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): May 20, 1999
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 May 20, 1999 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 May 20, 1999.
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 Exhibit No.
1. Monthly Distribution Report Dated May 20, 1999
WMC Mortgage Loan Pass-Through Certificates
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 20-May-99
DISTRIBUTION SUMMARY
Pass
Beginning Through Remaining
ClassBalance Principal Rate Interest Balance
A 164602922.74 8482425.95 5.13750% 704706.26 156120496.79
M-1 27136000.00 0.00 5.40750% 122281.60 27136000.00
M-2 21106000.00 0.00 5.61750% 98802.46 21106000.00
B 18090000.00 0.00 6.22750% 93879.56 18090000.00
C * 1502345.00 0.00 4.60311% 928553.07 1502345.00
R 0.00 0.00 0.00000% 0.00 0.00
TOTAL232437267.74 8482425.95 1948222.95 223954841.79
* Class C Interest and Pass-Through Rate
is based on a Notional Balance of: 232437267.74
AMOUNTS PER $1,000 UNIT
Beginning Remaining
ClassCusip Balance Principal Interest Balance
A 92928XAA1 704.43074 36.301188 3.015844 668.129555
M-1 92928XAB9 1000.00000 0.000000 4.506250 1000.000000
M-2 92928XAC7 1000.00000 0.000000 4.681250 1000.000000
B 92928XAD5 1000.00000 0.000000 5.189583 1000.000000
C 1000.00000 0.000000 618.069132 1000.000000
PRINCIPAL DISTRIBUTION BREAKDOWN
Monthly Overcollateralization
Principal Increase
ClassReceived Prepayments Liquidation(Reduction) Total
A 87309.57 8341078.77 0.00 54037.61 8482425.95
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: 4.927500%
SEC. 5.03 (i) Available Funds 10432172.30
SEC. 5.03 (i) and (ii) See Page 1
SEC. 5.03 (iii), (vi), (vii)
Aggregate Amount of Principal Collected 8428388.34
Aggregate Amount of Interest Collected 2003783.96
SEC. 5.03 (iv)
Number of loans subject to
Principal Prepayments 77
The Principal Balances of loans subject
to Principal Prepayments 8358395.44
SEC. 5.03 (v)
The Amount of Curtailments received 18377.33
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 12613832.80
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 344.41
Weighted Average Coupon Rate
of the Mortgage Loans 10.37485%
SEC. 5.03 (xv) Servicing Fee 101559.97
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 12759812.09
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 54037.61
Monthly Excess Interest Amount 982590.68
SEC. 5.03 (xix)
Number of Mortgage Loans outstanding
at the beginning of the Period 2539
Number of Mortgage Loans outstanding
at the end of the Period 2462
SEC. 5.03 (xx) Pool Principal Balance
(Beginning of Due Period) 243743926.81
Pool Principal Balance
(End of Due Period) 235266346.49
SEC. 5.03 (xxi) Delinquency Information
Count Balance
30-59 Days 41 3608270.10
60-89 Days 1 185958.31
90+ Days 2 386649.12
* Excludes Bankruptcies, Foreclosures, and REOs.
Number Balance
Loans in Foreclosure (LIF): 322 28525621.64
Newly Commenced LIF: 47 4040766.16
Loans in Bankruptcy 113 10055377.08
REO's 80 6766532.16
SEC. 5.03 (xxii)
Unpaid principal amount of mortgage loans that
became Liquidated Mortgage Loans 1456011.00
SEC. 5.03 (xxiii)
Net Liquidation Proceeds during Due Period 1225237.70
SEC. 5.03 (xxv) Trigger Event occurrence YES
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 10547.12
plus Investment earnings 39.42
plus deposit Net Funds Carryover Amount 0.00
Total Reserve Account balance before withdrawals 10586.54
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 10586.54
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: May 31, 1999
