<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
November 25, 1999
Date of Report (Date of Earliest Event Reported)
Bear Stearns Asset Backed Securities Inc. (as Sponsor of American Residential
Eagle Bond Trust 1999-1, the Issuer of Mortgage-Backed LIBOR Notes, Class A,
Series 1999-1, under an Indenture dated April 1, 1999)
BEAR STEARNS ASSET BACKED SECURITIES, INC.
------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
<TABLE>
<CAPTION>
Delaware 333-9532 13-3836437
- ---------------------------- ----------------------- ------------------
<S> <C> <C>
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) 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
Bear Stearns Asset Backed Securities Inc. has previously registered
the offer and sale of the Mortgage-Backed LIBOR Notes, Class A,
Series 1999-1, issued by American Residential Eagle Bond Trust
1999-1 (the "Notes")
The following exhibit which relates specifically to the Notes is
included with this Current Report:
Item 7(c). Exhibits
10.1 Monthly Payment Date Statement distributed to
Noteholders, dated November 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: December 10, 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>
10.1 Monthly Payment Date Statement distributed to
Noteholders, dated November 25, 1999....................................... 5
</TABLE>
<PAGE> 1
American Residential Eagle Bond Trust 1999-1
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1
Record Date: 31-Oct-1999
Distribution Date: 26-Nov-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
Certificate Certificate Beginning
Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A 02926NAA4 SEQ 5.75875% 204,854,385.02 1,048,626.84
INV_CERT ARE991INV SUB 0.00000% 5,316,432.67 388,748.44
- ----------------------------------------------------------------------------
Totals 210,170,817.69 1,437,375.28
============================================================================
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class CUSIP Distribution Loss Balance Distribution Losses
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 02926NAA4 3,199,120.76 0.00 201,655,264.26 4,247,747.60 0.00
INV_CERT ARE991INV 0.00 0.00 5,316,432.67 388,748.44 0.00
- -------------------------------------------------------------------------------------
3,199,120.76 0.00 206,971,696.93 4,636,496.04 0.00
=====================================================================================
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
<PAGE> 2
American Residential Eagle Bond Trust 1999-1
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1
Record Date: 31-Oct-1999
Distribution Date: 26-Nov-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Principal Distribution Statement
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal
Class Amount Balance Distribution Distribution Accretion
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A 229,000,000.00 204,854,385.02 0.00 3,199,120.76 0.00
INV_CERT 7,285,896.30 5,316,432.67 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------
Totals 236,285,896.30 210,170,817.69 0.00 3,199,120.76 0.00
=========================================================================================
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
Total Ending Ending
Realized Principal Certificate Certificate Total Principal
Class Loss(1) Reduction Balance Percentage Distribution
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A 0.00 3,199,120.76 201,655,264.26 0.88059067 3,199,120.76
INV_CERT 0.00 0.00 5,316,432.67 0.72968822 0.00
- --------------------------------------------------------------------------------------
Totals 0.00 3,199,120.76 206,971,696.93 0.87593758 3,199,120.76
======================================================================================
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses
Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A
Full Description.
<PAGE> 3
American Residential Eagle Bond Trust 1999-1
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1
Record Date: 31-Oct-1999
Distribution Date: 26-Nov-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
Beginning Scheduled Unscheduled
Original Certificate Principal Principal Realized
Class(2) Face Amount Balance Distribution Distribution Accretion Loss(3)
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 894.56063328 0.00000000 13.96995965 0.00000000 0.00000000
INV_CERT 7,285,896.30 729.68821557 0.00000000 0.00000000 0.00000000 0.00000000
- ------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
Total Ending Ending
Principal Certificate Certificate Total Principal
Class(2) Reduction Balance Percentage Distribution
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A 13.96995965 880.59067362 0.88059067 13.96995965
INV_CERT 0.00000000 729.68821557 0.72968822 0.00000000
- --------------------------------------------------------------------------
</TABLE>
(2) All Denominations Are Per $1,000.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses
Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A
Full Description.
<PAGE> 4
American Residential Eagle Bond Trust 1999-1
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1
Record Date: 31-Oct-1999
Distribution Date: 26-Nov-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Interest Distribution Statement
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Beginning Payment Non-
Current Certificate/ Current of Unpaid Current Supported
Original Certificate Notional Accrued Interest Interest Interest
Class Face Amount Rate Balance Interest Shortfall Shortfall Shortfall
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 5.75875% 204,854,385.02 1,048,626.84 0.00 0.00 0.00
INV_CERT 7,285,896.30 0.00000% 5,316,432.67 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------
Totals 236,285,896.30 1,048,626.84 0.00 0.00 0.00
==============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses(4) Distribution Shortfall Balance
- ------------------------------------------------------------------
<S> <C> <C> <C> <C>
A 0.00 1,048,626.84 0.00 201,655,264.26
INV_CERT 0.00 388,748.44 0.00 5,316,432.67
- ------------------------------------------------------------------
Totals 0.00 1,437,375.28 0.00
==================================================================
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses
Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A
Full Description.
<PAGE> 5
American Residential Eagle Bond Trust 1999-1
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1
Record Date: 31-Oct-1999
Distribution Date: 26-Nov-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Beginning Payment Non-
Current Certificate/ Current of Unpaid Current Supported
Original Certificate Notional Accrued Interest Interest Interest
Class(5) Face Amount Rate Balance Interest Shortfall Shortfall Shortfall
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 5.75875% 894.56063328 4.57915651 0.00000000 0.00000000 0.00000000
INV_CERT 7,285,896.30 0.00000% 729.68821557 0.00000000 0.00000000 0.00000000 0.00000000
==============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
Remaining Ending
Total Unpaid Certificate
Realized Interest Interest Notional
Class Losses(6) Distribution Shortfall Balance
- ------------------------------------------------------------------
<S> <C> <C> <C> <C>
A 0.00000000 4.57915651 0.00000000 880.59067362
INV_CERT 0.00000000 53.35629605 0.00000000 729.68821557
==================================================================
</TABLE>
(5) All Denominations Are Per $1,000.
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses
Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A
Full Description.
<PAGE> 6
American Residential Eagle Bond Trust 1999-1
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1
Record Date: 31-Oct-1999
Distribution Date: 26-Nov-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Certificateholder Component Statement
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
Beginning Ending Beginning Ending Ending
Component Notional Notional Component Component Component
Class Pass-Through Rate Balance Balance Balance Balance Percentage
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FSA 1,200.00000% 39,263.76 38,650.59 0.00 0.00 88.05905540%
===============================================================================================
</TABLE>
<PAGE> 7
American Residential Eagle Bond Trust 1999-1
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1
Record Date: 31-Oct-1999
Distribution Date: 26-Nov-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 4,847,520.64
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (36,280.00)
------------
Total Deposits 4,811,240.64
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 174,744.60
Payment of Interest and Principal 4,636,496.04
------------
Total Withdrawals (Pool Distribution Amount) 4,811,240.64
Ending Balance 0.00
============
</TABLE>
OTHER ACCOUNTS
<TABLE>
<CAPTION>
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- -------------------------------------------------------------------
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
----
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
====
</TABLE>
SERVICING FEES
<TABLE>
<S> <C>
Gross Servicing Fee 87,571.26
Management Fee 1,000.00
FSA Insurance Premium 39,263,76
Trustee Fee -- Norwest Bank Minnesota N.A 875.61
Mortgage Insurance Premium 46,033.97
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 174,744.60
==========
</TABLE>
<PAGE> 8
American Residential Eagle Bond Trust 1999-1
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1
Record Date: 31-Oct-1999
Distribution Date: 26-Nov-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
<TABLE>
<CAPTION>
Percentage Delinquent
Based On
Current Unpaid ----------------------
Number Principal Number Unpaid
Of Loans Balance of Loans Balance
-------- ------------ -------- ---------
<S> <C> <C> <C> <C>
30 Days 73 7,268,023.76 4.064588% 3.511603%
60 Days 24 3,457,494.84 1.336303% 1.670516%
90+ Days 31 4,016,339.03 1.726058% 1.940526%
Foreclosure 62 6,563,388.26 3.452116% 3.171153%
REO 21 2,417,269.58 1.169265% 1.167923%
--- ------------- --------- ---------
Totals 211 23,722,515.47 11.748330% 11.461720%
</TABLE>
<TABLE>
<S> <C>
Current Period Realized Loss -- Includes Interest Shortfall 0.00
Cumulative Realized Losses -- Includes Interest Shortfall 129,008.35
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS
PERCENTAGE AND PREPAYMENT PERCENTAGE
<TABLE>
<CAPTION>
Original $ Original % Current $ Current % Current Class % Next Prepayment %
------------ ----------- ------------ ----------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Class A 7,285,896.30 3.08350876% 5,316,432.67 2.56867618% 97.431324% 0.000000%
</TABLE>
Please Refer to Prospectus Supplement for a Full Description of Loss Exposure.
<PAGE> 9
American Residential Eagle Bond Trust 1999-1
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1
Record Date: 31-Oct-1999
Distribution Date: 26-Nov-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description Fixed Mixed & ARM Balloon
<S> <C>
Weighted Average Gross Coupon 9.411772%
Weighted Average Net Coupon 8.911772%
Weighted Average Pass-Through Rate 8.906772%
Weighted Average Maturity (Stepdown Calculation) 321
Beginning Scheduled Collateral Loan Count 1,823
Number of Loans Paid in Full 27
Ending Scheduled Collateral Loan Count 1,796
Beginning Scheduled Collateral Balance 210,170,817.69
Ending Scheduled Collateral Balance 206,971,696.93
Ending Actual Collateral Balance at 31-Oct-1999 206,971,696.93
Monthly P&I Constant 1,786,253.38
Class A Optimal Amount 4,287,011.35
Ending Scheduled Balance for Premium Loans 206,971,696.93
Scheduled Principal 137,853.49
Unscheduled Principal 3,061,267.27
Required Overcollateralized Amount 5,316,432.67
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 5,316,432.67
Overcollateralized Amount 5,316,432.67
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 5,316,432.67
Extra Principal Distribution Amount 0.00
Excess Cash Amount 426,028.44
- --------------------------------------------------------------------------
Bankruptcy 32 $4,020,959.00
Bankruptcies are included in the 30, 60 and 90 day delinquencies
==========================================================================
</TABLE>
