SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _______
Commission File No. 0-20693
REVOLVING HOME EQUITY LOAN TRUST 1995-1
(Exact name of Registrant as specified in Department
of the Treasury, Internal Revenue Service Form SS-4)
HOUSEHOLD FINANCE CORPORATION
(Master Servicer of the Trust)
(Exact name as specified in Master Servicer's charter)
DELAWARE 36-3670374
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation of Master Servicer) Number of Registrant)
2700 SANDERS ROAD, PROSPECT HEIGHTS, ILLINOIS 60070
(Address of principal executive offices of Master (Zip Code)
Servicer)
Master Servicer's telephone number, including (847) 564-5000
area code
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 X No _____
The aggregate principal amount of the Certificates held by non-
affiliates of the Master Servicer as of December 31, 1997 was
approximately $474.8 million.
<PAGE>
INTRODUCTORY NOTE
HFC Revolving Corporation, as seller (the "Seller") under a
Pooling and Servicing Agreement (the "Agreement") dated as of May
1, 1995, by and among the Seller, Household Finance Corporation, as
Master Servicer (the "Master Servicer") and The First National Bank
of Chicago, as trustee (the "Trustee") providing for the issuance
of Revolving Home Equity Loan Asset Backed Certificates, Series
1995-1 (the "Certificates") and are originators of the trust called
the Revolving Home Equity Loan Trust 1995-1 (the "Registrant" or
the "Trust").
Each Certificate represents an undivided interest in the
Trust. The Certificates consist of two classes of certificates
(the "Class A-1 and Class A-2 Certificates"). Payment of principal
and interest to the holders of the Certificates is supported by a
$300 million principal and interest surety bond issued by Capital
Markets Assurance Corporation. This Form 10-K has been prepared
with reduced disclosure in accordance with past exemptions from
reporting requirements granted by the Securities and Exchange
Commission (the "Commission") under Section 13 of the Securities
Exchange Act of 1934 (the "Act") received by the Master Servicer
for trusts substantially similar to the Trust. Items designated
herein as "Not Applicable" have been specifically omitted in
reliance on such prior exemptions.
<PAGE>
PART I
Item 1. Business.
Not Applicable.
Item 2. Properties.
Not Applicable.
Item 3. Legal Proceedings.
The Master Servicer is not aware of any material pending
legal proceedings involving either the Registrant, the
Trustee, the Sellers or the Master Servicer with respect
to the Certificates or the Registrant's property.
Item 4. Submission of Matters to a Vote of Security Holders.
No vote or consent of the holders of the Certificates
(the "Certificateholders") was solicited for any purpose
during the year ended December 31, 1997.
PART II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters.
To the best knowledge of the Master Servicer, there is no
established public trading market for the Certificates.
As of February 10, 1998, there were 11 Class A-1
Certificateholders and 1 Class A-2 Certificateholder,
some of whom may be holding Certificates for the accounts
of others.
Item 6. Selected Financial Data.
Not Applicable.
<PAGE>
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Not Applicable.
Item 8. Financial Statements and Supplementary Data.
Not Applicable.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.
None.
PART III
Item 10. Directors and Executive Officers of the Registrant.
Not Applicable.
Item 11. Executive Compensation.
Not Applicable.
Item 12. Security Ownership of Certain Beneficial Owners and
Management.
The following table sets forth (i) the name and address
of each entity owning more than 5% of the outstanding
principal amount of the Class A-1 or the Class A-2
Certificates; (ii) the principal amount of Certificates
owned by each, if known, and (iii) the percent that the
principal amount of Certificates owned represents of the
outstanding principal amount of the Class A-1 or the
Class A-2 Certificates. The information set forth in the
table is based upon information obtained by the Master
Servicer from the Trustee and from The Depository Trust
Company as of February 10, 1998. The Master Servicer is
not aware of any Schedules 13D or 13G filed with the
Securities and Exchange Commission in respect of the
Certificates.
<PAGE>
Amount Owned
All dollar amounts are
in thousands
Name and Address Principal Percent
Certificateholders (Class A-1)
Boston Safe Deposit and $ 59,950 13.18
Trust Company
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburghh, PA 15259
Chase Manhattan Bank $116,774 25.67
4 New York Plaza - 13th Floor
New York, NY 10004
Citibank, N.A. $164,791 36.23
P. O. Box 30576
Tampa, FL 33630-3576
Comerica Bank $ 50,000 10.99
Capital Change-Proxy 7CBB/MC 3530
Detroit, MI 48275-3530
Deutsche Morgan Grenfell Inc. $ 25,000 5.50
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
Republic National Bank of New York $ 31,535 6.93
-- Investment Account
One Hanson Place, Lower Level
Brooklyn, NY 11243
Certificateholders (Class A-2)
Citibank, N.A. $ 20,000 100.00
P. O. Box 30576
Tampa, FL 33630-3576
<PAGE>
Item 13. Certain Relationships and Related Transactions.
None or Not Applicable.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K.
(a) List the following documents filed as a part of the
report:
(1) Financial Statements
Not Applicable.
(2) Financial Statement Schedules
Not Applicable.
(3) The Master Servicer is obligated to prepare an
Annual Statement to Certificateholders for the
year ended December 31, 1997 and the
Independent Public Accountants are required to
prepare an Annual Servicing Report pertaining
to the compliance of the Master Servicer with
its servicing obligations pursuant to the
Agreement for such year. Copies of said
documents are or will be filed as exhibits to
this Form 10-K when they are available.
(b) The Registrant filed the following current reports
on Form 8-K for the fourth quarter of 1997:
Date of Reports Items Covered
October 20, 1997 Item 7 -- Statement with respect
November 20, 1997 to distributions made on October
December 22, 1997 20, 1997, November 20, 1997 and
December 22, 1997.
(c) Exhibit 99. Annual Statement to Certificateholders
for the year ended December 31, 1997.
(d) Not Applicable.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Master Servicer has duly
caused this report to be signed on behalf of the Revolving Home
Equity Loan Trust 1995-1 by the undersigned, thereunto duly
authorized.
HOUSEHOLD FINANCE CORPORATION,
as Master Servicer of and on behalf of the
REVOLVING HOME EQUITY LOAN TRUST 1995-1
(Registrant)
Date: March 2, 1998 By:/s/ John W. Blenke
John W. Blenke
Assistant Secretary
<PAGE>
Exhibit Index
Exhibit No. Exhibit Page
No.
99 Annual Statement to Certificateholders 9
for the year ended December 31, 1997
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Household Finance Corporation
Revolving Home Equity Loan
Asset Backed Certificates - Series 1995-1
P & S Agreement Date: May 1, 1995
Original Settlement Date: May 25, 1995
Series Number of Class A-1 Certificates: 441919AE7
Series Number of Class A-2 Certificates: 441919AF4
Original Sale Balance: $474,825,000
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Sum of 1/21/97 - 12/22/97
1997 AGGREGATE PAYMENTS
Distribution Dates
Distribution Date
Total 1997 (1)
Class A-1 Interest Distributed 14,269,888.92
Class A-1 Interest Pymt Factor (per 1,000) 31.374460331
Class A-2 Interest Distributed 628,358.81
Class A-2 Interest Pymt Factor (per 1,000) 31.417940500
Investor Principal Distribution A-1 98,280,892.39
Class A-1 Principal Pymt Factor (per 1,000) 216.085070936
Investor Principal Distribution A-2 4,321,724.85
Class A-2 Principal Pymt Factor (per 1,000) 216.086242587
Ending Class A-1 Principal Outstanding
Class A-1 Pool Factor
Ending Class A-2 Principal Outstanding
Class A-1 Pool Factor
(1) These amounts represent cash distributions paid by the trust
during the 1997 calendar year.
As such, they do not represent the economic accrual of interest
for tax purposes.