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): December 28, 1998
Bear Stearns Asset Backed Securities, Inc.
(as depositor under the Pooling and Servicing
Agreement, dated as of September 1, 1998, providing
for the issuance of Bear Stearns Asset Backed Securities, Inc.
Champion Home Equity Loan Trust 1998-1,
Champion Home Equity Loan Asset-Backed Certificates,
Series 1998-1).
(Exact name of registrant as specified in its charter)
Delaware 333-43091 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) (Zip Code)
Registrant's telephone number, including area code: (212) 272-4095
Item 5. Other Events
Filing of Pooling and Servicing Agreement and MBIA Insurance Corporation Policy
- - -----------------------------------------------------------------------------
In connection with the offering of the Champion Home Equity Loan Trust
1998-1 Home Equity Loan Asset-Backed Certificates, Series 1998-1, on September
30, 1998, Bear Stearns Asset Backed Securities, Inc. (the "Depositor") entered
into a Pooling and Servicing Agreement dated as of September 1, 1998 (the
"Pooling and Servicing Agreement"), by and among the Depositor, as depositor,
Champion Mortgage Co., Inc., as seller and servicer, and Harris Trust and
Savings Bank, as trustee.
On behalf of Champion Home Equity Loan Trust 1998-1,
Champion Home Equity Loan Asset-Backed Certificates, Series
1998-1, a Trust created pursuant to the Pooling and Servicing
Agreement, dated September 1, 1998, by Harris Trust & Savings
Bank, as trustee for the Trust, the Trustee has caused to be
filed with the Commission, the Monthly Report dated
December 28, 1998. The Monthly Report is filed pursuant to
and in accordance with (1) numerous no-action letters (2)
current Commission policy in the area. The filing of the
Monthly Report will occur subsequent to each monthly
distribution to the holders of the Certificates, Due September
25, 2028.
A. Monthly Report Information:
See Exhibit No. 1
B. No delinquency in payment under the Insurance and
Reimbursement Agreement has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable
under the Insurance and Reimbursement Agreement?
NO
Amount:
E. Are there any developments with respect to the
Insurance and Reimbursement Agreement? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated December 28, 1998.
CHAMPION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS PREPARED BY THE MASTER
SERVICER
PURSUANT TO SECTION 5.03 OF THE POOLING AND SERVICING
AGREEMENT (PSA)
DATED AS OF SEPTEMBER 1, 1998
Distribution Date: 12/28/98
5.03(a)i Available Funds for the related Distribution Date 7,388,583.56
Class A-1 Certificate Rate 5.35234%
Class A-2 Certificate Rate 8.12000%
5.03(a)ii Previous Class A-1 Principal Balance 290,418,936.45
Previous Class A-2 Notional Principal Balance 21,000,000.00
Previous Pool Principal Balance 292,641,802.58
5.03(a)iii Aggregate Principal Collections for the Due Period 4,931,633.34
Aggregate Interest Collections for the Due Period 2,369,299.79
Total Collections Received during the Due Period 7,300,933.13
5.03(a)iv Number and Principal Balances of Mortgage NUMBER PRINCIPAL
Loans subject to Principal Prepayments OF LOANS BALANCE
79 4,500,562.36
5.03(a)v The Amount of all Curtailments that were Received
during the Due Period 76,493.77
5.03(a)vi Principal Portion of all Monthly Payments Received 354,577.21
during the Due Period
5.03(a)vii Amount of Interest Received on the Mortgage Loans 2,369,299.79
5.03(a)viii Amount Required to be Paid by the Seller
Pursuant to Section 2.02 of the PSA 0.00
Pursuant to Section 2.04 of the PSA 0.00
Pursuant to Section 2.06 of the PSA 0.00
5.03(a)ix Amount of Monthly Advances 144,932.03
Amount of Compensating Interest 40,265.82
5.03(a)x The Certificate Rate on the Class A-1 5.35234%
The Certificate Index 5.04234%
5.03(a)xi The Class A-1 Principal Distribution Amount 5,795,381.91
The Class A-1 Interest Distribution Amount 1,424,885.82
The Class A-2 Interest Distribution Amount 142,100.00
Total Interest Distribution Amount 1,566,985.82
CHAMPION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES 12/28/98
Page 2 of 3
SERIES 1998-1
5.03(a)xii Outstanding Class Interest Carryover Shortfall After Distribution
Class A-1 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Class A-1 Principal Shortfall Amount 0.00
5.03(a)xiii The Amount of the Insured Payments 0.00
5.03(a)xiv Amount distributed to the Class R Certificateholders 0.00
5.03(a)xv The Class A-1 Principal Balance after Distribution 284,623,554.54
The Class A-2 Notional Prin Bal after Distribution 21,000,000.00
5.03(a)xvi The Weighted Average Remaining Term to Maturity 194
The Weighted Average Loan Rate 10.61518%
5.03(a)xvii The Servicing Fee to be Paid to the Servicer
Paid from Collection Account 97,547.42
The Amounts to be Paid to the Certificate Insurer
Pursuant to Section 5.01(a)(4) of the PSA 0.00
Pursuant to Section 5.01(a)(8) of the PSA 0.00
5.03(a)xviii The Premium Amount to be paid to the Certificate Insurer
Pursuant to Section 5.01 of the PSA 21,948.14
5.03(a)xix Amount of all Payments or Reimbursements to the Servicer
Pursuant to Section 3.03 of the PSA 0.00
5.03(a)xx The O/C Amount after giving effect to such payment 3,086,614.70
The O/C Reduction Amount 0.00
The Excess O/C Amt after giving effect to such pmt 0.00
The Specified O/C Amount 5,250,605.92
The Excess Spread 863,748.57
5.03(a)xxi The Amount Paid to the Class R Certificateholders
Pursuant to Section 5.01(a)(9) of the PSA 0.00
5.03(a)xxii A-1 Distributable Excess Spread
Pursuant to Section 5.01(a)(5) 863,748.57
5.03(a)xxiii Number of Mortgage Loans at Beginning of Due Period 4495
Number of Mortgage Loans at End of Due Period 4416
5.03(a)xxiv Pool Principal Balance as of the End of Due Period 287,710,169.24
5.03(a)xxv The Number and Aggregate Principal Balances of Mortgage Loans
which are Delinquent (Delinquency Categories exclude Foreclosures and REOs)
NUMBER OF PRINCIPAL
LOANS BALANCE
30-59 Days 51 3,048,829.91
60-89 Days 8 633,019.16
90 or more 5 400,905.28
REO 0 0.00
Foreclosure 0 0.00
Bankruptcy 0 0.00
5.03(a)xxvi Unpaid Principal of all loans that became Liquidated
Loans during Due Period 0.00
5.03(a)xxvii Net Liquidation Proceeds Received during Due Period 0.00
5.03(a)xxviiiCumulative Losses on the Mortgage Loans 0.00
5.03(a)xxix The Book Value of any REO 0.00
CHAMPION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES 12/28/98
Page 3 of 3
SERIES 1998-1
Factor Information (Per $1000)
5.03(a)ii The Class A-1 Cert Beginning Balance Factor 968.06312150
The Class A-2 Cert Beginning Notional Bal Factor 1,000.00000000
5.03(a)xi The Class A-1 Cert Principal Distribution Factor 19.31793970
The Class A-1 Cert Interest Distribution Factor 4.74961940
The Class A-2 Cert Interest Distribution Factor 6.76666667
5.03(a)xii Class A-1 Interest Carryover Shortfall Factor 0.00000000
Class A-2 Interest Carryover Shortfall Factor 0.00000000
Class A-1 Principal Shortfall Amount 0.00000000
5.03(a)xv The Class A-1 Cert Ending Balance Factor 948.74518180
The Class A-2 Cert Ending Notional Balance Factor 1,000.00000000
5.03(a)xvii The Servicing Fee Factor 0.32512054
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/ Keith Richardson
--------------------------
Name: Keith Richardson
Title: Assistant Vice President
Dated: December 31, 1998
