ITEM 1. Business.
	The trust fund relating to Pooling and Servicing Agreement dated as of 	December 1, 1997 (the "Pooling and Servicing Agreement") among Lehman 	ABS Corporation, as Depositor (the "Depositor"), Home Loan and Investment 	Bank, F.S.B., as Seller and Servicer (the "Seller" and the "Servicer", 	respectively), and Bankers Trust Company of California, N.A., as Trustee 	(the "Trustee).
	The Home Equity Loan Asset-Backed Certificates, Series 1997-2 (the 	"Certificates"), will consist of two Classes (each , a "Class") of senior 	Certificates, the Class A-1 Certificates (the "Fixed Rate Certificates") 	and the Class A-2 Certificates (the "Variable Rate Certificates" and 	together with the Fixed Rate Certificates the "Class A Certificates") and 	on Class of subordinated Certificates (the "Class R Certificates"). Only 	the Class A Certificates are being offered hereby.
	The Certificates will evidence in the aggregate the entire beneficial 	interest in a pool (the "Mortgage Pool") of closed-end home equity loans 	(the "Mortgage Loans") consisting of two groups (each a "Group", or with 	respect to the Class A Certificates, "Group" means the Class of Class A 	Certificates that relate to the corresponding Group of Mortgage Loans) 	held by Lehman Home Equity Loan Trust 1997-2 (the "Trust") to be formed 	pursuant to a Pooling and Servicing Agreement among Lehman ABS 	Corporation, as Depositor, Home Loan and Investment Bank, F.S.B. ("Home 	Loan"), as Seller and Servicer, and Bankers Trust Company of California, 	N.A., as Trustee The Fixed Rate Certificates will represent undivided 	ownership interests in the Group I Mortgage Loans which are closed-end 	fixed rate home equity loans. The Variable Rate Certificates will 	represent undivided ownership interests in the Group II Mortgage Loans 	which are closed-end adjustable rate home equity loans. The assets of the 	Trust will also include certain other property. The Mortgage Loans are 	secured by first and second deeds of trust or mortgages primarily on 	one-to four-family residential properties.
	All of the Mortgage Loans will be acquired by Lehman ABS Corporation (the 	"Depositor") from Home Loan. The aggregate undivided interest in the 	Trust represented by the Fixed Rate Certificates will initially be equal 	to $39,000,000, which as of December 1, 1997 (the "Cut-Off Date") is 	approximately 100% of the sum of the outstanding Principal Balances (as 	defined in the Prospectus Supplement dated November 26, 1997) of the 	Mortgage Loans in Group I. The aggregate undivided interest in the Trust 	prepresented by the Variable Rate Certificates will initially be equal to 	$30,000,000, which as of the Cut-Off Date is approximately 100% o the sum 	of the outstanding Principal Balances of the Mortgage Loans in Group II.
Information with respect to the business of the Trust would not be meaningful because the only "business" of the Trust is the collection on 	the Mortgage Loans and distribution of payments on the Certificates to 	Certificateholders. This information is accurately summarized in the 	Monthly Reports to Certificateholders, which are filed on Form 8-K. There 	is no additional relevant information to report in response to Item 101 of 	Regulation S-K.
ITEM 2.
ITEM 2. Properties.
	The Depositor owns no property. The Lehman Home Equity Loan Trust 1997-2 	Home Equity Loan Asset-Backed Certificates, Series 1997-2, in the 	aggregate, represent the beneficial ownership in a Trust consisting 	primarily of the Mortgage Loans. The Trust will acquire title to real 	estate only upon default of the mortgagors under the Mortgage Loan. 	Therefore, this item is inapplicable.
ITEM 3.
ITEM 3. Legal Proceedings.
None.
ITEM 4.
ITEM 4. Submission of Matters to a Vote of Security Holders.
No matters were submitted to a vote of Certificateholders during the 	fiscal year covered by this report.
PART II
ITEM 5.
ITEM 5. Market for Depositor's Common Equity and Related Stockholder 	Matters.
The Lehman Home Equity Loan Trust 1997-2 Home Equity Loan Asset-Backed 	Certificates, Series 1997-2 represent, in the aggregate, the beneficial 	ownership in a trust fund consisting primarily of the Mortgage Loans. 	The Certificates are owned by Certificateholders as trust beneficiaries. 	Strictly speaking, Depositor has no "common equity," but for purposes of 	this Item only, Depositor's Home Equity Loan Asset-Backed Certificates 	are treated as "common equity."
	(a) Market Information. There is no established public trading market 	for Depositor's Notes. Depositor believes the Notes are traded 	primarily in intra-dealer markets and non-centralized inter-dealer 	markets.
(b) Holders. The number of registered holders of all classes of 	Certificates on December 31, 1998 was 4.
	(c) Dividends. Not applicable. The information regarding dividend 	required by sub-paragraph (c) of Item 201 of Regulation S-K is 	inapplicable because the Trust does not pay dividends. However, 	information as to distribution to Certificateholders is provided in the 	Monthly Reports to Certificateholders for each month of the fiscal year in 	which a distribution to Certificateholders was made.
ITEM 6.
ITEM 6. Selected Financial Data.
Not Applicable. Because of the limited activities of the Trust, the 	Selected Financial Data required by Item 301 of Regulation S-K does not 	add relevant information to that provided by the Monthly Reports to 	Certificateholders, which are filed on a monthly basis on Form 8-K.
ITEM 7.
ITEM 7. Management's Discussion and Analysis of Financial Condition and 	Results of Operations.
Not Applicable. The information required by Item 303 of Regulation S-K 	is inapplicable because the Trust does not have management per se, but 	rather the Trust has a Trustee who causes the preparation of the Monthly 	Reports to Certificateholders. The information provided by the Monthly 	Reports to Certificateholders, which are filed on a monthly basis on Form 	8-K, does provide the relevant financial information regarding the 	financial status of the Trust.
ITEM 8.
ITEM 8. Financial Statements and Supplementary Data.
Monthly Report to Certificateholders as to distributions made on January 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
Monthly Report to Certificateholders as to distributions made on February 17, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
	Monthly Report to Certificateholders as to distributions made on March 16, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
	Monthly Report to Certificateholders as to distributions made on April 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
	Monthly Report to Certificateholders as to distributions made on May 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
	Monthly Report to Certificateholders as to distributions made on June 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
	Monthly Report to Certificateholders as to distributions made on July 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
	Monthly Report to Certificateholders as to distributions made on August 17, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
	Monthly Report to Certificateholders as to distributions made on September 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
	Monthly Report to Certificateholders as to distributions made on October 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
	Monthly Report to Certificateholders as to distributions made on November 16, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
	Monthly Report to Certificateholders as to distributions made on December 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on February 1, 1999.
	Monthly Report to Certificateholders as to distributions made on January 15, 1999, and filed with the Securities and Exchange Commission on Form 8-K on February 1, 1999.
Annual Statement of Compliance by the Master Servicer is not currently available and will be subsequently filed on Form 8.
Independent Accountant's Report on Servicer's will be subsequently filed 	on Form 8.
ITEM 9.
ITEM 9. Changes in and Disagreements with Accountants on Accounting and 	Financial Disclosure.
None.
PART III
ITEM 10.
ITEM 10. Directors and Executive Officers of Depositor.
Not Applicable. The Trust does not have officers or directors. Therefore, the information required by items 401 and 405 of Regulation S-K 	are inapplicable.
ITEM 11.
ITEM 11. Executive Compensation.
Not Applicable. The Trust does not have officers or directors to whom 	compensation needs to be paid. Therefore, the information required by 	item 402 of regulation S-K is inapplicable.
ITEM 12.
ITEM 12. Security Ownership of Certain Beneficial Owners and Management.
(a) Security ownership of certain beneficial owners. Under the Pooling and Servicing Agreement governing the Trust, the holders of the 	Certificates generally do not have the right to vote and are prohibited 	from taking part in management of the Trust. For purposes of this Item and Item 13
ITEM 13. Certain Relationships and Related Transactions.
(a) Transactions with management and others. Depositor knows of no 	transaction or series of transactions during the fiscal year ended 	December 31, 1998, or any currently proposed transaction or series of 	transactions, in an amount exceeding $60,000 involving the Depositor in 	which the Certificateholders identified in Item 12(a) had or will have a 	direct or indirect material interest. There are no persons of the types 	described in Item 404(a)(1),(2) and (4) of Regulation S-K, however, the information required by Item 404(a)(3) of Regulation S-K is hereby 	incorporated by reference in Item 12 herein.
(b) Certain business relationships. None.
(c) Indebtedness of management. Not Applicable. The Trust does not have 	management consisting of any officers or directors. Therefore, the 	information required by item 404 of Regulation S-K is inapplicable.
(d) Transactions with promoters. Not Applicable. The Trust does not 	use promoters. Therefore, the information required by item 404 of 	Regulation S-K is inapplicable.
PART IV
ITEM 14.
ITEM 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) The following is a list of documents filed as part of this report:
EXHIBITS
Monthly Report to Certificateholders as to distributions made on January 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
Monthly Report to Certificateholders as to distributions made on February 17, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
	Monthly Report to Certificateholders as to distributions made on March 16, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
	Monthly Report to Certificateholders as to distributions made on April 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
	Monthly Report to Certificateholders as to distributions made on May 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
	Monthly Report to Certificateholders as to distributions made on June 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
	Monthly Report to Certificateholders as to distributions made on July 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
	Monthly Report to Certificateholders as to distributions made on August 17, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
	Monthly Report to Certificateholders as to distributions made on September 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
	Monthly Report to Certificateholders as to distributions made on October 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
	Monthly Report to Certificateholders as to distributions made on November 16, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
	Monthly Report to Certificateholders as to distributions made on December 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on February 1, 1999.
	Monthly Report to Certificateholders as to distributions made on January 15, 1999, and filed with the Securities and Exchange Commission on Form 8-K on February 1, 1999.
Annual Statement of Compliance by the Master Servicer is not currently available and will be subsequently filed on Form 8.
Independent Accountant's Report on Servicer's servicing activities is not currently available and will be subsequently filed on Form 8.
(b) The following Reports on Form 8-K were filed during the last quarter of the period covered by this Report:
	Monthly Report to Certificateholders as to distributions made on October 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
	Monthly Report to Certificateholders as to distributions made on November 16, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
	Monthly Report to Certificateholders as to distributions made on December 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on February 1, 1999.
(c) The exhibits required to be filed by Depositor pursuant to Item 601 	of Regulation S-K are listed above and in the Exhibit Index that 	immediately follows the signature page hereof.
(d) Not Applicable. The Trust does not have any subsidiaries or 	affiliates. Therefore, no financial statements are filed with respect to 	subsidiaries or affiliates.
Supplemental information to be furnished with reports filed pursuant to 	Section 15(d) by Depositors which have not registered securities 	pursuant to Section 12 of the Act.
No annual report, proxy statement, form of proxy or other soliciting 	material has been sent to Certificateholders, and the Depositor does not 	contemplate sending any such materials subsequent to the filing of this 	report.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Depositor has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By: Bankers Trust Company of California, N.A. not in its individual capacity but solely as a duly authorized agent of the Registrant pursuant to the Pooling and 						 Servicing Agreement, dated as of December 						 1,1997.
By: /s/Judy L. Gomez Judy L. Gomez Assistant Vice President
Date: March 25, 1999
EXHIBIT INDEX
Exhibit Document
1.1 Monthly Report to Certificateholders as to distributions made on January 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
1.2 Monthly Report to Certificateholders as to distributions made on February 17, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
1.3 Monthly Report to Certificateholders as to distributions made on March 16, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
1.4 Monthly Report to Certificateholders as to distributions made on April 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
1.5 Monthly Report to Certificateholders as to distributions made on May 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
1.6 Monthly Report to Certificateholders as to distributions made on June 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on August 7, 1998.
1.7 Monthly Report to Certificateholders as to distributions made on July 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
1.8 Monthly Report to Certificateholders as to distributions made on August 17, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
1.9 Monthly Report to Certificateholders as to distributions made on September 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
2.0 Monthly Report to Certificateholders as to distributions made on October 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
2.1 Monthly Report to Certificateholders as to distributions made on November 16, 1998, and filed with the Securities and Exchange Commission on Form 8-K on December 10, 1998.
2.2 Monthly Report to Certificateholders as to distributions made on December 15, 1998, and filed with the Securities and Exchange Commission on Form 8-K on February 1, 1999.
2.3 Monthly Report to Certificateholders as to distributions made on January 15, 1999, and filed with the Securities and Exchange Commission on Form 8-K on February 1, 1999.