|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: GREENE COUNTY BANCORP INC, SB-2/A, 1998-11-02 |
Next: MERRILL LYNCH MOR INV GOLDEN NATL MOR LN AS BK CER 1998-GN2, 8-K, 1998-11-02 |
-----------------------------------------------------------------
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
Date of Report (Date of earliest Event
Reported): October 19, 1998
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-49015 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 (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 272-4095
---- --------
- -----------------------------------------------------------------
Item 7. Financial Statements, Pro Forma Financial
-----------------------------------------
Information and Exhibits.
-------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
19.1. Servicing Certificate for Home Equity Loan-Backed Notes
and Certificates, Series 1998-2 (the "Securities"), for the October
1998 distribution to holders of the Securities.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Jonathan Lieberman
------------------------
Jonathan Lieberman
Vice President
Dated: November 2, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Page
----------- ----
19.1 Servicing Certificate for Home Equity Loan-Backed Notes
and Certificates, Series 1998-2 (the "Securities"), for
the October 1998 distribution to holders of the Securities.
Home Equity Loan-Backed Term Notes, GMACM Series 1998-2
Payment Date 10/19/98
Servicing Certificate
Beginning Pool Balance 175,000,000.00
Ending Pool Balance 173,800,071.84
Principal Collections 6,138,376.00
Principal Draws 4,938,447.84
Net Principal Collections 1,199,928.16
Mortgage Loan Principal balance prior period 115,141,375.33
Mortgage Loan Principal balance current period 127,939,344.52
Interest earned on Pre-funding Account 115,596.82
Interest earned on Funding Account
Interest Collections 748,582.36
Total Capitalized Interest Requirement 0.00
Weighted Average Net Loan Rate 8.27880%
Substitution Adjustment Amount 0.00
Note Rate 5.8138%
<TABLE>
<CAPTION>
Term Notes Amount Factor
- ---------- ------ ------
<S> <C> <C>
Beginning Balance 175,000,000.00 1.0000000
Ending Balance 175,000,000.00 1.0000000
Principal 0.0000000
Interest 678,276.67 96.8966671
Interest Shortfall 0.00 0.0000000
Security Percentage 100.00%
</TABLE>
Variable Funding Notes Amount
- ---------------------- ------
Beginning Balance 0.00
Ending Balance 0.00
Principal 0.00
Interest 0.00
Interest Shortfall 0.00
Security Percentage 0.00%
Certificates 0.00
Funding Account Balance Total Amount
Beginning Balance 0.00
Ending Balance - Cumulative Interest Earnings 0.00
Ending Balance - Related to Subsequent Loan
Transfers and Additional 0.00
Total Ending Balance 0.00
Total Funding Account Deposit (including Net
Principal and OverCollate 1,368,330.67
Current Month Net Principal Collections 1,199,928.16
Current Month Subsequent Transfer Loan Acquired 0.00
Additional Balances Acquired 0.00
Pre-Funding Account Balance
Beginning Balance 59,858,624.67
Ending Balance 45,860,727.32
Current Month Subsequent Transfer Loan Acquired 13,997,897.35
Beginning Overcollateralization Amount 0.00
Overcollateralization Amount Increase (Decrease) 168,402.51
Outstanding Overcollateralization Amount 168,402.51
Credit Enhancement Draw Amount 0.00
Unreimbursed Prior Draws 0.00
Has a Rapid Amortization Event Occurred? No
Has a Managed Amortization Event Occurred? No
Has a Servicing Default Occurred? No
<TABLE>
<CAPTION>
Number Percent
Balance of Loans of Balance
<S> <C> <C> <C>
Delinquent Loans (30 Days) 482,230.70 22 0.28%
Delinquent Loans (60 Days) -- 0 0.00%
Delinquent Loans (90+ Days)(1) -- 0 0.00%
Foreclosed Loans -- 0 0.00%
REO 0.00 0 0.00%
</TABLE>
(1) 90+ Figures Include Foreclosures and REO
Liquidation Percent
To Date of Balance
Beginning Loss Amount 0.00
Current Month Loss Amount 0.00 0.00%
Ending Loss Amount 0.00
|
|