<PAGE> 1
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
December 25, 1999
Date of Report (Date of Earliest Event Reported)
Bear Stearns Asset Backed Securities Inc. (as Sponsor of American Residential
Eagle Bond Trust 1999-1, the Issuer of Mortgage-Backed LIBOR Notes, Class A,
Series 1999-1, under an Indenture dated April 1, 1999)
BEAR STEARNS ASSET BACKED SECURITIES, INC.
------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
<TABLE>
<S> <C> <C>
Delaware 333-9532 13-3836437
-------- -------- ----------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
</TABLE>
245 Park Avenue, New York, New York 10167
-----------------------------------------
(Address of Principal Executive Offices)
(212) 272-4095
--------------
(Registrant's Telephone Number,
Including Area Code)
Not Applicable
--------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. OTHER EVENTS
Bear Stearns Asset Backed Securities Inc. has previously registered
the offer and sale of the Mortgage-Backed LIBOR Notes, Class A,
Series 1999-1, issued by American Residential Eagle Bond Trust
1999-1 (the "Notes")
The following exhibit which relates specifically to the Notes is
included with this Current Report:
Item 7(c). Exhibits
<TABLE>
<S> <C>
10.1 Monthly Payment Date Statement distributed to
Noteholders, dated December 25, 1999.
</TABLE>
<PAGE> 3
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.
Date: January 11, 2000
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Jonathan Lieberman
--------------------------------
Jonathan Lieberman
Managing Director
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Page Number
- -------------- -----------
<S> <C>
10.1 Monthly Payment Date Statement distributed to
Noteholders, dated December 25, 1999.......................5
</TABLE>
<PAGE> 1
EXHIBIT 10.1
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
==============================================================================================
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
==============================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 02926NAB2 SEQ 5.93000% 332,609,910.68 1,647,371.66 4,536,134.21
A-2 02926NAC0 SEQ 7.09000% 59,745,433.50 352,995.94 964,187.58
INV_CERT AMINV1992 SEQ 0.00000% 8,939,695.44 768,066.42 0.00
==============================================================================================
Totals 391,295,039.62 2,768,434.02 5,500,321.79
==============================================================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================
Certificate Current Ending Cumulative
Class Realized Certificate Total Realized
Class CUSIP Description Loss Balance Distribution Losses
=======================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 02926NAB2 SEQ 0.00 318,073,776.47 6,183,505.87 0.00
A-2 02926NAC0 SEQ 0.00 58,781,245.92 1,317,183.52 0.00
INV_CERT AMINV1992 SEQ 0.00 8,939,695.44 768,066.42 0.00
=======================================================================================
Totals 0.00 385,794,717.83 8,268,755.81 0.00
=======================================================================================
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
07-Jan-2000 3:42PM
<PAGE> 2
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Principal Distribution Statement
<TABLE>
<CAPTION>
======================================================================================
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal
Class Amount Balance Distribution Distribution Accretion
======================================================================================
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 322,609,910.68 178,944.84 4,357,189.37 0.00
A-2 61,750,000.00 59,745,433.50 54,119.34 910,068.24 0.00
INV_CERT 10,223,416.68 8,939,695.44 0.00 0.00 0.00
======================================================================================
Totals 404,323,416.68 391,295,039.62 233,064.18 5,267,257.61 0.00
======================================================================================
</TABLE>
<TABLE>
<CAPTION>
=================================================================================
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss(1) Reduction Balance Percentage Distribution
=================================================================================
<S> <C> <C> <C> <C> <C>
A-1 0.00 4,536,134.21 318,073,776.47 0.95704461 4,536,134.21
A-2 0.00 964,187.58 58,781,245.92 0.95192301 964,187.58
INV_CERT 0.00 0.00 8,939,695.44 0.87443325 0.00
=================================================================================
Totals 0.00 5,500,321.79 385,794,717.83 0.95417357 5,500,321.79
=================================================================================
</TABLE>
(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.
<PAGE> 3
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
===================================================================================
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal
Class(2) Amount Balance Distribution Distribution Accretion
===================================================================================
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 970.69327721 0.53842287 13.11024333 0.00000000
A-2 61,750,000.00 967.53738462 0.87642656 14.73794721 0.00000000
INV_CERT 10,223,416.68 0.00000000 0.00000000 0.00000000 0.00000000
===================================================================================
</TABLE>
<TABLE>
<CAPTION>
============================================================================
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class(2) Loss(3) Reduction Balance Percentage Distribution
============================================================================
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 13.64866620 957.04461101 0.95704461 13.64866620
A-2 0.00000000 15.61437377 951.92301085 0.95192301 15.61437377
INV_CERT 0.00000000 0.00000000 0.00000000 0.87443325 0.00000000
============================================================================
</TABLE>
(2) All Denominations Are Per $1,000.
(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.
<PAGE> 4
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Interest Distribution Statement
<TABLE>
<CAPTION>
===================================================================================
Beginning Payment of
Current Certificate/ Current Unpaid
Original Face Certificate Notional Accrued Interest
Class Amount Rate Balance Interest Shortfall
===================================================================================
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 5.93000% 322,609,910.68 1,647,371.66 0.00
A-2 61,750,000.00 7.09000% 59,745,433.50 352,995.94 0.00
INV_CERT 10,223,416.68 0.00000% 8,939,695.44 0.00 0.00
===================================================================================
Totals 404,323,416.68 2,000,367.60 0.00
========================================= =========================================
</TABLE>
<TABLE>
<CAPTION>
========================================================================================
Non- Remaining Ending
Current Supported Unpaid Certificate/
Interest Interest Realized Total Interest Interest Notional
Class Shortfall Shortfall Losses(4) Distribution Shortfall Balance
========================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 1,647,371.66 0.00 318,073,776.47
A-2 0.00 0.00 0.00 352,995.94 0.00 58,781,245.92
INV_CERT 0.00 0.00 0.00 768,066.42 0.00 8,939,695.44
========================================================================================
Totals 0.00 0.00 0.00 2,768,434.02 0.00
========================================================================================
</TABLE>
(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.
<PAGE> 5
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
================================================================================
Beginning Payment of
Current Certificate/ Unpaid
Original Face Certificate Notional Current Accrued Interest
Class(5) Amount Rate Balance Interest Shortfall
================================================================================
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 5.93000% 970.69327721 4.95673736 0.00000000
A-2 61,750,000.00 7.09000% 967.53738462 5.71653344 0.00000000
INV_CERT 10,223,416.68 0.00000% 0.00000000 0.00000000 0.00000000
================================================================================
</TABLE>
<TABLE>
<CAPTION>
==================================================================================================
Non- Remaining Ending
Current Supported Unpaid Certificate/
Interest Interest Realized Total Interest Interest Notional
Class(5) Shortfall Shortfall Losses(6) Distribution Shortfall Balance
==================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 0.00000000 4.95673736 0.00000000 957.04461101
A-2 0.00000000 0.00000000 0.00000000 5.71653344 0.00000000 951.92301085
INV_CERT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
==================================================================================================
</TABLE>
(5) All Denominations Are Per $1,000.
(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.
<PAGE> 6
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Certificateholder Component Statement
<TABLE>
<CAPTION>
========================================================================================================================
Component Pass- Beginning Notional Ending Notional Beginning Component Ending Component Ending Component
Class Through Rate Balance Balance Balance Balance Percentage
========================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
FEE 1,200.00000% 65,418.55 64,480.10 0.00 0.00 95.63410519%
========================================================================================================================
</TABLE>
<PAGE> 7
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Certificateholder Account Statement
<TABLE>
<CAPTION>
=========================================================================
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 8,606,261.75
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 8,606,261.75
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 337,505.94
Payment of Interest and Principal 8,268,755.81
Total Withdrawals (Pool Distribution Amount) 8,606,261.75
Ending Balance 0.00
=========================================================================
</TABLE>
OTHER ACCOUNTS
<TABLE>
<CAPTION>
=============================================================================================
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
=============================================================================================
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
=============================================================================================
</TABLE>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
=========================================================================
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment 0.00
Interest Shortfall
=========================================================================
</TABLE>
<PAGE> 8
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
<TABLE>
============================================================================
SERVICING FEES
<S> <C>
Gross Servicing Fee 163,039.61
Management Fee 1,000.00
FSA Group 1 Premium 56,456.73
FSA Group 2 Premium 8,961.82
PMI Group 1 Fee 95,889.36
PMI Group 2 Fee 12,158.42
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 337,505.94
============================================================================
</TABLE>
<PAGE> 9
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
<TABLE>
<CAPTION>
=================================================================================================================
Percentage Delinquent
Based On
Current
Number Of Unpaid Principal Number Unpaid
Loans Balance of Loans Balance
<S> <C> <C> <C> <C>
30 Days 53 5,309,215.79 1.431659% 1.376176%
60 Days 15 1,017,813.94 0.405186% 0.263823%
90+ Days 1 202,046.83 0.027012% 0.052372%
Foreclosure 54 4,466,845.54 1.458671% 1.157830%
REO 0 0.00 0.000000% 0.000000%
Totals 123 10,995,922.10 3.322528% 2.850200%
=================================================================================================================
</TABLE>
<TABLE>
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<PAGE> 10
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
<TABLE>
<CAPTION>
======================================================================================================================
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.02473268% 100,000.00 0.02592052%
Fraud 12,129,702.50 3.00000000% 12,129,702.50 3.14408206%
Special Hazard 4,043,234.17 1.00000000% 4,043,234.17 1.04802735%
======================================================================================================================
</TABLE>
Limit of Subordinate's Exposure to Certain Types of Losses
<PAGE> 11
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
<TABLE>
=============================================================================
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 9.525109%
Weighted Average Net Coupon 9.025109%
Weighted Average Pass-Through Rate 8.490066%
Weighted Average Maturity (Stepdown Calculation) 343
Beginning Scheduled Collateral Loan Count 3,754
Number of Loans Paid in Full 52
Ending Scheduled Collateral Loan Count 3,702
Beginning Scheduled Collateral Balance 391,295,039.65
Ending Scheduled Collateral Balance 385,794,717.86
Ending Actual Collateral Balance at 30-Nov-1999 386,025,911.87
Monthly P&I Constant 3,339,004.13
Ending Scheduled Balance for Premium Loans 385,794,717.86
=============================================================================
</TABLE>
<PAGE> 12
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
<TABLE>
<CAPTION>
=====================================================================================================
Group 1 2 Total
<S> <C> <C> <C>
Collateral Description Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 9.498652 9.668347
Weighted Average Net Rate 8.650269 8.929189
Weighted Average Maturity 353.00 289.00
Record Date 11/30/99 11/30/99
Principal And Interest Constant 2,793,361.45 545,642.68 3,339,004.13
Beginning Loan Count 2,973 781 3,754
Loans Paid In Full 39 13 52
Ending Loan Count 2,934 768 3,702
Beginning Scheduled Balance 330,288,954.91 61,006,084.74 391,295,039.65
Ending Scheduled Balance 325,752,820.70 60,041,897.16 385,794,717.86
Scheduled Principal 178,944.84 54,119.34 233,064.18
Unscheduled Principal 4,357,189.37 910,068.24 5,267,257.61
Scheduled Interest 2,614,416.61 491,523.34 3,105,939.95
Servicing Fee 137,620.40 25,419.21 163,039.61
Master Servicing Fee 0.00 0.00 0.00
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 95,889.36 12,158.42 108,047.78
Pool Insurance Fee 0.00 0.00 0.00
Spread 1 0.00 0.00 0.00
Spread 2 0.00 0.00 0.00
Spread 3 0.00 0.00 0.00
Net Interest 2,380,906.85 453,945.71 2,834,852.56
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.00 0.00 0.00
=====================================================================================================
</TABLE>
<PAGE> 13
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds, Securities Administration Services
Series 1999-2 11000 Broken Land Parkway
Record Date: 30-Nov-1999 Columbia, MD 21044
Distribution Date: 27-Dec-1999 Telephone: (301) 815-6600
Facsimile: (410) 884-2369
<TABLE>
<CAPTION>
=====================================================================================================
1 2 Total
<S> <C> <C> <C>
Required Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Overcollateralization Increase Amount 0.00 0.00 0.00
Overcollateralization Reduction Amount 0.00 0.00 0.00
Specified Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Overcollateralization Deficiency Amount 0.00 0.00 0.00
Base Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Extra Principal Distribution Amount 0.00 0.00 0.00
Excess Cash Amount 676,234.71 91,831.71 768,066.42
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===================================================================================================================================
Delinquency Status By Group
Group 30 Day 60 Day 90 + Day Foreclosure REO Bankruptcy
<S> <C> <C> <C> <C> <C> <C> <C>
1 Principal Balance 3,686,313.32 571,487.82 202,046.83 3,422,543.57 0.00 880,335.52
Percentage Of Balance 1.132% 0.175% 0.062% 1.051% 0.000% 0.270%
Loan Count 35 6 1 38 0 11
Percentage of Loan Count 1.193% 0.204% 0.034% 1.295% 0.000% 0.375%
2 Principal Balance 1,622,902.47 446,326.12 0.00 1,044,301.97 0.00 0.00
Percentage Of Balance 2.703% 0.743% 0.000% 1.739% 0.000% 0.000%
Loan Count 18 9 0 16 0 0
Percentage of Loan Count 2.344% 1.172% 0.000% 2.083% 0.000% 0.000%
Totals Principal Balance 5,309,215.79 1,017,813.94 202,046.83 4,466,845.54 0.00 $880,335.52
Percentage of Balance 1.376% 0.264% 0.052% 1.158% 0.000% 0.228%
Loan Count 53 15 1 54 0 11
Percentage of Loan Count 1.432% 0.405% 0.027% 1.459% 0.000% 0.297%
===================================================================================================================================
</TABLE>
