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Previous: NEUBERGER BERMAN ABC TRUST, N-8A/A, 1998-10-09 |
Next: BEAR STEARNS ASSET BACK SEC INC GMACM REV HO EQ LO TR 1998-2, 8-K, 1998-10-09 |
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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): September 30, 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
- -----------------------------------------------------------------
<PAGE>
Item 5. Other Events.
- ------- -------------
On September 30, 1998, a Subsequent Transfer Agreement was entered into,
dated as of September 30, 1998 (the "Subsequent Transfer Agreement"), by and
between GMAC Mortgage Corporation, as seller, and GMACM Revolving Home Equity
Loan Trust 1998-2, as issuer (the "Issuer"), pursuant to which certain
mortgage loans (the "Subsequent Mortgage Loans") were transferred to the
Issuer. Information relating to the characteristics of the Subsequent Mortgage
Loans (the "Subsequent Collateral Tables") is filed herewith as Exhibit 99.1.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
-----------------------------------------
Information and Exhibits.
-------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1. Subsequent Collateral Tables
<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: October 9, 1998
SUBSEQUENT HELOC CHARACTERISTICS
Set forth below is a description of certain additional characteristics of
the Subsequent HELOCs as of the Subsequent Transfer Date. Unless otherwise
specified, all principal balances of the Subsequent HELOCs are as of the
Subsequent Transfer Date. All percentages are approximate percentages by
aggregate principal balance as of the Subsequent Transfer Date (except as
indicated otherwise).
PROPERTY TYPES
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
PROPERTY TYPE HELOCS DATE BALANCE DATE BALANCE
- ---------------------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
Single-Family Dwelling 750 $12,440,960.46 88.88%
Planned Unit Development 50 $ 896,693.33 6.41%
Condominium 39 $ 481,089.26 3.44%
Two to Four Family 6 $ 90,517.75 0.65%
Not Available 3 $ 88,636.55 0.63%
--- -------------- -----
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
OCCUPANCY TYPES
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
OCCUPANCY NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
(AS INDICATED BY BORROWER) HELOCS DATE BALANCE DATE BALANCE
- -------------------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
Owner Occupied 841 $13,676,139.12 97.70%
Non-Owner Occupied 7 $ 321,758.23 2.30%
--- -------------- -------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
DOCUMENTATION TYPES
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
DOCUMENTATION HELOCS DATE BALANCE DATE BALANCE
- ---------------------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
Standard 546 $ 9,048,662.63 64.64%
Family First Direct 133 $ 2,414,553.91 17.25%
Select 38 $ 811,751.84 5.80%
No Income No Appraisal 55 $ 550,224.90 3.93%
No Income Verification 22 $ 286,488.61 2.05%
Super Express 6 $ 103,832.00 0.74%
Quick 1 $ 8,500.00 0.06%
Other 47 $ 773,883.46 5.53%
--- -------------- -------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
PRINCIPAL BALANCES
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
RANGE OF PRINCIPAL BALANCES ($) HELOCS DATE BALANCE DATE BALANCE
- ------------------------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
$0.00 to $25,000.00 717 $ 7,034,556.57 50.25%
$25,000.01 to $50,000.00 96 $ 3,298,554.07 23.56%
$50,000.01 to $75,000.00 21 $ 1,291,433.73 9.23%
$75,000.01 to $100,000.00 5 $ 466,337.98 3.33%
$125,000.01 to $150,000.00 3 $ 419,988.00 3.00%
$175,000.01 to $200,000.00 3 $ 568,927.00 4.06%
$200,000.01 to $225,000.00 1 $ 215,000.00 1.54%
$225,000.01 to $250,000.00 1 $ 250,000.00 1.79%
$400,000.01+ 1 $ 453,100.00 3.24%
--- -------------- -------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
The average Principal Balance of the Subsequent HELOCs as of the
Subsequent Transfer Date is approximately $16,506.95.
GEOGRAPHICAL DISTRIBUTIONS
PERCENT OF
SUBSEQUENT HELOCS BY
NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
STATE HELOCS DATE BALANCE DATE BALANCE
- ------------ -------------------- ------------------- --------------------
Michigan 206 $ 3,064,159.02 21.89%
California 99 $ 1,671,266.47 11.94%
New Jersey 59 $ 1,221,175.26 8.72%
Pennsylvania 41 $ 704,650.20 5.03%
Florida 33 $ 646,784.33 4.62%
Connecticut 29 $ 603,639.13 4.31%
Washington 37 $ 563,725.20 4.03%
Illinois 23 $ 515,439.76 3.68%
New York 20 $ 513,587.18 3.67%
Utah 2 $ 474,980.00 3.39%
Other 299 $ 4,018,490.80 28.71%
--- -------------- -------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
RANGE OF COMBINED NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
LOAN-TO-VALUE RATIOS (%) HELOCS DATE BALANCE DATE BALANCE
- ------------------------ -------------------- ------------------- --------------------
<S> <C> <C> <C>
0.000% to 50.000% 34 $ 913,010.81 6.52%
50.001% to 55.000% 7 $ 168,725.74 1.21%
55.001% to 60.000% 22 $ 318,950.03 2.28%
60.001% to 65.000% 22 $ 300,552.44 2.15%
65.001% to 70.000% 22 $ 418,116.20 2.99%
70.001% to 75.000% 48 $ 1,071,805.14 7.66%
75.001% to 80.000% 196 $ 3,167,556.63 22.63%
80.001% to 85.000% 57 $ 918,486.79 6.56%
85.001% to 90.000% 409 $ 6,090,818.20 43.51%
90.001% to 95.000% 11 $ 370,346.78 2.65%
95.001% to 100.000% 20 $ 259,528.59 1.85%
--- -------------- -------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
The minimum and maximum Combined Loan-to-Value Ratios of the Subsequent
HELOCs as of the Subsequent Transfer Date are approximately 6.25% and 100.00%,
respectively, and the weighted average Combined Loan-to-Value Ratio of the
Subsequent HELOCs as of the Subsequent Transfer Date is approximately 79.97%.
JUNIOR RATIOS(1)(2)(3)
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
RANGE OF JUNIOR RATIOS (%) HELOCS DATE BALANCE DATE BALANCE
- -------------------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
0.01% to 9.99% 92 $ 895,231.11 6.40%
10.00% to 19.99% 490 $ 6,325,378.88 45.19%
20.00% to 29.99% 140 $ 2,617,425.17 18.70%
30.00% to 39.99% 59 $ 1,254,354.60 8.96%
40.00% to 49.99% 26 $ 539,494.86 3.85%
50.00% to 59.99% 11 $ 187,577.17 1.34%
60.00% to 69.99% 7 $ 423,278.91 3.02%
70.00% to 79.99% 3 $ 76,082.47 0.54%
80.00% to 89.99% 3 $ 318,026.01 2.27%
90.00% to 99.99% 1 $ 19,343.90 0.14%
--- -------------- ------
TOTAL 832 $12,656,193.08 90.41%
=== ============== ======
</TABLE>
(1) The Junior Ratio of a HELOC is the ratio (expressed as a percentage)
of the credit limit of such HELOC to the sum of such credit limit
and the outstanding balance of any senior mortgage computed as of
the date such HELOC is underwritten.
(2) The weighted average Junior Ratio of the Subsequent HELOCs as of the
Subsequent Transfer Date is approximately 23.76%.
(3) The Junior Ratio table (and the weighted average Junior Ratio of the
Subsequent HELOCs) does not include any HELOCs secured by first
mortgage liens.
LOAN RATES
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
RANGE OF LOAN RATES (%) HELOCS DATE BALANCE DATE BALANCE
- ------------------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
7.001% to 8.000% 745 $12,445,289.41 88.91%
8.001% to 9.000% 4 $ 22,013.61 0.16%
9.001% to 10.000% 37 $ 487,682.76 3.48%
10.001% to 11.000% 44 $ 828,653.35 5.92%
11.001% to 12.000% 16 $ 198,020.20 1.41%
12.001% to 13.000% 2 $ 16,238.02 0.12%
--- -------------- -------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
The weighted average Loan Rate of the Subsequent HELOCs as of the
Subsequent Transfer Date is approximately 7.811%.
FULLY INDEXED GROSS MARGINS
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
RANGE OF FULLY INDEXED GROSS NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
MARGINS (%) HELOCS DATE BALANCE DATE BALANCE
- ---------------------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
0.000% to 1.000% 336 $ 6,117,285.40 43.70%
1.001% to 2.000% 463 $ 6,627,220.33 47.34%
2.001% to 3.000% 22 $ 844,963.61 6.04%
3.001% to 4.000% 27 $ 408,428.01 2.92%
--- -------------- -------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
The weighted average Fully Indexed Gross Margin of the Subsequent HELOCs
as of the Subsequent Transfer Date is approximately 1.607% per annum.
CREDIT UTILIZATION RATES
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
RANGE OF CREDIT UTILIZATION NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
RATES (%) HELOCS DATE BALANCE DATE BALANCE
- --------------------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
5.01% to 10.00% 19 $ 62,029.26 0.44%
10.01% to 15.00% 77 $ 356,735.27 2.55%
15.01% to 20.00% 81 $ 489,112.65 3.49%
20.01% to 25.00% 61 $ 486,319.76 3.47%
25.01% to 30.00% 61 $ 457,448.03 3.27%
30.01% to 35.00% 42 $ 414,715.38 2.96%
35.01% to 40.00% 45 $ 542,537.70 3.88%
40.01% to 45.00% 30 $ 331,492.21 2.37%
45.01% to 50.00% 39 $ 463,416.01 3.31%
50.01% to 55.00% 30 $ 371,227.24 2.65%
55.01% to 60.00% 28 $ 362,814.31 2.59%
60.01% to 65.00% 32 $ 601,862.19 4.30%
65.01% to 70.00% 16 $ 517,372.67 3.70%
70.01% to 75.00% 26 $ 921,386.96 6.58%
75.01% to 80.00% 18 $ 429,257.30 3.07%
80.01% to 85.00% 17 $ 321,177.44 2.29%
85.01% to 90.00% 36 $ 702,898.78 5.02%
90.01% to 95.00% 24 $ 469,126.20 3.35%
95.01% to 100.00% 164 $ 5,646,391.62 40.34%
Greater than 100% 2 $ 50,576.37 0.36%
--- -------------- -----
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
The weighted average Credit Utilization Rate, based on the Subsequent
Transfer Date Credit Limit, of the Subsequent HELOCs as of the Subsequent
Transfer Date is approximately 52.04%.
CREDIT LIMITS
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
RANGE OF CREDIT LIMITS ($) HELOCS DATE BALANCE DATE BALANCE
- ---------------------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
$0.01 to $25,000.00 478 $ 4,315,364.76 30.83%
$25,000.01 to $50,000.00 271 $ 4,683,443.64 33.46%
$50,000.01 to $75,000.00 47 $ 1,529,124.14 10.92%
$75,000.01 to $100,000.00 41 $ 1,512,349.81 10.80%
$100,000.01 to $125,000.00 1 $ 25,600.00 0.18%
$125,000.01 to $150,000.00 3 $ 419,988.00 3.00%
$175,000.01 to $200,000.00 2 $ 213,927.00 1.53%
$200,000.01 to $225,000.00 1 $ 215,000.00 1.54%
$225,000.01 to $250,000.00 1 $ 200,000.00 1.43%
$250,000.01 to $275,000.00 1 $ 180,000.00 1.29%
$325,000.01 to $350,000.00 1 $ 250,000.00 1.79%
$450,000.01 to $475,000.00 1 $ 453,100.00 3.24%
--- -------------- -------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
The weighted average Credit Limit of the Subsequent HELOCs as of the
Subsequent Transfer Date is approximately $73,392.17.
MAXIMUM LOAN RATES
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
RANGE OF MINIMUM LOAN RATES (%) HELOCS DATE BALANCE DATE BALANCE
- ------------------------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
17.001% to 18.000% 3 $ 33,192.36 0.24%
18.001% to 19.000% 844 $13,955,939.25 99.70%
Uncapped 1 $ 8,765.74 0.06%
--- -------------- -------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
The weighted average Maximum Loan Rate of the Subsequent HELOCs as of the
Subsequent Transfer Date is approximately 18.496%. For purposes of calculating
the weighted average Maximum Loan Rate, uncapped HELOCs were excluded.
MONTHS REMAINING TO SCHEDULED MATURITY
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
RANGE OF MONTHS HELOCS DATE BALANCE DATE BALANCE
- -------------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
0 to 120 847 $13,992,279.99 99.96%
121 to 180 1 $ 5,617.36 0.04%
--- -------------- -------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
The weighted average Months Remaining to Scheduled Maturity of the
Subsequent HELOCs as of the Subsequent Transfer Date is approximately 117
months.
ORIGINATION YEARS
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
ORIGINATION YEAR HELOCS DATE BALANCE DATE BALANCE
- ---------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
1994 1 $ 5,617.36 0.04%
1995 5 $ 55,838.91 0.40%
1996 13 $ 206,347.70 1.47%
1997 37 $ 389,235.87 2.78%
1998 792 $13,340,857.51 95.31%
--- --------------- ------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
LIEN PRIORITIES
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
LIEN POSITION HELOCS DATE BALANCE DATE BALANCE
- ------------------- -------------------- ------------------- --------------------
<S> <C> <C> <C>
First 16 $ 1,341,704.27 9.59%
Second 832 $12,656,193.08 90.41%
--- -------------- -------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
</TABLE>
DEBT-TO-INCOME RATIOS
<TABLE>
<CAPTION>
PERCENT OF
SUBSEQUENT HELOCS BY
RANGE OF DEBT-TO-INCOME NUMBER OF SUBSEQUENT SUBSEQUENT TRANSFER SUBSEQUENT TRANSFER
RATIOS (%) HELOCS DATE BALANCE DATE BALANCE
- ------------------------ -------------------- ------------------- --------------------
<S> <C> <C> <C>
0.00% to 9.99% 7 $ 296,401.12 2.12%
10.00% to 19.99% 48 $ 658,523.11 4.70%
20.00% to 29.99% 210 $ 3,580,194.59 25.58%
30.00% to 39.99% 287 $ 4,134,540.42 29.54%
40.00% to 49.99% 235 $ 3,756,260.21 26.83%
50.00% to 59.99% 48 $ 1,086,089.23 7.76%
60.00% to 69.99% 13 $ 485,888.67 3.47%
--- -------------- -------
TOTAL 848 $13,997,897.35 100.00%
=== ============== =======
- -----------------------------------------------------------------------------------------------
</TABLE>
The information set forth in the preceding sections is based upon
information provided by the Seller and tabulated by the Depositor. The
Depositor makes no representation as to the accuracy or completeness of such
information.
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