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 21, 1998
LEHMAN ABS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-39649 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 10022
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 526-7000
Item 5. Other Events
On September 21, 1998 a scheduled distribution was made from the Trust
to holders of the Certificates. The Trustee has caused to be filed
with the Commission, the Monthly Report dated September 21, 1998.
The Monthly Report is filed pursuant to and in accordance with
(1) numerous no-action letters (2) current Commission policy
in the area.
A. Monthly Report Information
See Exhibit No.1
B. Have and deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of
Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, PartII - Items 1,2,4,5
if applicable: NOT APPLICABLE
Item 7Exhibit No.
1.) Monthly Distribution Report Dated September 21, 1998
WMC Mortgage Loan Pass-Through Certificates
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 21-Sep-98
DISTRIBUTION SUMMARY
Pass
Beginning Through Remaining
Class Balance Principal Rate Interest Balance
A 217273120.82 4569872.01 5.85844% 1131450.26 212703248.81
M-1 27136000.00 0.00 6.12844% 147823.42 27136000.00
M-2 21106000.00 0.00 6.33844% 118914.77 21106000.00
B 18090000.00 0.00 6.94844% 111730.92 18090000.00
C * 1502345.00 0.00 3.73092% 0.00 1502345.00
R 0.00 0.00 0.00000% 0.00 0.00
TOTAL:285107465.82 4569872.01 1509919.37 280537593.81
* Class C Interest and Pass-Through Rate
is based on a Notional Balance of: 285107465.82
AMOUNTS PER $1,000 UNIT
Beginning Remaining
Class Cusip Balance Principal Interest Balance
A 92928XAA1 929.83687 19.557115 4.842128 910.279751
M-1 92928XAB9 1000.00000 0.000000 5.447502 1000.000000
M-2 92928XAC7 1000.00000 0.000000 5.634169 1000.000000
B 92928XAD5 1000.00000 0.000000 6.176391 1000.000000
C 1000.00000 0.000000 0.000000 1000.000000
PRINCIPAL DISTRIBUTION BREAKDOWN
Monthly Overcollateralization
Principal Increase
Class Received PrepaymentsLiquidation(Reduction) Total
A 92393.15 3655969.10 0.00 821509.76 4569872.01
M-1 0.00 0.00 0.00 0.00 0.00
M-2 0.00 0.00 0.00 0.00 0.00
B 0.00 0.00 0.00 0.00 0.00
LIBOR: 5.648440%
SEC. 5.03 (i) Available Funds 6081597.93
SEC. 5.03 (i) and (ii) See Page 1
SEC. 5.03 (iii), (vi), (vii)
Aggregate Amount of Principal Collected 3748362.25
Aggregate Amount of Interest Collected 2333235.68
SEC. 5.03 (iv)
Number of loans subject to
Principal Prepayments 33
The Principal Balances of loans subject
to Principal Prepayments 3462216.94
SEC. 5.03 (v)
The Amount of Curtailments received 173185.18
during the Due Period
SEC. 5.03 (viii)
The Amount required to be paid by the seller pursuant
to Sections 2.02, 2.04, or 2.06 Repurchases 0.00
SEC. 5.03 (ix)
Monthly Advances 0.00
Compensating Interest included above
SEC. 5.03 (x)
Principal Distibution Amount on See Page 1
each Class of Certificates
Interest Distibution Amount on See Page 1
each Class of Certificates
SEC. 5.03 (xi)
Class Interest Carryover Shortfall
Class A 0.00
Class M-1 0.00
Class M-2 0.00
Class B 0.00
Class C 5779434.68
SEC. 5.03 (xii)
Amount Distributed to Class R-1 0.00
Amount Distributed to Class R-2 0.00
SEC. 5.03 (xiii)
Aggregate Class Balance after
giving affect to distributions See Page 1
SEC. 5.03 (xiv)
Weighted Average Remaining Term to Maturity
of the Mortgage Loans 353.44
Weighted Average Coupon Rate
of the Mortgage Loans 10.19639%
SEC. 5.03 (xv) Servicing Fee 120436.79
SEC. 5.03 (xvi) Payments or Reimbursements to the
Servicer pursuant to section 3.03 0.00
SEC. 5.03 (xvii)
Overcollateralization Amount as of
beginning of period 5443181.46
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 7370668.24
Monthly Excess Interest Amount 821509.76
SEC. 5.03 (xix)
Number of Mortgage Loans outstanding
at the beginning of the Period 2925
Number of Mortgage Loans outstanding
at the end of the Period 2892
SEC. 5.03 (xx) Pool Principal Balance
(Beginning of Due Period) 289048302.28
Pool Principal Balance
(End of Due Period) 285299940.03
SEC. 5.03 (xxi) Delinquency Information
Count Balance
30-59 Days 115 10362879.52
60-89 Days 4 277664.92
90+ Days 2 148460.19
* Excludes Bankruptcies, Foreclosures, and REOs.
Number Balance
Loans in Foreclosure (LIF): 183 16724101.74
Newly Commenced LIF: 42 3530704.94
Loans in Bankruptcy 9 688214.58
REO's 4 574000.00
SEC. 5.03 (xxii)
Unpaid principal amount of mortgage loans that
became Liquidated Mortgage Loans 0.00
SEC. 5.03 (xxiii)
Net Liquidation Proceeds during Due Period 0.00
SEC. 5.03 (xxv) Trigger Event occurrence NO
SEC. 5.03 (xxvii) Net Funds Cap Carryover Amount
Net Funds Cap Amount paid from
Carryover Amount Reserve Account
Class A 0.00 0.00
Class M-1 0.00 0.00
Class M-2 0.00 0.00
Class B 0.00 0.00
Total 0.00 0.00
SEC. 5.03 (xxvii) Net Funds Cap Carryover Reserve Account
Beginning Balance 10212.34
plus Investment earnings 45.66
plus deposit Net Funds Carryover Amount 0.00
Total Reserve Account balance before withdrawals 10258.00
Less Withdrawals:
Class A Net Funds Cap Carryover Amount 0.00
Class M-1 Net Funds Cap Carryover Amount 0.00
Class M-2 Net Funds Cap Carryover Amount 0.00
Class B Net Funds Cap Carryover Amount 0.00
Ending Net Funds Cap Carryover Reserve Account 10258.00
SEC. 5.03 (xxix)
Principal Payment of previous
Write-Down Amount Write-Down Amount
Class M-1 0.00 0.00
Class M-2 0.00 0.00
Class B 0.00 0.00
SIGNATURES
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.
LEHMAN ABS CORPORATION
WMC MORTGAGE LOAN PASS-THROUGH CERTIFICATES
SERIES 1998-1
By: /s/ Richard Tarnas
Name: Richard Tarnas
Title: Vice President
The First National Bank of Chicago
Dated: September 30, 1998
