<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
January 25, 1999
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>
<CAPTION>
<S> <C> <C>
Delaware 333-49015-01 13-3836437
-------- ------------ ----------
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer 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
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<S> <C>
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated January 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: March 18, 1999
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> <C>
10.1 Monthly Payment Date Statement distributed to Certificateholders, dated
January 25, 1999................................................................ 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: January 22, 1999 Irvine, CA 92614
Distribution Date: January 25, 1999 Factor Information: (800) 735-7777
</TABLE>
EXHIBIT 10.1
REMIC IV
<TABLE>
<CAPTION>
DISTRIBUTION IN DOLLARS
- ---------------------------------------------------------------------------------------------------------------------------------
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 74,785,341.87 337,619.76 1,345,052.34 1,682,672.10 0.00 0.00 73,440,289.53
Class M-1 6,715,000.00 6,715,000.00 31,725.14 0.00 31,725.14 0.00 0.00 6,715,000.00
Class M-2 4,228,000.00 4,228,000.00 20,632.95 0.00 20,632.95 0.00 0.00 4,228,000.00
Class B 3,376,000.00 3,376,000.00 18,575.75 0.00 18,575.75 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 89,104,341.87 408,553.60 1,345,052.34 1,753,605.94 0.00 0.00 87,759,289.53
</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 892.192287 4.027818 16.046531 20.074349 876.145756 5.804380% 5.119690%
Class M-1 02926WAB2 1,000.000000 4.724518 0.000000 4.724518 1,000.000000 6.074380% 5.389690%
Class M-2 02926WAC0 1,000.000000 4.880073 0.000000 4.880073 1,000.000000 6.274380% 5.589690%
Class B 02926WAD8 1,000.000000 5.502296 0.000000 5.502296 1,000.000000 7.074380% 6.389690%
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: January 22, 1999 Irvine, CA 92614
Distribution Date: January 25, 1999 Factor Information: (800) 735-7777
</TABLE>
REMIC III
<TABLE>
<CAPTION>
DISTRIBUTION IN DOLLARS
- ------------------------------------------------------------------------------------------------------------------------------------
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>
T3-1 83,822,000.00 75,358,959.41 414,647.27 1,260,171.30 1,674,818.57 0.00 0.00 74,098,788.11
T3-2 6,715,000.00 6,715,000.00 36,947.91 0.00 36,947.91 0.00 0.00 6,715,000.00
T3-3 4,228,000.00 4,228,000.00 23,263.71 0.00 23,263.71 0.00 0.00 4,228,000.00
T3-4 3,376,000.00 3,376,000.00 18,575.75 0.00 18,575.75 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 89,677,959.41 493,434.64 1,260,171.30 1,753,605.94 0.00 0.00 88,417,788.11
</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 899.035568 4.946759 15.033897 19.980656 844.001672 7.074380% 6.389690%
T3-2 AR98B1302 1,000.000000 5.502295 0.000000 5.502295 1,000.000000 7.074380% 6.389690%
T3-3 AR98B1303 1,000.000000 5.502297 0.000000 5.502297 1,000.000000 7.074380% 6.389690%
T3-4 AR98B1304 1,000.000000 5.502296 0.000000 5.502296 1,000.000000 7.074380% 6.389690%
*T3-5 AR98B1305 0.000000 0.000000 0.000000 0.000000 0.000000 2.391840% 2.158083%
*T3-6 AR98B1306 0.000000 0.000000 0.000000 0.000000 0.000000 0.063019% 0.066989%
*T3-7 AR98B1307 0.000000 0.000000 0.000000 0.000000 0.000000 2.328817% 2.091094%
T3-8 AR98B1308 0.000000 0.000000 0.000000 0.000000 0.000000 7.074380% 0.000000%
R-III AR98B1309 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- -------------
*Notional Balance
</TABLE>
<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: January 22, 1999 Irvine, CA 92614
Distribution Date: January 25, 1999 Factor Information: (800) 735-7777
</TABLE>
REMIC II
<TABLE>
<CAPTION>
DISTRIBUTION IN DOLLARS
- ------------------------------------------------------------------------------------------------------------------------------------
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 88,804,213.95 649,478.32 1,069,055.51 1,718,533.83 0.00 0.00 87,735,158.44
T2-2 981,808.52 898,092.75 4,941.57 12,221.90 17,163.47 0.00 0.00 885,870.85
T2-3 981,808.52 914,238.13 5,373.19 10,908.73 16,281.92 0.00 1,313.17 904,642.57
T2-4 0.00 0.00 1,626.72 0.00 1,626.72 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 90,616,544.83 661,419.80 1,092,186.14 1,753,605.94 0.00 1,313.17 89,525,671.86
</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 6.750125 11.110853 17.860977 911.844521 9.403197% 8.480784%
T2-2 AR98B1202 0.000000 5.033130 12.448354 17.481484 902.284745 7.074380% 6.389690%
T2-3 AR98B1203 0.000000 5.472747 11.110853 16.583600 921.404277 9.403197% 8.480784%
T2-4 AR98B1204 0.000000 0.016575 0.000000 0.016575 0.000000 2.328817% 2.091094%
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: January 22, 1999 Irvine, CA 92614
Distribution Date: January 25, 1999 Factor Information: (800) 735-7777
</TABLE>
REMIC I
<TABLE>
<CAPTION>
DISTRIBUTION IN DOLLARS
- ------------------------------------------------------------------------------------------------------------------------------------
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 88,804,213.95 649,478.32 1,069,055.51 1,718,533.83 0.00 0.00 87,735,158.44
T1-2 981,808.52 898,092.75 6,568.29 12,221.90 18,790.19 0.00 0.00 885,870.85
T1-3 981,808.52 914,238.13 5,373.19 10,908.73 16,281.92 0.00 1,313.17 904,642.57
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals 98,180,851.95 90,616,544.83 661,419.80 1,092,186.14 1,753,605.94 0.00 1,313.17 89,525,671.86
</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 6.750125 11.110853 17.860977 911.844521 9.403197% 8.480784%
T1-2 AR98B1102 0.000000 6.689991 12.448354 19.138345 902.284745 9.403197% 8.480784%
T1-3 AR98B1103 0.000000 5.472747 11.110853 16.583600 921.404277 9.403197% 8.480784%
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: January 22, 1999 Irvine, CA 92614
Distribution Date: January 25, 1999 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 1,630,552.79 1,307,424.39 250,406.24 55,030.49
Number of Loans 19 8 3 1
LOANS IN FORECLOSURE
Principal Balance 0.00 0.00 0.00 1,790,821.76
Number of Loans 0 0 0 10
REO LOAN
Principal Balance 0.00 0.00 0.00 0.00
Number of Loans 0 0 0 0
</TABLE>
<TABLE>
<CAPTION>
GENERAL MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------------
<S> <C>
Beginning Aggregate Mortgage Loan Balance 90,616,544.83
Principal Balance of Liquidated Loans 0.00
Ending Aggregate Mortgage Loan Balance 89,525,671.86
Net Rate 9.40320%
</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: January 22, 1999 Irvine, CA 92614
Distribution Date: January 25, 1999 Factor Information: (800) 735-7777
</TABLE>
<TABLE>
<S> <C>
Servicing Fee 31,638.46
Interest Advanced 111,181.10
Principal Advanced 7,765.82
Has Trigger Event Occurred NO
Cumulative Applied Realized Loss 0.00
Current Realized Loss 0.00
</TABLE>
<TABLE>
<CAPTION>
INTEREST
INTEREST CARRYOVER
SHORTFALL 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>
EXTRA
PREPAYMENT SCHEDULED PRINCIPAL
PRINCIPAL PRINCIPAL DISTRIBUTION
DISTRIBUTED DISTRIBUTED AMOUNT
------------ ----------- ------------
<S> <C> <C> <C>
Class A 1,039,910.91 50,962.06 254,179.37
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 1,039,910.91 50,962.06 254,179.37
</TABLE>
