Item 2. Properties Not applicable on reliance of Relief Letters
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 forty-two 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. Empire Funding Home Loan Owner Trust, Series 1998-2: Class A-1 Cede & Co. Class A-2 Cede & Co. Class A-3 Cede & Co. Class A-4 Cede & Co. Class A-5 Cede & Co. Class A-6 Cede & Co. Class A-IO Cede & Co. Class M-1 Cede & Co. Class M-2 Cede & Co. Class B-1 Cede & Co. Class B-2 Cede & Co.
There is no established public 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 July 27, 1998, August 25, 1998, September 25, 1998, October 26, 1998, November 25, 1998 and December 28, 1998
(c) See (a) 3 above
(d) Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange A the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Empire Funding Home Loan Owner Trust 1998-2
/s/ Sheryl Christopherson, Vice President Vice President U.S. Bank Trust National Association
Date March 10, 1999
EXHIBIT INDEX
Exhibit Number Description 99.1 Annual Summary Statement 99.2 Annual Statement of Compliance 99.3 Report of Independent Accountants
EXHIBIT 99.1 -- Summary of Aggregate Amounts or End of Year Amounts for the period ending December 31, 1998
Empire Funding Home Loan Owner Trust 1998-2
Summary of Aggregate Amounts or End of Year Amounts
Beginning Pool Balance 300,000,152.00 Ending Pool Balance 287,211,270.10 Principal Collections 12,373,412.67 Interest Collections 20,671,680.07 Defaulted Loans Balance 415,469.23 Servicer Fees 1,665,814.89 Owner Trustee Fees 2,333.31 Indenture Trustee Fees 11,188.38
60 Day Delinquency Amount 2,564,560.63 Six Month Rolling Delinquency Average 1,358,629.75
Certificate Balance Interest Principal
Class A-1 41,022,615 1,492,771.60 16,643,384.65 Class A-2 56,904,000 1,568,400.60 0.00 Class A-3 23,089,000 647,531.00 0.00 Class A-4 36,212,000 1,037,815.70 0.00 Class A-5 22,516,500 687,804.00 0.00 Class A-6 19,500,000 575,120.00 0.00 Class A-IO 30,300,000 676,885.00 0.00 Class M-1 30,300,000 929,553.00 0.00 Class M-2 21,967,500 716,347.00 0.00 Class B-1 25,755,000 1,020,713.60 0.00 Class B-2 9,090,000 367,432.00 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