<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
March 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)
Delaware 333-49015-01 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
-------------------------------------------------------------
(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 March 25, 1999.
<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: April 23, 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 March 25, 1999............................ 5
</TABLE>
<PAGE> 1
<TABLE>
<S> <C> <C> <C>
Seller: American Residential Holdings, Inc. Administrator: Karin Peterson
Servicer: Countrywide Home Loans, Inc. Bankers Trust Company
Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza
Record Date: March 24, 1999 Irvine, CA 92614
Distribution Date: March 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 71,761,235.38 285,595.05 2,167,331.19 2,452,926.24 0.00 0.00 69,593,904.19
Class M-1 6,715,000.00 6,715,000.00 28,134.48 0.00 28,134.48 0.00 0.00 6,715,000.00
Class M-2 4,228,000.00 4,228,000.00 18,372.14 0.00 18,372.14 0.00 0.00 4,228,000.00
Class B 3,376,000.00 3,376,000.00 16,770.53 0.00 16,770.53 0.00 0.00 3,376,000.00
Class X 0.00 0.00 160,764.83 0.00 160,764.83 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 86,080,235.38 509,637.03 2,167,331.19 2,676,968.22 0.00 0.00 83,912,904.19
============= ============= ========== ============ ============ ==== ==== =============
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 ORIGINAL FACE
- -------------------------------------------------------------------------------------------
PRIOR CURRENT PASS-THROUGH RATES
PRINCIPAL PRINCIPAL ---------------------
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- --------- --------- ------------ -------- --------- --------- ------------ -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A 02926WAA4 856.114569 3.407161 25.856353 29.263514 830.258216 5.116880% 5.116880%
Class M-1 02926WAB2 1,000.000000 4.189796 0.000000 4.189796 1,000.000000 5.386880% 5.386880%
Class M-2 02926WAC0 1,000.000000 4.345350 0.000000 4.345350 1,000.000000 5.586880% 5.586880%
Class B 02926WAD8 1,000.000000 4.967574 0.000000 4.967574 1,000.000000 6.386880% 6.386880%
Class X AR98B1001 0.000000 1.638084 0.000000 1.638084 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> <C> <C>
Seller: American Residential Holdings, Inc. Administrator: Karin Peterson
Servicer: Countrywide Home Loans, Inc. Bankers Trust Company
Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza
Record Date: March 24, 1999 Irvine, CA 92614
Distribution Date: March 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 75,512,367.27 360,210.50 2,245,627.04 2,605,837.54 0.00 0.00 70,266,740.23
T3-2 6,715,000.00 6,715,000.00 33,357.25 0.00 33,357.25 0.00 0.00 6,715,000.00
T3-3 4,228,000.00 4,228,000.00 21,002.90 0.00 21,002.90 0.00 0.00 4,228,000.00
T3-4 3,376,000.00 3,376,000.00 16,770.53 0.00 16,770.53 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 86,831,367.27 431,341.18 2,245,627.04 2,676,968.22 0.00 0.00 84,585,740.23
============= ============= ========== ============ ============ ==== ==== =============
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 ORIGINAL FACE
- --------------------------------------------------------------------------------------
PRIOR CURRENT PASS-THROUGH RATES
PRINCIPAL PRINCIPAL --------------------
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----- --------- ------------ -------- --------- --------- ------------ --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
T3-1 AR98B1301 865.075604 4.297326 26.790425 31.087752 838.285178 6.386880% 6.386880%
T3-2 AR98B1302 1,000.000000 4.967573 0.000000 4.967573 1,000.000000 6.386880% 6.386880%
T3-3 AR98B1303 1,000.000000 4.967573 0.000000 4.967573 1,000.000000 6.386880% 6.386880%
T3-4 AR98B1304 1,000.000000 4.967574 0.000000 4.967574 1,000.000000 6.386880% 6.386880%
*T3-5 AR98B1305 0.000000 0.000000 0.000000 0.000000 0.000000 3.080908% 1.921937%
*T3-6 AR98B1306 0.000000 0.000000 0.000000 0.000000 0.000000 0.080307% 0.094623%
*T3-7 AR98B1307 0.000000 0.000000 0.000000 0.000000 0.000000 3.000597% 1.827315%
T3-8 AR98B1308 0.000000 0.000000 0.000000 0.000000 0.000000 6.386880% 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> <C> <C>
Seller: American Residential Holdings, Inc. Administrator: Karin Peterson
Servicer: Countrywide Home Loans, Inc. Bankers Trust Company
Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza
Record Date: March 24, 1999 Irvine, CA 92614
Distribution Date: March 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 86,344,421.48 630,432.66 1,992,996.19 2,623,428.85 0.00 0.00 84,351,425.29
T2-2 981,808.52 869,986.68 4,321.72 22,009.70 26,331.42 0.00 0.00 847,976.98
T2-3 981,808.52 892,144.35 4,840.87 20,336.70 25,177.57 0.00 1,673.01 873,480.66
T2-4 0.00 0.00 2,030.38 0.00 2,030.38 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 88,106,552.51 641,625.63 2,035,342.59 2,676,968.22 0.00 1,673.01 86,072,882.93
============= ============= ========== ============ ============ ==== ======== =============
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 ORIGINAL FACE
- ------------------------------------------------------------------------------
PRIOR CURRENT PASS-THROUGH RATES
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 6.552180 20.713505 27.265685 876.676880 9.387477% 8.214195%
T2-2 AR98B1202 0.000000 4.401795 22.417508 26.819303 863.688757 6.386880% 6.386880%
T2-3 AR98B1203 0.000000 4.930564 20.713509 25.644074 889.664983 9.387477% 8.214195%
T2-4 AR98B1204 0.000000 0.020688 0.000000 0.020688 0.000000 3.000597% 1.827315%
R-II AR98B1205 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
</TABLE>
<PAGE> 4
<TABLE>
<S> <C> <C> <C>
Seller: American Residential Holdings, Inc. Administrator: Karin Peterson
Servicer: Countrywide Home Loans, Inc. Bankers Trust Company
Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza
Record Date: March 24, 1999 Irvine, CA 92614
Distribution Date: March 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 86,344,421.48 630,432.66 1,992,996.19 2,623,428.85 0.00 0.00 84,351,425.29
T1-2 981,808.52 869,986.67 6,352.10 22,009.70 28,361.80 0.00 0.00 847,976.97
T1-3 981,808.52 892,144.35 4,840.87 20,336.69 25,177.56 0.00 1,673.01 873,480.67
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ---------- ------------ ------------ ---- -------- -------------
Totals 98,180,851.95 88,106,552.51 641,625.63 2,035,342.59 2,676,968.22 0.00 1,673.01 86,072,882.93
============= ============= ========== ============ ============ ==== ======== =============
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 ORIGINAL FACE
- ----------------------------------------------------------------------------------
PRIOR CURRENT PASS-THROUGH RATES
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 6.552180 20.713505 27.265685 876.676880 9.387477% 8.214195%
T1-2 AR98B1102 0.000000 6.469795 22.417513 28.887308 863.688746 9.387477% 8.214195%
T1-3 AR98B1103 0.000000 4.930564 20.713504 25.644069 889.664993 9.387477% 8.214195%
R-I AR98B1104 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
</TABLE>
<PAGE> 5
<TABLE>
<S> <C> <C> <C>
Seller: American Residential Holdings, Inc. Administrator: Karin Peterson
Servicer: Countrywide Home Loans, Inc. Bankers Trust Company
Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza
Record Date: March 24, 1999 Irvine, CA 92614
Distribution Date: March 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 2,270,316.70 1,034,377.40 516,355.94 252,651.63
Number of Loans 30 6 1 2
LOANS IN FORECLOSURE
Principal Balance 0.00 0.00 0.00 2,470,843.43
Number of Loans 0 0 0 15
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 88,106,552.51
Principal Balance of Liquidated Loans 0.00
Ending Aggregate Mortgage Loan Balance 86,072,882.93
Net Rate 9.38748%
</TABLE>
<PAGE> 6
<TABLE>
<S> <C> <C> <C>
Seller: American Residential Holdings, Inc. Administrator: Karin Peterson
Servicer: Countrywide Home Loans, Inc. Bankers Trust Company
Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza
Record Date: March 24, 1999 Irvine, CA 92614
Distribution Date: March 25, 1999 Factor Information: (800) 735-7777
</TABLE>
<TABLE>
<S> <C>
Servicing Fee 16,407.19
Interest Advanced 356,554.12
Principal Advanced 28,166.98
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 1,983,577.07 50,092.51 133,661.61
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 1,983,577.07 50,092.51 133,661.61
============ ========= ==========
</TABLE>
