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)
                                February 20, 1995

         LEHMAN ABS CORPORATION (as depositor under the Trust  Agreement,  dated
         as of January  26,  1995,  as amended  and  restated by the Amended and
         Restated Trust  Agreement,  dated as of February 1, 1995,  which formed
         the  Lehman  Home  Equity  Loan  Trust  1995-1  which,  pursuant  to an
         Indenture,  dated as of January 1, 1995,  issued the Lehman Home Equity
         Loan Trust 1995-1,  Home Equity Loan  Asset-Backed  Term Notes,  Series
         1995-1)

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


            Delaware                333-14293               13-3447441

(State of Other Jurisdiction of    (Commission           (I.R.S. Employee
         Incorporation             File Number)        Identification No.)


Three World Financial Center
200 Vesey Street
New York, New York                                      10285
(Address of Principal                                     (Zip Code)
Executive Offices)

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

[NY01B:331725.4]  16069-00000  07/14/97 12:03pm

<PAGE>



Item 5.  Other Events.

         See the  respective  monthly  reports,  each  reflecting  the  required
information for the February 1995,  March 1995, April 1995, May 1995, June 1995,
July 1995, August 1995, September 1995, October 1995, November 1995 and December
1995 distributions to holders of the Lehman Home Equity Loan Trust 1995-1,  Home
Equity Loan Asset-Backed Term Notes, Series 1995-1.

         Master Serviced by Residential Funding Corporation.

Item 7.  Financial Statements and Exhibits.

(a)      See attached monthly reports.


[NY01B:331725.4]  16069-00000  07/14/97 12:03pm
                                                        -2-

<PAGE>




                                   SIGNATURES

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 thereunto duly authorized.


                                     LEHMAN HOME EQUITY LOAN TRUST 1995-1

                                     By:      Residential Funding Corporation,
                                              as Administrator




                                     Name:
                                     Title:


Dated:   July 15, 1997




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                                                        -3-

<PAGE>


                                  EXHIBIT INDEX

                                                          Sequential
Exhibit           Document                       Page Number

99                Monthly Reports to Noteholders as to distributions
                  made in February, March, April, May, June,
                  July, August, September, October, November and
                  December 1995.







[NY01B:331725.4]  16069-00000  07/14/97 12:03pm
                                                        -4-

<PAGE>
[{"type": "8-K", "sequence": "1", "description": "1995 LEHMAN FINANCE 8-K WITH DISTRIBUTION STATEMEN", "secsgml_size_bytes": 3501}]
{"company-data": {"conformed-name": "LEHMAN ABS CORP", "cik": "0000829281", "assigned-sic": "6189", "irs-number": "133447441", "state-of-incorporation": "DE", "fiscal-year-end": "1130"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11661", "film-number": "97641743"}, "business-address": {"street1": "THREE WORLD FINANCIAL CTR", "street2": "200 VESEY ST", "city": "NEW YORK", "state": "NY", "zip": "10285", "phone": "2125265594"}, "mail-address": {"street1": "3 WORLD FINANCIAL CENTER", "street2": "24TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10285"}, "former-company": {"former-conformed-name": "SHEARSON LEHMAN HUTTON ABS CORP", "date-changed": "19901119"}}
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)
                                February 20, 1995

         LEHMAN ABS CORPORATION (as depositor under the Trust  Agreement,  dated
         as of January  26,  1995,  as amended  and  restated by the Amended and
         Restated Trust  Agreement,  dated as of February 1, 1995,  which formed
         the  Lehman  Home  Equity  Loan  Trust  1995-1  which,  pursuant  to an
         Indenture,  dated as of January 1, 1995,  issued the Lehman Home Equity
         Loan Trust 1995-1,  Home Equity Loan  Asset-Backed  Term Notes,  Series
         1995-1)

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

            Delaware                333-14293               13-3447441

(State of Other Jurisdiction of    (Commission           (I.R.S. Employee
         Incorporation             File Number)        Identification No.)

Three World Financial Center
200 Vesey Street
New York, New York                                      10285
(Address of Principal                                     (Zip Code)
Executive Offices)

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

[NY01B:331725.4]  16069-00000  07/14/97 12:03pm
Item 5.  Other Events.

         See the  respective  monthly  reports,  each  reflecting  the  required
information for the February 1995,  March 1995, April 1995, May 1995, June 1995,
July 1995, August 1995, September 1995, October 1995, November 1995 and December
1995 distributions to holders of the Lehman Home Equity Loan Trust 1995-1,  Home
Equity Loan Asset-Backed Term Notes, Series 1995-1.

         Master Serviced by Residential Funding Corporation.

Item 7.  Financial Statements and Exhibits.

(a)      See attached monthly reports.

[NY01B:331725.4]  16069-00000  07/14/97 12:03pm
                                                        -2-
SIGNATURES

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 thereunto duly authorized.

                                     LEHMAN HOME EQUITY LOAN TRUST 1995-1

                                     By:      Residential Funding Corporation,
                                              as Administrator

                                     Name:
                                     Title:

Dated:   July 15, 1997

[NY01B:331725.4]  16069-00000  07/14/97 12:03pm
                                                        -3-
EXHIBIT INDEX

                                                          Sequential
Exhibit           Document                       Page Number

99                Monthly Reports to Noteholders as to distributions
                  made in February, March, April, May, June,
                  July, August, September, October, November and
                  December 1995.

[NY01B:331725.4]  16069-00000  07/14/97 12:03pm
                                                        -4-