ITEM 1. Business.
Omitted.
ITEM 2.
ITEM 2. Properties.
Omitted
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 Registrant's Common Equity and Related Stockholder Matters.
The Trust does not issue stock.
There is currently no established public trading market for Registrant's Certificates. Registrant believes the Certificates are traded primarily in intra-dealer markets and non-centralized inter-dealer markets.
As of December 31,2002 the number of registered holders of all class of Certificates was 2.
ITEM 6.
ITEM 6. Selected Financial Data.
Omitted.
ITEM 7.
ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Omitted.
ITEM 7A.
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk.
Omitted.
ITEM 8.
ITEM 8. Financial Statements and Supplementary Data.
Omitted.
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 Registrant.
Not Applicable.
ITEM 11.
ITEM 11. Executive Compensation.
Not Applicable.
ITEM 12.
ITEM 12. Security Ownership of Certain Beneficial Owners and Management.
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. None
ITEM 14.
ITEM 14. Controls and Procedures NOT APPLICABLE
PART IV
ITEM 15.
ITEM 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) The following is a list of documents filed as part of this Annual Report on Form 10-K:
Exhibits 99.1 and 99.2
(b) The following reports on Form 8-K were filed during the period covered by this report.
Monthly Remittance Statement to the Certificateholders dated as of December 26,2002, and filed with the Securities and Exchange Commission on Form 8-K on January 24,2003.
(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.
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: Home Loan and Investment Bank,., as Servicer on behalf of the Registrant
By: /s/: John Murphy John Murphy President
Date: March 27,2003
EXHIBIT INDEX
Exhibit Document
99.1 Servicer's Annual Statement of Compliance for Year End December 31,2002.
99.2 Servicer's Annual Independent Accountant's Report for Year End December 31,2002.
FORM OF CERTIFICATION TO BE PROVIDED BY THE SERVICER WITH THE FORM10K
Re: Lehman Home Equity Loan Trust 2002-1, Home Equity Loan Asset-backed Certificates, Series 2002-1
I, John M. Murphy, President of Home Loan and Investment Bank F.S.B (the "Servicer") in charge of servicing,certify that:
l. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution and servicing reports filed in respect of periods included in the year covered by this annual report of 2002
2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;
3. Based on my knowledge, the distribution information and the servicing information required to be provided to the Trustee by the Servicer under the Pooling and Servicing Agreement is included in these reports;
4. I am responsible for reviewing the activities performed by the Servicer under the Pooling and Servicing Agreement and based upon the review required under the Pooling and Servicing Agreement, and except as disclosed in the report, the Servicer has fulfilled its obligations under the Pooling and Servicing Agreement: and
5. I have disclosed to the Servicer's certified public accounts all significant deficiencies relating to the Servicer's compliance with the minimum servicing standards in accordance with a review conducted in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar standard as set forth in the Pooling and Servicing Agreement.
Capitalized terms used but not defined herein have the meanings ascribed to them in the Pooling and Servicing Agreement, dated November 1,2002 (the "Pooling and Servicing Agreement"), among Lehman ABS Corporation as depositor, Home Loan and Investment Bank, F.S.B. as seller and servicer and Deutsche Bank National Trust Company as trustee.
HOME LOAN AND INVESTMENT BANK, F.S.B
By: /s/: John M. Murphy Name: John M. Murphy Title: President Date: March 11,2003
99.1
OFFICER'S CERTIFICATE
I; John M. Murphy, hereby certify that I am duly elected President of Home Loan and Investment Bank, F.S.B., a Federal Savings Bank, ("Home") and further, to the best of my knowledge and after due inquiry, as follows:
1. Home has fully complied with the provisions of Articles III and V of the Pooling and Servicing Agreement dated as of November 26, 2002 (the "Agreement").
2.A review of Home's activities as Servicer during 2002 under the Agreement was made under my supervision.
3.To the best of my knowledge, based on such review Home has fulfilled all of its obligations as Servicer Under the Agreement throughout the year.
In Witness Whereof, I have hereunto signed my name and affixed the seal of Home.
Home Loan seal here
/s/: John M. Murphy John M. Murphy, President Date: 3/12/03
I, Edwin Furtado, Secretary of Home Loan and Investment Bank, F.S.B ("Home") hereby certify that John M. Murphy is the duly elected, qualified and acting President of Home and that the signature appearing above is his genuine signature.
In Witness Whereof, I have hereunto signed my name.
/s/: Edwin Furtado Edwin Furtado, Secretary Date:3/12/03
99.2
KPMG logo here 600 Fleet Center 50 Kennedy Plaza Providence, RI 02903-2321
Independent Accounts' Report
The Board of Directors Home Loan and Investment Bank, F.S.B.
We have examined management's assertion, included in the accompanying Management Assertion, that Home Loan and Investment Bank, F.S.B (the Bank) complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers as of and for the year ended December 31, 2002. Management is responsible for the Bank's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Bank's compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Bank's compliance with the minimum servicing standards specified above and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Bank's compliance with the minimum servicing standards.
In our opinion, management's assertion that the Bank complied with the aforementioned minimum servicing standards during the year ended December 31, 2002 is fairly stated, in all material respects.
/s/: KPMG LLP
March 13, 2003
KPMG logo here
Home Loan logo here
Home Loan and investment Bank, F.S.B A Federal Savings Bank
Management Assertion
As of and for the year ended December 31, 2002, Home Loan and Investment Bank, F.S.B. complied in all material respects with he minimum servicing standards set forth in. the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and for this same period, Home Loan and Investment Bank F.S.B. had in effect a fidelity bond and errors and omissions policies in the amount of $5,000,000 and $3,000,000, respectively.
/s/: John Murphy John M Murphy President and CEO
/s/: Edwin Furtado Edwin Furtado Executive Vice President
/s/: Peter Lachapelle Peter Lachapelle Loan Servicing Manager
March 13, 2003
Corporate Office One Home Loan Plaza Suite 3 Warwick, RI 02886-1766. 401/739-8800
244 Weyboseet Street Providence, RI 02903-3774 401/272-5100
40 Airport Road Warwick RI 02889-1036 401/732-1991