Item 2. Properties See Exhibit 99.1 & 99.2
Item 3.
Item 3. Legal Proceedings There were no legal proceedings.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders There were no matters submitted to a vote of the Security Holders.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder matters There were twenty-four participants in the DTC system holding positions in the Cede certificates. The following were Noteholders and Certificateholders of record as of the end of the reporting year. Champion Home Equity Loan Trust 1997-2: Series 1997-2 Class A-1 Cede & Co. Series 1997-2 Class A-2 Cede & Co. Series 1997-2 Class A-3 Cede & Co. Series 1997-2 Class A-4 Cede & Co. Series 1997-2 Class A-5 Cede & Co. Series 1997-2 Class A-IO Cede & Co. Series 1997-2 Class M-1 Cede & Co. Series 1997-2 Class M-2 Cede & Co. Series 1997-2 Class B Cede & Co. There is no established trading market for the notes.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures: Information required by Item 304 of Reg. S-K.
There were no changes in and/or disagreements with Accountants on Accounting and Financial Disclosures.
PART IV
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management The Notes are represented by one or more notes registered in the name of of Cede & Co., the nominee of The Depository Trust Company. An investor holding Notes is not entitled to receive a certificate representing such Note, except in limited circumstances. Accordingly, Cede & Co. is the sole holder of Notes, which it holds on behalf of brokers, dealers, banks and other participants in the DTC system. Such participants may hold Notes for their own accounts or for the accounts of their customers. The address of Cede & Co. is: Cede & Co.
c/o The Depository Trust Company Seven Hanover Square New York, New York 10004
Item 13.
Item 13. Certain Relationships and Related Transactions. There has not been, and there is not currently proposed, any transactions or series or transactions, to which any of the Trust, the Registrant, the Trustee or the Servicer is a party with any Noteholder who, to the knowledge of the Registrant and Servicer, owns of record or beneficially more than five percent of the Notes.
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Not Applicable 2. Not Applicable 3. Exhibits 99.1 Annual Summary Statement 99.2 Annual Statement as to Compliance. 99.3 Annual Independent Public Accountant's Servicing Report.
(b) Reports on Form 8-K The Registrant has filed Current Reports on Form 8-K with the Securities and Exchange Commision dated October 27, 1997, November 25, 1997 and December 26, 1997.
(c) See (a) 3 above
(d) Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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
Champion Home Equity Loan Trust 1997-2
By: /Jeff Kinney Assistant Vice President, Harris Trust & Savings Bank
Date March 25, 1998
EXHIBIT INDEX
Exhibit Description 99.1 Annual Summary Statement 99.2 Annual Statement as to Compliance 99.3 Annual Independent Public Accountant's Servicing Report
EXHIBIT 99.1 -- Summary of Aggregate Amounts or End of Year Amounts for the period ending December 31, 1997
Champion Home Equity Loan Trust 1997-2 Summary of Aggregate Amounts or End of Year Amounts
End Balance Principal Interest Pool 199,558,062.56 5,440,958.59 5,337,789.67 Class A-1 72,814,062.56 6,466,937.44 1,271,972.26 Class A-2 53,178,000.00 0.00 862,813.05 Class A-3 11,919,000.00 0.00 201,729.09 Class A-4 19,622,000.00 0.00 344856.66 Class A-5 20,500,000.00 0.00 343887.51 Class A-IO(Notional) 20,500,000.00 0.00 307500 Class M-1 9,122,000.00 0.00 157810.59 Class M-2 4,715,000.00 0.00 83927.01 Class B 6,663,000.00 0.00 122932.35
Servicer Fees 203,404.71 Trustee Fees 8,898.94
End Of Year Delinquencies Number Balance 30-59 days 21 1,190,277.99 60-89 days 1 116,000.00 90+ days 4 469,400.00 Loan in Foreclosure 0 0.00 REO 0 0.00 Bankruptcy 0 0.00
EXHIBIT 99.2 -- Servicer's Annual Statement of Compliance To be supplied upon receipt by the Trustee
EXHIBIT 99.3 -- Report of Independent Auditors To be supplied upon receipt by the Trustee