<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
October 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.
(Exact Name of Registrant as Specified in Its Charter)
<TABLE>
<S> <C> <C>
Delaware 333-49015-01 13-3836437
(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction 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
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 October 25, 1998.
<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: November 5, 1998
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Jonathan Lieberman
-------------------------------
Jonathan Lieberman
Vice President
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Page Number
- -------------- -----------
<S> <C>
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated October 25, 1998........................ 5
</TABLE>
<PAGE> 1
<TABLE>
<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: October 23, 1998 Irvine, CA 92614
Distribution Date: October 26, 1998 Factor Information: (800) 735-7777
</TABLE>
EXHIBIT 10.1
REMIC IV
DISTRIBUTION IN DOLLARS
<TABLE>
<CAPTION>
PRIOR
ORIGINAL PRINCIPAL REALIZED DEFERRED CURRENT
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST PRINCIPAL BALANCE
- ----- ---------- --------- -------- --------- -------- -------- -------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A 83,822,000.00 80,505,160.27 400,258.80 2,504,986.47 2,905,245.27 0.00 0.00 78,000,173.80
Class M-1 6,715,000.00 6,715,000.00 34,947.14 0.00 34,947.14 0.00 0.00 6,715,000.00
Class M-2 4,228,000.00 4,228,000.00 22,732.11 0.00 22,732.11 0.00 0.00 4,228,000.00
Class B 3,376,000.00 3,376,000.00 20,476.96 0.00 20,476.96 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals 98,142,000.01 94,824,160.27 478,415.01 2,504,986.47 2,983,401.48 0.00 0.00 92,319,173.80
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 ORIGINAL FACE PASS-THROUGH RATES
- ------------------------------------------------------------------------------------------ -----------------------
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----- ----- --------- -------- --------- ----- --------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A 02926WAA4 960.429962 4.775104 29.884594 34.659699 930.545368 5.773750% 5.399380%
Class M-1 02926WAB2 1,000.000000 5.204340 0.000000 5.204340 1,000.000000 6.043750% 5.669380%
Class M-2 02926WAC0 1,000.000000 5.376563 0.000000 5.376563 1,000.000000 6.243750% 5.869380%
Class B 02926WAD8 1,000.000000 6.065450 0.000000 6.065450 1,000.000000 7.043750% 6.669380%
Class X AR98B1001 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
R AR98B1002 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
</TABLE>
<PAGE> 2
<TABLE>
<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: October 23, 1998 Irvine, CA 92614
Distribution Date: October 26, 1998 Factor Information: (800) 735-7777
</TABLE>
REMIC III
DISTRIBUTION IN DOLLARS
<TABLE>
<CAPTION>
CURRENT
ORIGINAL PRIOR REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE PRINCIPAL BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ----- ---------- ----------------- -------- --------- ----- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
T3-1 83,822,000.00 80,785,951.41 490,003.26 2,406,547.02 2,896,550.28 0.00 0.00 78,379,404.39
T3-2 6,715,000.00 6,715,000.00 40,729.51 0.00 40,729.51 0.00 0.00 6,715,000.00
T3-3 4,228,000.00 4,228,000.00 25,644.73 0.00 25,644.73 0.00 0.00 4,228,000.00
T3-4 3,376,000.00 3,376,000.00 20,476.96 0.00 20,476.96 0.00 0.00 3,376,000.00
*T3-5 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
*T3-6 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
*T3-7 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
T3-8 1,000.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals 98,142,000.01 95,104,951.41 576,854.46 2,406,547.02 2,983,401.48 0.00 0.00 92,698,404.39
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 ORIGINAL FACE PASS-THROUGH RATES
- -------------------------------------------------------------------------------------------- ----------------------------
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----- ----- --------- -------- --------- ----- --------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
T3-1 AR98B1301 963.779812 5.845760 28.710208 34.555967 935.069605 7.043750% 6.669380%
T3-2 AR98B1302 1,000.000000 6.065452 0.000000 6.065452 1,000.000000 7.043750% 6.669380%
T3-3 AR98B1303 1,000.000000 6.065452 0.000000 6.065452 1,000.000000 7.043750% 6.669380%
T3-4 AR98B1304 1,000.000000 6.065450 0.000000 6.065450 1,000.000000 7.043750% 6.669380%
*T3-5 AR98B1305 0.000000 0.000000 0.000000 0.000000 0.000000 1.499895% 2.151385%
*T3-6 AR98B1306 0.000000 0.000000 0.000000 0.000000 0.000000 0.029024% 0.036799%
*T3-7 AR98B1307 0.000000 0.000000 0.000000 0.000000 0.000000 1.470867% 2.114586%
T3-8 AR98B1308 0.000000 0.000000 0.000000 0.000000 0.000000 7.043750% 0.000000%
R-III AR98B1309 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
</TABLE>
*Notional Balance
<PAGE> 3
<TABLE>
<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: October 23, 1998 Irvine, CA 92614
Distribution Date: October 26, 1998 Factor Information: (800) 735-7777
</TABLE>
REMIC II
DISTRIBUTION IN DOLLARS
<TABLE>
<CAPTION>
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>
T2-1 96,217,234.91 93,707,558.80 687,066.75 2,236,666.71 2,923,733.46 0.00 0.00 91,470,892.09
T2-2 981,808.52 952,259.03 5,775.88 24,032.65 29,808.53 0.00 0.00 928,226.38
T2-3 981,808.52 960,140.12 5,830.25 22,823.13 28,653.38 0.00 1,209.52 938,526.51
T2-4 0.00 0.00 1,206.11 0.00 1,206.11 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals 98,180,851.95 95,619,957.95 699,878.99 2,283,522.49 2,983,401.48 0.00 1,209.52 93,337,644.98
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 ORIGINAL FACE PASS-THROUGH RATES
- ----------------------------------------------------------------------------------------- ---------------------------
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----- ----- --------- -------- --------- ----- --------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
T2-1 AR98B1201 0.000000 7.140787 23.246009 30.386796 950.670555 8.514617% 8.783966%
T2-2 AR98B1202 0.000000 5.882899 24.477940 30.360839 945.425061 7.043750% 6.669380%
T2-3 AR98B1203 0.000000 5.938276 23.246009 29.184285 955.916037 8.514617% 8.783966%
T2-4 AR98B1204 0.000000 0.012289 0.000000 0.012289 0.000000 1.470867% 2.114586%
R-II AR98B1205 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
</TABLE>
<PAGE> 4
<TABLE>
<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: October 23, 1998 Irvine, CA 92614
Distribution Date: October 26, 1998 Factor Information: (800) 735-7777
</TABLE>
REMIC I
DISTRIBUTION IN DOLLARS
<TABLE>
<CAPTION>
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>
T1-1 96,217,234.91 93,707,558.80 687,066.75 2,236,666.71 2,923,733.46 0.00 0.00 91,470,892.09
T1-2 981,808.52 952,259.02 6,981.99 24,032.65 31,014.64 0.00 0.00 928,226.37
T1-3 981,808.52 960,140.12 5,830.25 22,823.13 28,653.38 0.00 1,209.52 938,526.51
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals 98,180,851.95 95,619,957.95 699,878.99 2,283,522.49 2,983,401.48 0.00 1,209.52 93,337,644.98
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 ORIGINAL FACE PASS-THROUGH RATES
- --------------------------------------------------------------------------------------- -----------------------
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----- ----- ------- --------- --------- ----- --------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
T1-1 AR98B1101 0.000000 7.140787 23.246009 30.386796 950.670555 8.514617% 8.783966%
T1-2 AR98B1102 0.000000 7.111356 24.477940 31.589296 945.425056 8.514517% 8.783966%
T1-3 AR98B1103 0.000000 5.938276 23.246009 29.184285 955.916043 8.514617% 8.783966%
R-I AR98B1104 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
</TABLE>
<PAGE> 5
<TABLE>
<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: October 23, 1998 Irvine, CA 92614
Distribution Date: October 26, 1998 Factor Information: (800) 735-7777
</TABLE>
<TABLE>
<CAPTION>
30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
DELINQUENT LOANS
Principal Balance 2,269,293.11 636,270.20 525,791.16 114,006.98
Number of Loans 25 8 2 1
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
</TABLE>
GENERAL MORTGAGE LOAN INFORMATION
<TABLE>
<S> <C>
Beginning Aggregate Mortgage Loan Balance 95,619,957.95
Principal Balance of Liquidated Loans 0.00
Ending Aggregate Mortgage Loan Balance 93,337,644.98
Net Rate 8.51462%
</TABLE>
<PAGE> 6
<TABLE>
<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: October 23, 1998 Irvine, CA 92614
Distribution Date: October 26, 1998 Factor Information: (800) 735-7777
</TABLE>
<TABLE>
<S> <C>
Servicing Fee 30,678.35
Interest Advanced 165,371.36
Principal Advanced 11,490.34
Has Trigger Event Occurred NO
Cumulative Applied Realized Loss 0.00
Current Realized Loss 0.00
</TABLE>
<TABLE>
<CAPTION>
INTEREST INTEREST
SHORTFALL CARRYOVER AMOUNT
--------- ----------------
<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
</TABLE>
<TABLE>
<CAPTION>
SCHEDULED EXTRA
PREPAYMENT PRINCIPAL PRINCIPAL PRINCIPAL
DISTRIBUTED DISTRIBUTED DISTRIBUTION AMOUNT
-------------------- ----------- -------------------
<S> <C> <C> <C>
Class A 947,632.25 51,401.09 222,673.50
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 0.00 0.00 0.00
Total 947,632.25 51,401.09 222,673.50
</TABLE>
