8-K 1 lhe04002_dec.txt DECEMBER 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 27, 2004 LEHMAN ABS CORPORATION Home Equity Loan-Backed Notes, Series 2004-2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-108503-06 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On December 27, 2004 a distribution was made to holders of LEHMAN ABS CORPORATION, Home Equity Loan-Backed Notes, Series 2004-2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Notes, Series 2004-2 Trust, relating to the December 27, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LEHMAN ABS CORPORATION Home Equity Loan-Backed Notes, Series 2004-2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Indenture Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/28/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Notes, Series 2004-2 Trust, relating to the December 27, 2004 distribution. EX-99.1

Lehman ~~ABS Corporation~~ Home Equity Loan ~~Asset~~Trust Home Equity Loan-Backed Notes Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~LHE~~Lehman Home Equity Loan Trust Home Equity Loan-Backed Notes Series: 2004-2 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A 525170BZ8 SEN 2.~~15250~~40000% ~~199~~187,~~241~~363,~~739~~340.4547 ~~381~~387,~~215~~217.8657 11,~~878~~294,~~398~~817.9879 B 525170CA2 SUB 0.00000% 6,~~677~~690,~~303~~914.5759 ~~704~~592,~~857~~482.3193 0.00 L 525170CB0 SUB 0.00000% 0.00 0.00 0.00 Totals ~~205~~194,~~919~~054,~~043~~255.0206 1979,~~086,073~~700.1750 11,~~878~~294,~~398~~817.9879

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~187~~176,~~363~~068,~~340~~522.4768 1211,~~259~~682,~~614~~035.8436 0.00 B 0.00 6,~~690~~749,~~914~~573.5957 ~~704~~592,~~857~~482.3193 0.00 L 0.00 0.00 0.00 0.00 Totals 0.00 ~~194~~182,~~054~~818,~~255~~096.0625 12,~~964~~274,~~472~~518.1529 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A 260,414,000.00 ~~199~~187,~~241~~363,~~739~~340.4547 0.00 11,~~878~~294,~~398~~817.9879 0.00 0.00 B 6,678,143.00 6,~~677~~690,~~303~~914.5759 0.00 0.00 0.00 0.00 L 0.00 0.00 0.00 0.00 0.00 0.00 Totals 267,092,143.00 ~~205~~194,~~919~~054,~~043~~255.0206 0.00 11,~~878~~294,~~398~~817.9879 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A 11,~~878~~294,~~398~~817.9879 ~~187~~176,~~363~~068,~~340~~522.4768 0.~~71948259~~67611005 11,~~878~~294,~~398~~817.9879 B 0.00 6,~~690~~749,~~914~~573.5957 1.~~00191245~~01069617 0.00 L 0.00 0.00 0.00000000 0.00 Totals 11,~~878~~294,~~398~~817.9879 ~~194~~182,~~054~~818,~~255~~096.0625 0.~~72654423~~68447576 11,~~878~~294,~~398~~817.9879

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 260,414,000.00 ~~765~~719.~~09611407~~48259491 0.00000000 4543.~~61351917~~37254445 0.00000000 B 6,678,143.00 ~~999~~1001.~~87430188~~91244632 0.00000000 0.00000000 0.00000000 L 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes per $1,000 denomination

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 4543.~~61351917~~37254445 ~~719~~676.~~48259491~~11005046 0.~~71948259~~67611005 4543.~~61351917~~37254445 B 0.00000000 0.00000000 1,~~001~~010.~~91244632~~69617257 1.~~00191245~~01069617 0.00000000 L 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A 260,414,000.00 2.~~15250~~40000% ~~199~~187,~~241~~363,~~739~~340.4547 ~~381~~387,~~215~~217.8657 0.00 0.00 B 6,678,143.00 0.00000% 6,~~677~~690,~~303~~914.5759 0.00 0.00 0.00 L 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 267,092,143.00 ~~381~~387,~~215~~217.8657 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A 0.00 0.00 ~~381~~387,~~215~~217.8657 0.00 ~~187~~176,~~363~~068,~~340~~522.4768 B 0.00 0.00 ~~704~~592,~~857~~482.3193 0.00 6,~~690~~749,~~914~~573.5957 L 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1979,~~086,073~~700.1750 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A 260,414,000.00 2.~~15250~~40000% ~~765~~719.~~09611407~~48259491 1.~~46388389~~48693069 0.00000000 0.00000000 B 6,678,143.00 0.00000% ~~999~~1001.~~87430188~~91244632 0.00000000 0.00000000 0.00000000 L 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes per $1,000 denomination

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A 0.00000000 0.00000000 1.~~46388389~~48693069 0.00000000 ~~719~~676.~~48259491~~11005046 B 0.00000000 0.00000000 ~~105~~88.~~54690278~~71971295 0.00000000 ~~1001~~1010.~~91244632~~69617257 L 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1312,~~084~~386,~~116~~282.4267 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1312,~~084~~386,~~116~~282.4267 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~119~~111,~~644~~764.2738 Payment of Interest and Principal 12,~~964~~274,~~472~~518.1529 Total Withdrawals (Pool Distribution Amount) 1312,~~084~~386,~~116~~282.4267 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 8580,~~799~~855.6094 Owner Trustee Fee 250.00 Pool Insurance Fee 3129,~~878~~041.6832 Wells Fargo Bank, N.A. 1,~~715~~617.9912 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~119~~111,~~644~~764.2738

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 2620 0 0 0 2620 1749,~~161,098~~484.2986 0.00 0.00 0.00 1749,~~161,098~~484.2986 60 Days 69 0 0 0 69 ~~317~~423,~~145~~348.2298 0.00 0.00 0.00 ~~317~~423,~~145~~348.2298 90 Days 34 0 0 0 34 ~~180~~239,~~334~~664.9634 0.00 0.00 0.00 ~~180~~239,~~334~~664.9634 120 Days 31 0 0 0 31 55127,~~816~~151.4282 0.00 0.00 0.00 55127,~~816~~151.4282 150 Days 2 0 0 0 2 8025,~~300~~982.0053 0.00 0.00 0.00 8025,~~300~~982.0053 180+ Days 12 0 0 0 12 1580,~~123~~300.3500 0.00 0.00 0.00 1580,~~123~~300.3500 Totals 4138 0 0 0 4138 1,~~809~~645,~~818~~932.2453 0.00 0.00 0.00 1,~~809~~645,~~818~~932.2453 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~593066~~484496% 0.000000% 0.000000% 0.000000% 0.~~593066~~484496% 0.~~598337~~000000% 0.000000% 0.000000% 0.000000% 0.~~598337~~000000% 60 Days 0.~~136861~~218023% 0.000000% 0.000000% 0.000000% 0.~~136861~~218023% 0.~~163431~~000000% 0.000000% 0.000000% 0.000000% 0.~~163431~~000000% 90 Days 0.~~068431~~096899% 0.000000% 0.000000% 0.000000% 0.~~068431~~096899% 0.~~092930~~000000% 0.000000% 0.000000% 0.000000% 0.~~092930~~000000% 120 Days 0.~~068431~~024225% 0.000000% 0.000000% 0.000000% 0.~~068431~~024225% 0.~~028763~~000000% 0.000000% 0.000000% 0.000000% 0.~~028763~~000000% 150 Days 0.~~045620~~048450% 0.000000% 0.000000% 0.000000% 0.~~045620~~048450% 0.~~041380~~000000% 0.000000% 0.000000% 0.000000% 0.~~041380~~000000% 180+ Days 0.~~022810~~048450% 0.000000% 0.000000% 0.000000% 0.~~022810~~048450% 0.~~007793~~000000% 0.000000% 0.000000% 0.000000% 0.~~007793~~000000% Totals 0.~~935219~~920543% 0.000000% 0.000000% 0.000000% 0.~~935219~~920543% 0.~~932635~~000000% 0.000000% 0.000000% 0.000000% 0.~~932635~~000000%

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~105676~~112180% Weighted Average Net Coupon 6.~~605676~~612180% Weighted Average Pass-Through Rate 6.~~408446~~421047% Weighted Average Maturity(Stepdown Calculation ) 0 Beginning Scheduled Collateral Loan Count 4,~~349~~384 Number Of Loans Paid In Full ~~213~~221 Ending Scheduled Collateral Loan Count 4,~~384~~128 Beginning Scheduled Collateral Balance 0.00 Ending Scheduled Collateral Balance 0182,818,096.0020 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~194,054,255~~0.0100 Monthly P &I Constant 0.00 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00

~~Servicing~~Miscellaneous ~~Advances~~Reporting ~~Not~~Specified ~~Reported~~Overcollateralization ~~Policy~~Amount ~~draws~~6,749,573.58 $Overcollateralization Amount 6,749,573.58 Overcollateralization Deficiency Amount 0.00 Overcollateralization Reduction Amount 0.00 Draw amount for Cendant loans 363,125.92 Draw amount for Greenpoint Bank loans 2,104,590.5 Rapid Amortization Event No Three Largest Loans 1,262,900.00

Miscellaneous Reporting Specified Overcollateralization Amount 6,690,914.59 Overcollateralization Amount 6,690,914.59 Overcollateralization Deficiency Amount 0.00 Overcollateralization Reduction Amount 0.00 Draw amount for Cendant loans 486,664.08 Draw amount for Greenpoint Bank loans 2,112,007.46 Rapid Amortization Event No Three Largest Loans 1,262,900.00

Filing Compare · Home Equity Loan Asset-Backed Notes, Series 2004-2