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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
July 25, 1998
Date of Report (Date of Earliest Event Reported)
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(as Depositor under the Pooling and Servicing Agreement, dated June 1, 1998,
providing for the Issuance of the American Residential Home Equity Loan Trust
Asset-Backed Certificates, Series 1998-1)
BEAR STEARNS ASSET BACKED SECURITIES, INC.
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(Exact Name of Registrant as Specified in Its Charter)
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<S> <C> <C>
Delaware 333-49015-01 13-3836437
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(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
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245 Park Avenue, New York, New York 10167
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(Address of Principal Executive Offices)
(212) 272-4095
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(Registrant's Telephone Number,
Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. OTHER EVENTS
On June 1, 1998, Bear Stearns Asset Backed Securities, Inc.
(the "Company") entered into a Pooling and Servicing Agreement
dated as of June 1, 1998 (the "Pooling and Servicing
Agreement"), by and among the Company, as depositor; American
Residential Holdings, Inc., as seller (the "Seller");
Countrywide Home Loans, Inc., as master servicer (the "Master
Servicer"); and Bankers Trust Company of California, N.A, as
trustee (the "Trustee"), providing for the issuance of the
American Residential Home Equity Loan Trust Asset-Backed
Certificates, Series 1998-1 (the "Certificates").
The following exhibit which relates specifically to the
Certificates is included with this Current Report:
Item 7(c). Exhibits
10.1 Monthly Payment Date Statement distributed
to Certificateholders, dated July 25, 1998.
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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: August 6, 1998
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Jonathan Lieberman
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Jonathan Lieberman
Vice President
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EXHIBIT INDEX
Exhibit Number Page Number
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<S> <C>
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated July 25, 1998..........................5
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<S> <C>
Seller: American Residential Holdings, Inc. Administrator: Aracely Alanis
Servicer: Countrywide Home Loans, Inc. Bankers Trust Company
Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza
Record Date: July 24, 1998 Irvine, CA 92614
Distribution Date: July 27, 1998 Factor Information: (800) 735-7777
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EXHIBIT 10.1
REMIC IV
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DISTRIBUTION IN DOLLARS
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PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A 83,822,000.00 83,822,000.00 368,869.19 384,777.16 753,646.35 0.00 0.00 83,437,222.84
Class M-1 6,715,000.00 6,715,000.00 30,909.98 0.00 30,909.98 0.00 0.00 6,715,000.00
Class M-2 4,228,000.00 4,228,000.00 20,096.21 0.00 20,096.21 0.00 0.00 4,228,000.00
Class B 3,376,000.00 3,376,000.00 18,072.15 0.00 18,072.15 0.00 0.00 3,376,000.00
Class X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R 1,000.01 1,000.01 0.00 1,000.01 1,000.01 0.00 0.00 0.00
Totals 98,142,000.01 98,142,000.01 437,947.53 385,777.17 823,724.70 0.00 0.00 97,756,222.84
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FACTOR INFORMATION PER $1000 ORIGINAL FACE
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PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
<S> <C> <C> <C> <C> <C>
Class A 02926WAA4 1,000.00 4.400625 4.590408 8.991033
Class M-1 02926WAB2 1,000.00 4.603124 0.000000 4.603124
Class M-2 02926WAC0 1,000.00 4.753124 0.000000 4.753124
Class B 02926WAD8 1,000.00 5.353125 0.000000 5.353125
Class X AR98B1001 0.00 0.000000 0.000000 0.000000
R AR98B1002 1,000.00 0.000000 1,000.000000 1,000.000000
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PASS-THROUGH RATES
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CURRENT
PRINCIPAL
CLASS BALANCE CURRENT NEXT
<S> <C> <C> <C>
Class A 995.409592 5.867500% 5.836250%
Class M-1 1,000.000000 6.137500% 6.106250%
Class M-2 1,000.000000 6.337500% 6.306250%
Class B 1,000.000000 7.137500% 7.106250%
Class X 0.000000 0.000000% 0.000000%
R 0.000000 0.000000% 0.000000%
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<S> <C>
Seller: American Residential Holdings, Inc. Administrator: Aracely Alanis
Servicer: Countrywide Home Loans, Inc. Bankers Trust Company
Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza
Record Date: July 24, 1998 Irvine, CA 92614
Distribution Date: July 27, 1998 Factor Information: (800) 735-7777
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30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS
<S> <C> <C> <C> <C>
DELINQUENT LOANS
Principal Balance 0.00 0.00 0.00 0.00
Number of Loans 0 0 0 0
LOANS IN FORECLOSURE
Principal Balance 0.00 0.00 0.00 0.00
Number of Loans 0 0 0 0
REO LOAN
Principal Balance 0.00 0.00 0.00 0.00
Number of Loans 0 0 0 0
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GENERAL MORTGAGE LOAN INFORMATION
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<S> <C>
Beginning Aggregate Mortgage Loan Balance 98,180,851.95
Principal Balance of Liquidated Loans 0.00
Ending Aggregate Mortgage Loan Balance 98,077,830.66
Net Rate 8.80868%
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Servicing Fee 40,908.69
Interest Advanced 0.00
Principal Advanced 0.00
Has Trigger Event Occurred NO
Cumulative Applied Realized Loss 0.00
Current Realized Loss 0.00
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<S> <C>
Seller: American Residential Holdings, Inc. Administrator: Aracely Alanis
Servicer: Countrywide Home Loans, Inc. Bankers Trust Company
Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza
Record Date: July 24, 1998 Irvine, CA 92614
Distribution Date: July 27, 1998 Factor Information: (800) 735-7777
</TABLE>
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INTEREST
INTEREST CARRYOVER
SHORTFALL AMOUNT
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<S> <C> <C>
Class A 0.00 0.00
Class M-1 0.00 0.00
Class M-2 0.00 0.00
Class B 0.00 0.00
Class X 0.00 0.00
R 0.00 0.00
Total 0.00 0.00
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EXTRA
PREPAYMENT SCHEDULED PRINCIPAL
PRINCIPAL PRINCIPAL DISTRIBUTION
DISTRIBUTED DISTRIBUTED AMOUNT
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<S> <C> <C> <C>
Class A 50,648.43 52,105.81 282,022.92
Class M-1 0.00 0.00 0.00
Class M-2 0.00 0.00 0.00
Class B 0.00 0.00 0.00
Class X 0.00 0.00 0.00
R 131.63 135.42 732.96
Total 50,780.06 52,241.23 282,755.88
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