SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549

                                    FORM 10-K

                   Annual Report Pursuant to Section 13 or 15(d)
                      of the Securities Exchange Act of 1934

                             For the fiscal year ended
                                 December 31, 1997

                         Commission file number:  333-39649

                             LEHMAN ABS CORPORATION,
           as Depositor, United PanAm Mortgage Corporation, as Seller, Pan
           American Bank, FSB, as Master Servicer, and Bankers Trust Company
           of California, N.A., as trustee (the "Trustee") under the Pooling
           and Servicing Agreement, dated as of September 1, 1997, providing
           for the issuance of the United PanAm Mortgage Loan Asset Backed
           Certificates, Series 1997-1.

                             LEHMAN ABS CORPORATION
           (Exact name of Registrant as specified in its Charter)

           DELAWARE                                    94-324470
           (State or other jurisdiction                (I.R.S. Employer
           incorporation or organization)              Identification Number)

           THREE WORLD FINANCIAL CENTER
           200 VESEY STREET
           NEW YORK, NEW YORK                          10022
           (Address of principal executive offices)    (Zip Code)

            Registrant's telephone number, including area code:
                               (212) 526-7000

          Securities registered pursuant to Section 12(b) of the Act:
                               NOT APPLICABLE.

          Securities registered pursuant to Section 12(g) of the Act:
                               NOT APPLICABLE.

     Indicate by check mark whether the Registrant (1) has filed all reports
     required to be filed by Section 13 or 15(d) of the Securities Exchange Act
     of 1934 during the preceding 12 months (or for such shorter period that
     the Registrant was required to file such reports), and (2) has been
     subject to such filing requirements for the past 90 days.  Yes  X  No

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
     405 of Regulation S-K is not contained herein, and will not be contained,
     to the best of the Registrant's knowledge, in definitive proxy or
     information statements incorporated by reference in Part III of the Form
     10-K or any amendment to this Form 10-K.  [  ].

     Aggregate market value of voting stock held by non-affiliates of the
     Registrant as of December 31, 1997:  NOT APPLICABLE.

     Number of shares of common stock outstanding as of December 31, 1997:  NOT
     APPLICABLE.

     DOCUMENTS INCORPORATED BY REFERENCE

     Documents in Part I and Part IV incorporated herein by reference are as
     follows:

     Pooling and Servicing Agreement of Registrant dated as of December 1,
     1997 (hereby incorporated herein by reference as part of the Registrant's
     Current Report on Form 8-K filed with Securities and Exchange Commission
     on December 23, 1997).

     Documents in Part II and Part IV incorporated herein by reference are as
     follows:

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on January 26, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on February 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on March 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on April 27, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on May 26, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on June 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on July 27, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on August 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on September 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.


     PART I

     ITEM 1.  Business.

     The trust fund (the "Trust") was created pursuant to the Pooling and
     Servicing Agreement, dated as of December 1, 1997 among Lehman ABS
     Corporation, as Depositor, United PanAm Mortgage Corporation, as Seller,
     Pan American Bank, FSB, as Master Servicer, and Bankers Trust Company of
     California, N.A., as Trustee.

     The United PanAm Mortgage Loan Asset Backed Certificates, Series 1997-1
     (collectively, the "Certificates") will consist of three classes of
     Certificates: the Class A Certificates (the "Class A Certificates"), the
     Class X Certificates (the "Class X Certificates") and the Class R
     Certificates (the "Class R Certificates").  The rights of the holders of
     the Class X Certificates and the Class R Certificates to receive
     distributions with respect to the Mortgage Loans will be subordinate to
     the rights of the holders of the Class A Certificates to the extent
     described in the Prospectus Supplement dated December 15, 1997.  Only the
     Class A Certificates are being offered hereby.

     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.  Properties.

     The Depositor owns no property.  The United PanAm Mortgage Loan Asset
     Backed Certificates, Series 1997-1, 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.  Legal Proceedings.

     None.

     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.  Market for Registrant's Common Equity and Related Stockholder
     Matters.

     The United PanAm Mortgage Loan Asset Backed Certificates, Series 1997-1,
     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, the
     Registrant has no "common equity," but for purposes of this Item only,
     the Registrant's Mortgage Pass-Through Certificates, Series 1997-1 are
     treated as "common equity."

     (a)  Market Information.  There is no established public trading market
     for the Registrant's Certificates.  The Registrant believes the
     Certificates 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, 1997 was:  [Participant listings for Class
     A was unavailable from The Depository Trust Company.  Total number of
     registered holders of all classes of Certificates will be reported on
     Form 10-K/A once participant listings become available].

     (c)  Dividends.  Not applicable.  The information regarding dividends
     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.  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.  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.  Financial Statements and Supplementary Data.


     Monthly Remittance Statement to the Certificateholders as to distributions
     made on January 26, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on February 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on March 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on April 27, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on May 26, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on June 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on July 27, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on August 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on September 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     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.  Changes in and Disagreements with Accountants on Accounting and
     Financial Disclosure.

     None.


     PART III

     ITEM 10.  Directors and Executive Officers of Registrant.

     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.  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.  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 only, however, the Certificateholders are treated as "voting
     security" holders.

     As of December 31, 1997, the following are the only persons known to the
     Registrant to be the beneficial owners of more than 5% of any class of
     voting securities:  [Participant listings for Class A was unavailable from
     The Depository Trust Company.  Total number of registered holders of all
     classes of Certificates will be reported on Form 10-K/A once participant
     listings become available].

     (b)  Security ownership of management.  Not Applicable.  The Trust does
     not have any officers or directors.  Therefore, the information required
     by Item 403 of Regulation S-K is inapplicable.

     (c)  Changes in control.  Not Applicable.  Since Certificateholders do not
     possess, directly or indirectly, the power to direct or cause the
     direction of the management and policies of the Trust, other than in
     respect to certain required consents regarding any amendments to the
     Pooling and Servicing Agreement, the information requested with respect to
     item 403 of Regulation S-K is inapplicable.

     ITEM 13.  Certain Relationships and Related Transactions.

     (a)  Transactions with management and others.  Registrant knows of no
     transaction or series of transactions during the fiscal year ended
     December 31, 1997, or any currently proposed transaction or series of
     transactions, in an amount exceeding $60,000 involving the Registrant 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.  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 Remittance Statement to the Certificateholders as to distributions
     made on January 26, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on February 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on March 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on April 27, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on May 26, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on June 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on July 27, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on August 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on September 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     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 Remittance Statement to the Certificateholders as to distributions
     made on July 27, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on August 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     Monthly Remittance Statement to the Certificateholders as to distributions
     made on September 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     (c)  The exhibits required to be filed by Registrant 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 registrants 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 Registrant 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 Registrant has duly caused
          this report to be signed on its behalf by the undersigned,
          thereunto duly authorized.

                             By:  Bankers Trust Company, 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:  October 15, 1998


     EXHIBIT INDEX

     Exhibit Document


     1.1
     Monthly Remittance Statement to the Certificateholders as to distributions
     made on January 26, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     1.2
     Monthly Remittance Statement to the Certificateholders as to distributions
     made on February 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     1.3
     Monthly Remittance Statement to the Certificateholders as to distributions
     made on March 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     1.4
     Monthly Remittance Statement to the Certificateholders as to distributions
     made on April 27, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     1.5
     Monthly Remittance Statement to the Certificateholders as to distributions
     made on May 26, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     1.6
     Monthly Remittance Statement to the Certificateholders as to distributions
     made on June 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     1.7
     Monthly Remittance Statement to the Certificateholders as to distributions
     made on July 27, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     1.8
     Monthly Remittance Statement to the Certificateholders as to distributions
     made on August 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     1.9
     Monthly Remittance Statement to the Certificateholders as to distributions
     made on September 25, 1998, and filed with the Securities and Exchange
     Commission on Form 8-K on October 15, 1998.

     2.0
     The Pooling and Servicing Agreement of the Registrant dated as of
     December 1, 1997 (hereby incorporated herein by reference and filed
     as part of the Registrant's Current Report on Form 8-K filed with
     Securities and Exchange Commission on December 23, 1997).