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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 23, 1997
LEHMAN ABS CORPORATION, (as depositor under the Trust Agreement,
dated as of September 1, 1997, which forms Mortgage Index
Amortizing Trust 1997-1, Fixed Rate Asset Backed Notes, Class A-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 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.*
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In connection with the offering of the Mortgage Index Amortizing Trust
1997-1, Lehman Brothers Inc., as underwriter of the Notes (the
"Underwriter"), has prepared certain materials (the "Computational
Materials") for distribution to its potential investors.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to the
Notes, any of the following: yield; average life, duration; expected
maturity; interest rate sensitivity; loss sensitivity; cash flow
characteristics; background information regarding the credit card securities;
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.
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* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated December 31, 1996, and the
Propectus Supplement dated September 17, 1997 of Lehman ABS Corporation,
relating to its Mortgage Index Amortizing Trust 1997-1, Fixed Rate Asset Backed
Notes, Class A-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:
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
Managing Director
Dated: September 23, 1997
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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MIAT97-1;A
LEHMAN BROTHERS Today's Date: 09/10/97
Fixed Income Analytics
REFERENCE POOL SUMMARY
______________________
FHLM 8.00% Historical PSAs CPRs
Fixed Rate
WAC: 8.50% 1 Month: 445 12.0
WAM: 341 3 Month: 348 8.7
WALA: 14 6 Month: 356 7.8
Life: n/a n/a
BOND SUMMARY Settlement Date: 09/25/97
_____________
Coupon: TBA PAC Range: 250-400
Orig Bal: 250,000,000 Delay: 0
Factor: 1.00000000 Next Paymt: 10/25/97
Factor Date: 09/25/97
PRICES 125%PSA 155%PSA 200%PSA 250%PSA 400%PSA 500%PSA 750%PSA
______ _______ _______ _______ _______ ______ _______ _______
99-12 7.120 7.156 7.171 7.189 7.189 7.241 7.347
99-16 7.096 7.125 7.136 7.151 7.151 7.192 7.277
99-20 7.072 7.093 7.102 7.113 7.113 7.144 7.208
99-24 7.048 7.062 7.068 7.075 7.075 7.096 7.138
99-28 7.024 7.031 7.034 7.038 7.038 7.048 7.069
100-00 7.000 7.000 7.000 7.000 7.000 7.000 7.000
100-04 6.976 6.969 6.966 6.962 6.962 6.952 6.931
100-08 6.952 6.938 6.932 6.925 6.925 6.904 6.862
100-12 6.928 6.907 6.898 6.887 6.887 6.856 6.793
100-16 6.904 6.876 6.864 6.850 6.850 6.809 6.725
100-20 6.881 6.845 6.831 6.813 6.813 6.761 6.656
Average Life
6.75 5.00 4.50 4.00 4.00 3.00 2.00
Duration 5.22 4.02 3.68 3.32 3.32 2.61 1.81
First Payment
9/25/99 9/25/99 9/25/99 9/25/99 9/25/99 9/25/99 9/25/99
Last Payment
08/25/04 08/25/04 08/25/04 08/25/04 08/25/04 04/25/02 9/25/99
Spread/Treasury
74/6.7 yr 77/5.0yr 81/4.5yr 85/4.0yr 85/4.0yr 93/3.0yr 104/2.0yr
<TABLE>
<CAPTION>
1-Mo 3-Mo 6-Mo 1-Yr 2-Yr 3-Yr 5-Yr
<S> <C> <C> <C> <C> <C> <C> <C>
Treasury:
NA NA 5.340 5.565 5.959 6.072 6.227
Libor: 5.6562 5.7188 5.8438 NA NA NA NA
(table continued)
<CAPTION>
7-Yr 10-Yr 30-Yr
<S> <C> <C> <C>
Treasury: 6.280 6.332 6.622
Libor: NA NA NA
</TABLE>
Ted Spread = 0.25
Mtg. Repo = Mtg Rate = 7.6640%
