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 15, 1997
-----------------
BEAR STEARNS ASSET BACKED SECURITIES, INC.
------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 333-26051 13-3836437
- ---------------------------- ----------- -------------------
(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
245 Park Avenue
New York, New York 10167 10167
- ---------------------------------------- ----------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area
code: (212)272-2000
--------------
ITEM 5. OTHER EVENTS
Filing of Certain Materials.*
- -----------------------------
Attached hereto is a copy of the monthly report to Certificateholders
(the "Report") distributed to the Certificateholders by The Bank of New York,
as Trustee.
The Report is filed as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1: Certificateholder Report to the Certificateholders, dated as
of December 15, 1997.
____________________
* Capitalized terms used and not otherwised defined herein shall have the
meanings assigned to them in the prospectus dated June 24, 1997 and the
prospectus supplement dated October 17, 1997 relating to the AmerUs Home
Equity Loan Asset Backed Certificates, Series 1997-1.
SIGNATURE
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.
BEAR STEARNS ASSET BACKED SECURITIES,
INC
By: /s/ Jonathan Lieberman
-----------------------------
Name:Jonathan Lieberman
------------------------
Title:Vice President
--------------
Date: ________________
EXHIBIT INDEX
Exhibit Page
- ------- ----
99.1 Certificateholder Report to
the Certificateholders, dated as of
December 15, 1997 5
EXHIBIT 99.1
------------
AMERUS HOME EQUITY LOAN TRUST 1997-1
AMERUS HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
SERIES 1997-1
REPORT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: December 15, 1997
AMERUS HOME EQUITY LOAN TRUST 1997-1
AmerUs Life Insurance Company, Seller and Servicer
Class Information Current Payment Information
Class Beginning Pass Thru Principal Interest Total
Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist.
____________________________________________________________________________
A-1 48,704,217.24 5.835000% 1,631.471.61 221,035.97 1,852,507.58
A-2 36,000,000.00 6.590000% 0.00 197,700.00 197,700.00
A-3 21,000,000.00 6.800000% 0.00 119,000.00 119,000.00
A-4 18,000,000.00 7.090000% 0.00 106,350.00 106,350.00
R 0.00 0.000000% n/a 0.00 0.00
____________________________________________________________________________
Totals 123,704,217.24 1,631,471.61 644,085.97 2,275,557.58
Factors per $1,000
Ending Principal Interest Ending
Cert. Bal. Dist. Dist. Cert. Bal.
____________________________________________________________________________
47,072,745.64 32,62943213 4.42071940 941.45491272
36,000,000.00 0.00000000 5.49166667 1000.00000000
21,000,000.00 0.00000000 5.66666667 1000.00000000
18,000,000.00 0.00000000 5.90833333 1000.00000000
0.00 n/a 0.00000000 0.00000000
____________________________________________________________________________
Totals
122,072,745.64 13.05177285 5.15268776 976.58196509
Class Information Original Certificate Information
Type Name Cert. Bal. Pass Thru Cusips
____________________________________________________________________________
Variable Rate A-1 50,000,000.00 5.741250% 030730AA3
Fixed Rate A-2 36,000,000.00 6.590000% 030730AB1
Fixed Rate A-3 21,000,000.00 6.800000% 030730AC9
Fixed Rate A-4 18,000,000.00 7.090000% 030730AD7
Residual R 0.00 0.000000% n/a
____________________________________________________________________________
Totals 125,000,000.00
Unpaid Amounts
Interest Cum Interest
Name Shortfall Shortfall
____________________________________________________________________________
A-1 0.00 0.00
A-2 0.00 0.00
A-3 0.00 0.00
A-4 0.00 0.00
R 0.00 0.00
____________________________________________________________________________
Totals
COLLATERAL INFORMATION
(P&S Ref. Sec. 5.03)
Total
-----
Aggregate outstanding principal balance 91,016,721.41
Total number of loans (beginning) 3.325
Total number of loans (ending) 3.282
Initial mortgage loan balance 93,322,252.67
Subsequent mortgage loans 0.00
Aggregate principal remittance amount 1,430,424.33
Aggregate interest remittance amount 695,866.53
Aggregate prepayment amount 1,060,119.90
Number of Prepayments 41
Weighted avg. remaining term to maturity 127
Weighted avg. loan rate 11.40%
FEES
(P&S Ref. Sec. 5.03)
Total
-----
Monthly premium amount 14,432.16
Monthly trustee fees 1,237.04
------------
15,669.20
OTHER INFORMATION
(P&S Ref. Sec. 5.03)
Total
-----
Overcollateralization amount 621,723.10
Required overcollateralization amount 1,399,832.03
Overcollateralization deficiency 778,108.92
Remaining pre-funded amount 31,677,864.93
Excess spread 201,017.28
Capitalized interest requirement 164,935.92
Capitalized interest amount 255,538.13
Transfer from pre-funding account 0.00
P&S advance 0.00
Compensating interest 0.00
Insured payments 0.00
Principal balance of balloon loans 25,576,910.68
DELINQUENCY INFORMATION
(P&S Ref. Sec. 5.03)
Period Loan Count % Ending Stated Balance %
- ------ ---------- - --------------------- -
30-59 days 38 1.16% 1,057,723.85 1.16%
60-89 days 7 0.21% 214,968.51 0.24%
90+ days 3 0.09% 136,708.21 0.15%
Total 48 1.46% 1,409,400.57 1.55%
== ============
Avg. 30-day delinquency ratio 0.258.1%
REO INFORMATION
(P&S Ref. Sec. 5.03)
Reo Date Loan Number Ending Stated Balance Book Value
- -------- ----------- --------------------- ----------
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
Totals 0 0.00 0.00
= ==== ====
LIQUIDATED LOAN INFORMATION
(P&S Ref. Sec. 5.03) Total
-----
Net losses (this period) 0.00
Cumulative losses (since Cut-Off) 0.00
Substitution amount 0.00
Purchase price 0.00
TRIGGER EVENTS
(P&S Ref. Sec 5.03)
Delinquency test satisfied YES
Loss test satisfied YES
