LEHMAN HOME EQUITY LOAN TRUST 1994-1
8-K, 1996-10-01
ASSET-BACKED SECURITIES
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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, 1996


                          LEHMAN HOME EQUITY LOAN TRUST 1994-1
                 (Exact name of registrant as specified in its charter)



              New York            33-67542-08            36-7070496     
(State or Other Jurisdiction    (Commission     (I.R.S. Employer
of Incorporation)               File Number)    Identification No.)


c/o The First National Bank of Chicago,
Corporate Trust Services Division- 9th Floor
1 N. State Street, Chicago, IL                            60670-0126   
(Address of Principal Executive Offices)                 (Zip Code)



Registrant's telephone number, including area code:               (312) 407-1902

Item 5.         Other Events

                On behalf of Lehman Home Equity Loan Trust
                1994-1, a Trust created pursuant to the Pooling
                Agreement, dated February 23, 1994, by The First
                National Bank of Chicago, as trustee for the Trust,
                the Trustee has caused to be filed with the
                Commission, the Monthly Report dated September
                23, 1996.  The Monthly Report is filed pursuant to
                and in accordance with (1) numerous no-action
                letters (2) current Commission policy in the area. 
                The filing of the Monthly Report will occur
                subsequent to each monthly distribution to the
                holders of the Trust's Class A Certificates, Due
                December 21, 2004.

                A.      Monthly Report Information:
                        Aggregate distribution information for the current
                        distribution date September 23, 1996.
                
                        Principal       Interest         Ending Balance

        Cede & Co.      $0.00           $329,082.38      $67,193,000.02
                
                
                B.      No delinquency in payment under the Private 
                        Securities, or the Surety Bond has occurred.

                C.      Have any deficiencies occurred?   NO.
                                Date:
                                Amount:

                D.      Were any amounts paid or are any amounts payable under
                        the Surety Bond?   NO
                                Amount:

                E.      Are there any developments with respect to the Surety
                        Bond?   NONE.
                
                F.      Item 1: Legal Proceedings:       NONE

                G.      Item 2: Changes in Securities:           NONE
        
                H       Item 4: Submission of Matters to a Vote of Security
                        Holders: NONE

                I.      Item 5: Other Information - Form 10-Q, Part II - Items
                        1,2,4,5 if applicable:  NOT APPLICABLE



Item 7. Monthly Statements and Exhibits

         Exhibit No.

                1.      Monthly Distribution Report dated September 23, 1996.





                          LEHMAN HOME EQUITY LOAN TRUST 1994-1
                      HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
                                     SERIES 1994-1


                                    CERTIFICATE HOLDERS' REPORT
Distribution Date:        23-Sep-96



         Beginning                      Total                        Ending
        Certificate     Principal      Interest       Total       Certificate
Class   Balance (a)    Distribution  Distribution  Distribution   Balance (a)

  A       67193000.02          0.00     329082.38     329082.38     67193000.02
  S       67193000.02          0.00       5786.06       5786.06     67193000.02

  R       67193000.02          0.00          0.00          0.00     67193000.02
Total     67193000.02          0.00     334868.44     334868.44     67193000.02






           AMOUNTS PER $1,000 UNIT

                                                      Ending
         Principal       Interest       Total      Certificate
Class  Distribution    Distribution  Distribution  Balance (a)

  A        0.00000000    1.57853717    1.57853717  322.31032326
  S  NA                  0.02775448    0.02775448  322.31032326

  R        0.00000000    0.00000000    0.00000000  322.31032326

         Original        Current         Next
       Pass-Through    Pass-Through  Pass-Through
Class  Interest Rate  Interest Rate Interest Rate

  A          3.850141%     5.687500%     5.750000%
  S          0.100000%     0.100000%     0.100000%

  R          0.000000%     0.000000%     0.000000%




SEC. 4.03 (i)                       Current Period  Remaining
INTEREST PAYMENTS                    Class Unpaid  Class Unpaid
                              Total    Interest      Interest
     Class                 Interest   Shortfall     Shortfall
     Class A            $329,082.38         $0.00         $0.00
     Class S              $5,786.06         $0.00         $0.00
     Class R                  $0.00         $0.00         $0.00
             Total      $334,868.44         $0.00         $0.00

SEC. 4.03 (ii)
PASS-THROUGH RATES
                                    PASS-THROUGH
                      Class                 RATES
                      Class A            5.687500%
                      Class S            0.100000%
                      Class R            0.000000%

                                    Accrual Period (Days)                    31
                                    Maximum Pass-Through Rate (1        5.78750%

SEC. 4.03 (iii)
PRINCIPAL DISTRIBUTIONS             Class A Principal                     $0.00

SEC 4.03 (iv)
CERTIFICATE BALANCE                 Class A Balance              $67,193,000.02
                                    Class A Beginning Pool Facto      0.3223103
                                    Class A Ending Pool Factor        0.3223103
SEC 4.03 (v)
PRIVATE SECURITIES                  Principal Collections                 $0.00
COLLECTIONS                         Interest Collections            $334,868.45

SEC 4.03 (vi)
POOL INFORMATION                    Pool Balance (2)             $67,193,000.00

SEC 4.03 (vii)
SHORTFALL ACCOUNT                   Current Period Withdrawal             $0.00

SEC 4.03 (viii)
CREDIT ENHANCEMENT DRAW AMOUNT
                                    Allocated to Interest                 $0.00
                                    Allocated to Principal                $0.00
                                     Total Credit Enhancement Dr          $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 HOME EQUITY LOAN TRUST 1994-1 



                        By 

                           Name:        Barbara Grosse
                           Title:       Assistant Vice President

Dated:          September 30, 1996



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