGE>
1993-WH14A-94
1993-WH15A
1993-WH15B
1993-WH15C
1993-WH15D
1993-WH15E-94
1993-WH15F-94
1993-WH15G-94
1993-WH15H-94
1993-WH15I-94
1993-WH15J-94
1993-WH15K-94
1994 Series
1994-MZ1
1994-RS4
1994-S1 1994-S2 1994-S3 1994-S5 1994-S6 1994-S7 1994-S8 1994-S9 1994-S10
1994-S11 1994-S12 1994-S13 1994-S14 1994-S15 1994-S16I
1994-S16II 1994-S16III 1994-S17 1994-S18 1994-S19 1994-S20 1994-WH1 1994-WH2
1994-WH3 1994-WH4A 1994-WH4B 1994-WH4C 1994-WH4D 1994-WH4E
<PAGE>
1994-WH4F 1994-WH5 1994-WH8 1994-WH9 1994-WH10 1994-WH11A 1994-WH11B 1994-WH12
1994-WH14 1994-WH15 1994-WH16A 1994-WH16B 1994-WH16C 1994-WH16D 1994-WH17
1994-WH18 1994-WH20 1994-WH21A 1994-WH21B 1994-WH22 1994-WH23
1995 Series
1995-J1
1995-J2
1995-J3
1995-J4
1995-K1
1995-KS1
1995-KS2
1995-KS3-I
1995-KS3-II
1995-QS1
1995-S1
1995-S2
1995-S3
1995-S4
1995-S6
1995-S7
1995-S8
1995-S9
1995-S10
1995-S11
1995-S12
1995-S13
<PAGE>
1995-S14 1995-WH1 1995-WH2 1995-WH3 1995-WH4 1995-WH5 1995-WH7 1995-WH8 1995-WH9
1995-WH10 1995-WH11 1995-WH12 1995-WH13 1995-WH14 1995-WH15 1995-WH16 1995-WH17
1995-WH18 1995-1 1995-1A 1995-HWH1 1995-HWH2
EXHIBIT II
RESIDENTIAL FUNDING CORPORATION
SERVICED SERIES AS OF SEPTEMBER 30, 1995
Loans Serviced for Others:
Citizens Thrift & Loan Association
Pool 5001
Liberty Lending Services, Inc.
Pool 5900
Metropolitan Bank
Pool 5901
Owensboro National Bank
Pools 5000, 5002, 5004
Salomon Brothers Realty
Pool 5005
<PAGE>
