EX-1 3 dex1.htm MONTHLY STATEMENT Monthly Statement

Exhibit 1

 


ABS Corporation

         

Banc One Home Equity Loan Trust 1998-1

        Page 1    

P & S Agreement Date:

   August 31, 1998     

Original Settlement Date:

   September 24, 1998     

Series Number of Certificates:

         

Original Collateral Sale Balance

   $867,346,931.20     


              

CERTIFICATES INFORMATION

            
     BALANCE     MARGIN  
              

Investors

   $850,000,000.00     0.25 %

Transferor

   $17,346,931.20     0.00 %
   

OTHER INFORMATION

            
   

Original Pool Balance @ Cut-Off Date

   $867,346,931.20        

Servicing Fee

   0.500 %      
   

Original Settlement Date

   9/24/98        

First Payment Date

   10/20/98        

Short Interest Period Days

   26        

Managed Amortization Period (Months)

   60        
   

Required Credit Enhancement Amount Percentage

   1.25 %      

Required Credit Enhancement Amount

   $10,625,000.00        

Spread Account Maximum ( % of Invested Amount)

   0.25 %      

Spread Account Maximum

   2,125,000.00        

Spread Account Floor ( % of Original Balance)

   0.00 %      

Spread Account Step-Up 9+ Mths Delinquent Percentage

   0.00 %      

Initial Insured Amount

   $850,000,000.00        
   

Fixed Allocation Percentage

   98.00 %      

Investor Certificate Principal Balance (ICPB)

   0.00 %      

Minimum Transferor Interest Percentage

   5.00 %      

Credit Enhancement Fee

   0.105 %      

Rapid Amortization Event Trigger (% of Original Pool Balance)

   1.000 %      

Tail Adjustment

   $0.00        



ABS Corporation

         

Banc One Home Equity Loan Trust 1998-1

        Page 2    

P & S Agreement Date:

   August 31, 1998     

Original Settlement Date:

   September 24, 1998     

Series Number of Certificates:

         

Original Collateral Sale Balance

   $867,346,931.20     


        

INPUT SECTION (PAGE 1 of 1)

      
   

MONTH:

   63  

DISTRIBUTION DATE:

   12/22/03  

DETERMINATION DATE:

   12/17/03  
     32  
   

MORTGAGE LOANS PAYMENT SUMMARY

      

COLLECTION PERIOD:

      
   

MTGE LOANS INTEREST RECEIVED

   $737,940.07  

MTGE LOANS PRINCIPAL RECEIVED

   $5,613,735.43  

MTGE LOANS NET LIQUIDATION PROCEEDS (ALLOC. TO INTEREST)

   $190,547.97  

MTGE LOANS NET LIQUIDATION PROCEEDS (NET OF FORECL. PROFIT & ALLOC. TO PRINCIPAL)

   $0.00  

MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO INTEREST)

   $0.00  

MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO PRINCIPAL)

   $0.00  

MTGE LOANS SERVICER OPTIONAL ADVANCES (ALLOC. TO INTEREST)

   $0.00  

MTGE LOANS PURCHASE PRICE (ALLOC. TO INTEREST)

   $0.00  

MTGE LOANS PURCHASE PRICE (ALLOC. TO PRINCIPAL)

   $0.00  

MTGE LOANS TRANSFER DEPOSIT AMOUNT (ALLOC. TO PRINCIPAL)

   $0.00  
   

MTGE LOANS DRAWS (ADDITIONAL BALANCES)

   $3,251,034.52  

MTGE LOANS LIQUIDATION LOSS AMOUNT

   $240,922.03  
   

MTGE LOANS TOTAL ENDING PRINCIPAL BALANCE

   $184,455,458.90  
   

AVERAGE MTGE LOANS RATE

   4.8485 %
   

DELINQUENCY & REO SUMMARY

      

DEL STAT 1 – NO. OF ACCTS

   87  

DEL STAT 1 – CURRENT BALANCE

   $2,686,944.71  

DEL STAT 2 – NO. OF ACCTS

   28  

DEL STAT 2 – CURRENT BALANCE

   $861,022.07  

DEL STAT 1+ – NO. OF ACCTS

   219  

DEL STAT 1+ – CURRENT BALANCE

   $7,262,053.14  

DEL STAT 3+ – NO. OF ACCTS

   104  

DEL STAT 3+ – CURRENT BALANCE

   $3,714,086.36  
   

REO – NO. OF ACCTS

   0  

REO –  CURRENT BOOK BALANCE (UNPAID PRINC. BALANCE)

   $0.00  
   

LOAN MODIFICATION SUMMARY

      

é   TOTAL CLTV OF OUTSTANDING POOL BALANCE FOR THIS COLLECTION PERIOD.

   75.790 %

CUT-OFF DATE WEIGHTED AVERAGE GROSS MARGIN (NOT AN INPUT FIELD)

   1.380 %

RECALCULATED WEIGHTED AVERAGE GROSS MARGIN

   0.848 %

MAXIMUM AMOUNT OF MARGIN MODIFICATIONS EXECUTED? (NOT AN INPUT FIELD)

   YES  
   

OTHER INFORMATION

      

LIBOR RATE FOR CURRENT INTEREST PERIOD

   1.12000 %

INTEREST DEPOSIT INTO SPREAD ACCOUNT (REINVESTMENT)

   $0  

é   AMOUNT OWED TO CREDIT ENHANCER DUE TO PREPAYMENT SHORTFALL

   $0  

SURETY BOND IN FORCE ? (YES=1; NO=0)

   1  



ABS Corporation

         

Banc One Home Equity Loan Trust 1998-1

        Page 3    

P & S Agreement Date:

   August 31, 1998     

Original Settlement Date:

   September 24, 1998     

Series Number of Certificates:

         

Original Collateral Sale Balance

   $867,346,931.20     


        

Detailed Information (Page 1 of 5)

      
   

Distribution Date:

   12/22/03  
   

LIBOR Rate (Adjusted two business days prior to previous Distribution Date)

   1.12000 %

Average Mtge Loans Net Loan Rate (Effective Rate; Multiply by 360/365)

   4.17708 %

Maximum Rate

   4.17708 %

Investor Certificate Rate (LIBOR + 25 bps)

   1.37000 %

Investor Certificate Rate Capped at Maximum Rate? (Y=1; N=0)

   0  

Interest Period (Days)

   32  
   

Beginning Pool Balance

   187,059,081.84  

Beginning Investor Certificate Principal Balance

   159,629,746.51  

Beginning Transferor Principal Balance

   23,588,013.00  

Beginning Invested Amount

   163,471,068.84  

Investor Floating Allocation Percentage

   87.3901 %

Liquidation Loss Amount

   240,922.03  

Servicing Fee

   77,941.28  
   

Mtge Loans Interest (Net of Cut-Off Date Overdue Interest)

   737,940.07  

Mtge Loans Principal

   5,613,735.43  

Mtge Loans Net Liquidation Proceeds

   190,547.97  

Mtge Loans Insurance Proceeds

   0.00  

Mtge Loans Optional Servicer Advances

   0.00  

Mtge Loans Purchase Price

   0.00  

Mtge Loans Transfer Deposit Amount

   0.00  

Available Funds

   6,542,223.47  
   

Mtge Loans Interest

   737,940.07  

Mtge Loans Net Liquidations Proceeds (Alloc. to Int.)

   190,547.97  

Mtge Loans Insurance Proceeds (Alloc. to Int.)

   0.00  

Mtge Loans Optional Servicer Advances (Alloc. to Int.)

   0.00  

Mtge Loans Purchase Price (Alloc. to Int.)

   0.00  

Mtge Loans Interest Collections

   928,488.04  
   

Mtge Loans Principal

   5,613,735.43  

Mtge Loans Net Liquidation Proceeds (Alloc. to Princ. & Net of Forecl. Profits)

   0.00  

Mtge Loans Insurance Proceeds (Alloc. to Princ.)

   0.00  

Mtge Loans Purchase Price (Alloc. to Princ.)

   0.00  

Mtge Loans Transfer Deposit Amount

   0.00  

Mtge Loans Principal Collections

   5,613,735.43  
   

Interest Collections

   928,488.04  

Principal Collections

   5,613,735.43  
   

Investor & Transferor Interest & Principal Allocation

      

Investor Interest Collections

   811,406.38  

Investor Principal Collections

   5,501,460.77  

Transferor Interest Collections

   117,081.66  

Transferor Principal Collections

   112,274.66  

(Check)

   0.00  
   

Investor Loss Amount

   210,541.94  

Transferor Loss Amount

   30,380.09  



ABS Corporation

         

Banc One Home Equity Loan Trust 1998-1

        Page 4    

P & S Agreement Date:

   August 31, 1998     

Original Settlement Date:

   September 24, 1998     

Series Number of Certificates:

         

Original Collateral Sale Balance

   $867,346,931.20     


Detailed Information (Page 2 of 5)

      
   

Distribution Date:

   12/22/03  
   

Investor Interest Collections

   811,406.38  

less Investor Servicing Fee

   68,112.95  

less Unpaid Servicing Fee

   0.00  

less Investor Certificate Interest

   194,393.56  

less Unpaid Investor Certificate Interest Shortfall

   0.00  

less Credit Enhancement Premium

   13,967.60  

less Investor Loss Amount

   210,541.94  

less Unpaid Investor Loss Amount

   0.00  

less Unreimbursed Draw Amounts

   0.00  

Excess Interest

   324,390.33  

less Accelerated Principal Distribution Amount

   14,280.01  

less Deposit to (Release from) Spread Account

   (14,280.01 )

Remaining Excess Interest

   324,390.33  
   

Investor Distributions

      

Investor Certificate Interest

   194,393.56  

Managed Amortization Period? (Y=1, N=0)

   0  

Rapid Amortization Period? (Y=1, N=0)

   1  

Principal Collections less Additional Balances

   2,362,700.91  

Alternative Principal Payment

   2,362,700.91  

Maximum Principal Collections

   5,501,460.77  

Principal Distribution Amount

   5,501,460.77  

Investor Loss Amount Distributed to Investors

   210,541.94  

Excess Interest Paid as Principal

   14,280.01  
   

Transferor Distributions

      

Transferor Interest Collections (net of Transferor Servicing Fee)

   107,253.32  

Funds Released from Spread Account

   0.00  

Principal Distributions (including Transferor Principal Collections)

   112,274.66  
   

Excess Int. (Shortfall) a/ Interest

   617,012.82  

Excess Int. (Shortfall) a/ Premium b/ Losses

   603,045.22  

Excess Int. (Shortfall) a/ Losses

   392,503.28  

Required Amount

   0.00  

Required Amount Applied to Overcollateralization Amount

   0.00  

Draw on Policy

   0.00  
   

Investor Certificate Distribution Amount (Excluding Credit Enhancement Draw Amount)

   5,920,676.27  

Credit Enhancement Draw Amount

   0.00  

Guaranteed Principal Distribution Amount

   0.00  

Guaranteed Amount

   0.00  



ABS Corporation

         

Banc One Home Equity Loan Trust 1998-1

        Page 5    

P & S Agreement Date:

   August 31, 1998     

Original Settlement Date:

   September 24, 1998     

Series Number of Certificates:

         

Original Collateral Sale Balance

   $867,346,931.20     


Detailed Information (Page 3 of 5)

      
   

Distribution Date:

   12/22/03  
   

Beginning Pool Balance

   187,059,081.84  

Interest Distribution

   928,488.04  

Principal Distribution

   5,613,735.43  

Additional Balances

   3,251,034.52  

Liquidation Loss Amount

   240,922.03  

Ending Pool Balance

   184,455,458.90  
   

Beginning Investor Certificate Principal Balance

   159,629,746.51  

Investor Certificate Interest

   194,393.56  

Unpaid Investor Certificate Interest Shortfall distributed

   0.00  

Investor Certificate Principal

   5,726,282.71  

Ending Investor Certificate Principal Balance

   153,903,463.80  

Pool Factor

   0.1810629  
   

Beginning Transferor Balance

   23,588,013.00  

Interest Distribution (including funds released from Spread Account)

   117,081.66  

Principal Distribution (including Unallocated Transferor Principal Collections)

   112,274.66  

Additional Balances

   3,251,034.52  

Losses allocated to Transferor

   30,380.09  

Ending Transferor Balance

   26,696,392.77  

Minimum Transferor Interest

   9,222,772.95  

Transferor Principal Collections Unallocated due to Minimum Transferor Interest (held in Coll. Acct.)

   0.00  

Total Unallocated Transferor Principal Collections held in Collection Account

   0.00  
   

Beginning Invested Amount

   163,471,068.84  

Principal Distribution Amount

   5,501,460.77  

Investor Loss Reduction Amount

   210,541.94  

Ending Invested Amount

   157,759,066.13  
   

Beginning Total OC Amount

   3,841,322.33  

Ending Total OC Amount

   3,855,602.33  

Ending Total OC Amount (% of Original Invested Amount)

   0.45 %
   

Spread Account Cap Amount

   394,397.67  

Beginning Spread Account Balance

   408,677.67  

Draw from Account to Pay Credit Enhancer

   0.00  

Deposit to (Release from)

   (14,280.01 )

Ending Spread Account Balance

   394,397.67  

Ending Spread Account Balance (% of Ending Invested Amount)

   0.25 %

Amount Released from Spread Account

   0.00  

Unreimbursed Draw on Surety Bond

   0.00  



ABS Corporation

         

Banc One Home Equity Loan Trust 1998-1

        Page 6    

P & S Agreement Date:

   August 31, 1998     

Original Settlement Date:

   September 24, 1998     

Series Number of Certificates:

         

Original Collateral Sale Balance

   $867,346,931.20     


Detailed Information (Page 4 of 5)

        
   

Distribution Date:

     12/22/03  
   

Beginning Insured Principal Amount

   $ 159,629,746.51  

Ending Insured Principal Amount

   $ 153,903,463.80  
   

Available Credit Enhancement

     0.49 %

Investor Distribution Amount

     5,920,676.27  

Transferor Distribution Amount (incl. Excess Cash Rel. From SA)

     219,527.98  
   

Investor Loss Amount Reimbursed from Excess Interest

     210,541.94  

Investor Loss Amount Reimbursed from Policy Draw

     0.00  

Investor Loss Amount Allocated to OC

     0.00  

Investor Loss Amount Unreimbursed

     0.00  

Unreimbursed Loss Amount Distributed

     0.00  
   

Cum. Accelerated Principal Distribution Amount

     3,855,602.33  

Cum. Principal Payments (Including ECPB & APDA)

     696,096,536.20  

Cum. Principal Payments (Excluding ECPB & APDA)

     692,226,653.86  

Cum. OC Amount

     3,855,602.33  

Cum. SA Deposits

     394,397.67  

Cum. Liquidation Losses

     13,347,701.03  

Cum. Investor Loss Reduction Amount

     0.00  

Cum. Purchase Price of Repurchased Loans (Alloc. to Principal)

     0.00  

Cum. Guaranteed Principal Distribution Amount

     0.00  

Cum. Credit Enhancement Draw Amount

     0.00  
   

Cum. Change in Weighted Average Gross Margin (Cut-Off Margin-Current Margin)

     0.532 %
   

Accrued but Unpaid a/ Distribution

        

Servicing Fee

     0.00  

Investor Certificate Interest

     0.00  

Credit Enhancement Premium

     0.00  

Unreimbursed Draw Amounts

     0.00  



ABS Corporation

         

Banc One Home Equity Loan Trust 1998-1

        Page 7    

P & S Agreement Date:

  

August 31, 1998

    

Original Settlement Date:

  

September 24, 1998

    

Series Number of Certificates:

         

Original Collateral Sale Balance

  

$867,346,931.20

    


Detailed Information (Page 5 of 5)

      
   

Distribution Date:

   12/22/03  
   

SOURCES OF FUNDS:

      

Mtge Loans Interest

   737,940.07  

Mtge Loans Net Liq. Proceeds (Alloc. to Int. & Incl. Rec. Charge-Offs)

   190,547.97  

Mtge Loans Insurance Proceeds (Alloc. to Int.)

   0.00  

Mtge Loans Purchase Price (Alloc. to Int.)

   0.00  

Mtge Loans Principal

   5,613,735.43  

Mtge Loans Net Liq. Proceeds (Alloc. to Princ.)

   0.00  

Mtge Loans Insurance Proceeds (Alloc. to Princ.)

   0.00  

Mtge Loans Purchase Price (Alloc. to Princ.)

   0.00  

Mtge Loans Transfer Deposit Amount

   0.00  

Reinvestment Earnings

   0.00  

Draw on Policy

   0.00  

Total

   6,542,223.47  
   

USES OF FUNDS

      

Servicing Fee

   77,941.28  

Investor Interest Distribution

   194,393.56  

Accrued and Unpaid Investor Interest Distributed

   0.00  

Investor Principal Distribution

   5,726,282.71  

Transferor Distribution (not including Cash Released to Transferor)

   219,527.98  

Unallocated Transferor Principal Collections

   0.00  

Accrued and Unpaid Servicing Fee Distributed

   0.00  

Credit Enhancement Premium Distributed

   13,967.60  

Cash Deposited to (Released from) Spread Account

   (14,280.01 )

Cash Released to Transferor

   324,390.33  

Total

   6,542,223.47  
   

PERFORMANCE PARAMETERS

      

Aggregate Amount of Locked Balances

   2,659,489.18  

Aggregate Amount of Locked Balances – %

   1.442 %

Portfolio CLTV as of the End of the Collection Period

   75.790 %

Amount of Pool Balance Offered the “Skip-a-Pay Program”

   0.00  

Percentage of Pool Balance Offered the “Skip-a-Pay Program”

   0.00 %

Number of Accounts Accepting the “Skip-a-Pay Program”

   0  

Aggregate Principal Balance of Accounts Accepting the “Skip-a-Pay Program”

   0.00  

   

ERROR CHECK

      
   

Sources & Uses

   OK  

Pool Balance

   OK  

Transferor Balance

   OK  

Loss Allocation

   OK  

Overcollateralization

   OK  

Balance Reduction

   OK  

   

Distribution List:

      
   

Keith Richardson – Bank One, N.A.

      



ABS Corporation

         

Banc One Home Equity Loan Trust 1998-1

        Page 8    

P & S Agreement Date:

   August 31, 1998     

Original Settlement Date:

   September 24, 1998     

Series Number of Certificates:

         

Original Collateral Sale Balance

   $867,346,931.20     


Servicer Certificate (Page 1 of 3)

      
   

Distribution Date:

   12/22/03  
   

A.

   POOL INFORMATION       
   
     Aggregate Amount of Collections    6,542,223.47  
     Aggregate Amount of Interest Collections    928,488.04  
     Aggregate Amount of Principal Collections    5,613,735.43  
     Transfer Deposit Amount    0.00  
     Beginning Pool Balance    187,059,081.84  
     Ending Pool Balance    184,455,458.90  
     Additional Balances    3,251,034.52  
     Cum. Modifications to Credit Limits ($ of Initial Credit Limits)    $0.00  
     Cum. Modifications to Credit Limit (% of Initial Credit Limits)    0.00 %
     Cum. Change in Weighted Average Gross Margin (Cut-Off Margin-Current Margin)    0.532 %
     Servicing Fee    77,941.28  
     Unpaid Servicing Fee Received    0.00  
     Remaining Accrued and Unpaid Servicing Fee    0.00  
   

B.

   INTEREST, PRINCIPAL & LOSS ALLOCATION       
   
     Investor Certificateholder Floating Allocation Percentage    87.39 %
     Investor Certificateholder Fixed Allocation Percentage    98.00 %
     Investor Interest Collections    811,406.38  
     Investor Principal Collections    5,501,460.77  
     Transferor Interest Collections    117,081.66  
     Transferor Principal Collections    112,274.66  
     Investor Loss Amount    210,541.94  
     Beginning Invested Amount    163,471,068.84  
     Ending Invested Amount    157,759,066.13  
   

C.

   INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS       
   
     Investor Certificate Interest Distributed    194,393.56  
     Investor Certificate Interest Shortfall b/ any Draw on Policy    0.00  
     Unpaid Investor Certificate Interest Shortfall Received    0.00  
     Unpaid Investor Certificate Interest Shortfall Remaining    0.00  
   
     Principal Distribution Amount    5,501,460.77  
    

Managed Amortization Period? (Yes=1; No=0)

   0  
    

Rapid Amortization Period? (Yes=1; No=0)

   1  
    

Maximum Principal Collections Payment

   5,501,460.77  
    

Alternative Principal Payment

   2,362,700.91  
    

Principal Collections less Additional Balances

   2,362,700.91  
     Investor Loss Amount Distributed to Investors    210,541.94  
     Accelerated Principal Distribution Amount    14,280.01  
   

D.

   INVESTOR CERTIFICATE PRINCIPAL BALANCE       
   
     Beginning Certificate Principal Balance    159,629,746.51  
     Ending Certificate Principal Balance    153,903,463.80  
     Pool Factor    0.1810629  


 


ABS Corporation

         

Banc One Home Equity Loan Trust 1998-1

        Page 9    

P & S Agreement Date:

   August 31, 1998     

Original Settlement Date:

   September 24, 1998     

Series Number of Certificates:

         

Original Collateral Sale Balance

   $867,346,931.20     

   

Servicer Certificate (Page 2 of 3)

      
   

Distribution Date:

   12/22/03  
     

E.

   DISTRIBUTIONS TO TRANSFEROR       
     
     Interest Distribution    117,081.66  
     Principal Distribution    112,274.66  
     Amount Distributed to Transferor    0.00  
     

F.

   TRANSFEROR BALANCE       
     
     Beginning Transferor Principal Balance    23,588,013.00  
     Ending Transferor Principal Balance    26,696,392.77  
     Minimum Transferor Balance    9,222,772.95  
     

G.

   INVESTOR CERTIFICATE RATE       
     
     Investor Certificate Rate    1.37000 %
     LIBOR Rate    1.12000 %
     Maximum Rate    4.17708 %
     Weighted Average Mortgage Net Loan Rate    4.17708 %
     

H.

   CREDIT ENHANCEMENT       
     
     Credit Enhancement Fee    13,967.60  
     Guaranteed Amount    0.00  
     Guaranteed Principal Distribution Amount    0.00  
     Credit Enhancement Draw Amount    0.00  
     

I.

   SPREAD ACCOUNT       
     
     Beginning Spread Account Balance    408,677.67  
     Ending Spread Account Balance    394,397.67  
     Amount to be distributed to (Released from) the Spread Account    (14,280.01 )
     Amount Released from Spread Account    0.00  
     Spread Account Maximum    394,397.67  
     

J.

   DELINQUENCY & REO STATUS       
     
     Delinquent 30-59 days       
         No. of Accounts    87  
         Trust Balances    2,686,944.71  
     Delinquent 60-89 days       
         No. of Accounts    28  
         Trust Balances    861,022.07  
     Delinquent 90+ days       
         No. of Accounts    104  
         Trust Balances    3,714,086.36  
     Delinquent 9+ months       
         No. of Accounts    0  
         Trust Balances    0.00  
     REO       
         No. of Accounts    0  
         Trust Balances    0.00  



ABS Corporation

       

Page 10

Banc One Home Equity Loan Trust 1998-1

         

P & S Agreement Date:

   August 31, 1998     

Original Settlement Date:

   September 24, 1998     

Series Number of Certificates:

         

Original Collateral Sale Balance

   $867,346,931.20     

   

Servicer Certificate (Page 3 of 3)

    
   

Distribution Date:

   12/22/03
   

K.    EVENT OF DEFAULT TRIGGERS

   0
   

Failure by Seller to make payment within 5 Business Days of Required Date ?

   0

Failure by Seller to perform any covenants described in the Agreement ?

   0

Bankruptcy or Insolvency relating to Servicer ?

   0
   

L.    RAPID AMORTIZATION EVENT TRIGGERS

   0
   

Failure by Seller to make payment within 3 Business Days of Required Date ?

   0

Breach of Representation or Warranty by Seller or Depositor?

   0

Bankruptcy or Insolvency relating to Transferor ?

   0

Subject to Investment Company Act of 1940 Regulation ?

   0

Any Event of Default ?

   0

Draws Under Policy are Greater than 1% of Initial Pool Principal Balance?

   0

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed and certifies to the best of his knowledge and belief that information is true and correct this 17th day of December 2003

 

Bank One, N.A.

as Servicer

/s/    Philip C. McNiel                        

Philip C. McNiel

Vice President

 

Distribution List:

 

Dan Farrel – Financial Security Assurance

Keith Richardson – Bank One, N.A.

Moody’s Investors Service

Standard & Poor’s Corp.



ABS Corporation

        Page 11

Banc One Home Equity Loan Trust 1998-1

         

P & S Agreement Date:

  

August 31, 1998

    

Original Settlement Date:

  

September 24, 1998

    

Series Number of Certificates:

         

Original Collateral Sale Balance

  

$867,346,931.20

    

 


   

Statement to Certificateholders (Page 1 of 2)

      
   

Distribution Date:

   12/22/03  
   

INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)

      
   

A.    INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS

      
   

Investor Certificate Interest Distributed

   0.228698  

Investor Certificate Interest Shortfall Distributed

   0.000000  

Remaining Unpaid Investor Certificate Interest Shortfall

   0.000000  
   

Managed Amortization Period ? (Yes=1; No=0)

   0  

Investors Certificate Principal Distributed

   6.736803  

Principal Distribution Amount

   6.472307  

Maximum Principal Payment

   6.472307  

Alternative Principal Payment

   2.779648  

Principal Collections less Additional Balances

   2.779648  

Investor Loss Amount Distributed to Investors

   0.247696  

Accelerated Principal Distribution Amount

   0.016800  

Credit Enhancement Draw Amount

   0.00  
   

Total Amount Distributed to Certificateholders (P & I)

   6.965501  
   

B.    INVESTOR CERTIFICATE PRINCIPAL BALANCE

      
   

Beginning Investor Certificate Balance

   159,629,746.51  

Ending Investor Certificate Balance

   153,903,463.80  

Beginning Invested Amount

   163,471,068.84  

Ending Invested Amount

   157,759,066.13  

Investor Certificateholder Floating Allocation Percentage

   87.3901 %

Pool Factor

   0.1810629  

Liquidation Loss Amount for Liquidated Loans

   240,922.03  

Unreimbursed Liquidation Loss Amount

   0.00  
   

C.    POOL INFORMATION

      
   

Beginning Pool Balance

   187,059,081.84  

Ending Pool Balance

   184,455,458.90  

Servicing Fee

   77,941.28  
   

D.    INVESTOR CERTIFICATE RATE

      
   

Investor Certificate Rate

   1.370000 %

LIBOR Rate

   1.120000 %

Maximum Rate

   4.177082 %
   

E.    DELINQUENCY & REO STATUS

      
   

Delinquent 30-59 days

      

No. of Accounts

   87  

Trust Balances

   2,686,944.71  

Delinquent 60-89 days

      

No. of Accounts

   28  

Trust Balances

   861,022.07  

Delinquent 90+ days

      

No. of Accounts

   104  

Trust Balances

   3,714,086.36  

Delinquent 9+ Months

      

No. of Accounts

   0  

Trust Balances

   0  

REO

      

No. of Accounts

   0  

Trust Balances

   0.00  



ABS Corporation

        Page 12

Banc One Home Equity Loan Trust 1998-1

         

P & S Agreement Date:

   August 31, 1998     

Original Settlement Date:

   September 24, 1998     

Series Number of Certificates:

         

Original Collateral Sale Balance

   $867,346,931.20     

Statement to Certificateholders (Page 2 of 2)

         

Distribution Date:

        12/22/03

 

IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed and certifies to the

best of his knowledge and belief that information is true and correct this 17th day of December 2003

 

   

Bank One, N.A.

as Servicer

   

/s/    Philip C. McNiel                    

   

Philip C. McNiel

Vice President

 

 

 

Distribution List:

 

Keith Richardson – Bank One, N.A.