<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
July 26, 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>
<S> <C> <C>
Delaware 333-9532 13-3836437
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer 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 July 26, 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: August 16, 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 July 26, 1999............................ 5
</TABLE>
<PAGE> 1
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1999 7485 New Horizon Way
Distribution Date: 26-July-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
<TABLE>
<CAPTION>
Certificate
Certificate Pass-Through Beginning
Class Rate Certificate Interest Principal
Class CUSIP Description Balance Distribution Distribution
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 02926NAA4 SEQ 5.44250% 221,825,426.99 1,039,606.43 4,143,527.35
INV CERT ARE991INV SUB 0.00000% 5,316,432.67 549,635.92 0.00
- -------------------------------------------------------------------------------------------------------
Totals 227,141,859.66 1,589,242.35 4,143,527.35
=======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A 0.00 217,681,899.64 5,183,133.78 0.00
INV CERT 0.00 5,316,432.67 549,635.92 0.00
- --------------------------------------------------------------------------
Totals 0.00 222,998,332.31 5,732,769.70 0.00
==========================================================================
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
09-Aug-1999 2:03 A.M.
<PAGE> 2
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1999 7485 New Horizon Way
Distribution Date: 26-July-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
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 229,000,000.00 221,825,426.99 0.00 4,143,527.35 0.00
INV_CERT 7,285,896.30 5,316,432.67 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------
Totals 236,285,896.30 227,141,859.66 0.00 4,143,527.35 0.00
==========================================================================================
</TABLE>
<TABLE>
<CAPTION>
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss(1) Reduction Balance Percentage Distribution
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A 0.00 4,143,527.35 217,681,899.64 0.95057598 4,143,527.35
INV_CERT 0.00 0.00 5,316,432.67 0.72968822 0.00
- --------------------------------------------------------------------------------------
Totals 0.00 4,143,527.35 222,998,332.31 0.94376489 4,143,527.35
======================================================================================
</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
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1999 7485 New Horizon Way
Distribution Date: 26-July-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Principal Distribution Factors Statement
<TABLE>
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal
Class(2) Amount Balance Distribution Distribution Accretion
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A 229,000,000.00 968.66998686 0.00000000 18.09400590 0.00000000
INV CERT 7,285,896.30 729.68821557 0.00000000 0.00000000 0.00000000
- ------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class(2) Loss(3) Reduction Balance Percentage Distribution
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A 0.00000000 18.09400590 950.57598096 0.95057598 18.09400590
INV CERT 0.00000000 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
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1999 7485 New Horizon Way
Distribution Date: 26-July-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
Beginning Payment of
Current Certificate/ Current Unpaid Current
Original Certificate Notional Accrued Interest Interest
Class Face Amount Rate Balance Interest Shortfall Shortfall
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 5.44250% 221,825,426.99 1,039,606.43 0.00 0.00
INV_CERT 7,285,896.30 0.00000% 5,316,432.67 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------
Totals 236,285,896.30 1,039,606.43 0.00 0.00
====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Non- Remaining Ending
Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses(4) Distribution Shortfall Balance
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A 0.00 0.00 1,039,606.43 0.00 217,681,899.64
INV_CERT 0.00 0.00 549,635.92 0.00 5,316,432.67
- ---------------------------------------------------------------------------
Totals 0.00 0.00 1,589,242.35 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
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1999 7485 New Horizon Way
Distribution Date: 26-July-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Payment of
Original Current Certificate/ Current Unpaid
Face Amount Certificate Notional Accrued Interest
Class(5) Rate Balance Interest Shortfall
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A 229,000,000.00 5.44250% 968.66998686 4.53976607 0.00000000
INV_CERT 7,285,896.30 0.00000% 729.68821557 0.00000000 0.00000000
=============================================================================================
</TABLE>
<TABLE>
<CAPTION>
Remaining Ending
Current Non-Supported Total Unpaid Certificate/
Interest Interest Realized Interest Interest Notional
Class(5) Shortfall Shortfall Losses(6) Distribution Shortfall Balance
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 0.00000000 0.00000000 0.00000000 4.53976607 0.00000000 950.57598096
INV_CERT 0.00000000 0.00000000 0.00000000 75.43833969 0.00000000 729.68821557
===============================================================================================
</TABLE>
(1) 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
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1999 7485 New Horizon Way
Distribution Date: 26-July-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Component Statement
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Component Beginning Notional Ending Notional Beginning Component Ending Component Ending Component
Class Pass-Through Rate Balance Balance Balance Balance Percentage
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FSA 1,200.00000% 42,516.54 41,722.36 0.00 0.00 95.05758154%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 7
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1999 7485 New Horizon Way
Distribution Date: 26-July-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,924,645.31
Liquidations, Insurance Proceeds, Reserve 0.00
Funds
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
------------
Total Deposits 5,924,645.31
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 191,875.61
Payment of Interest and Principal 5,732,769.70
------------
Total Withdrawals (Pool Distribution Amount) 5,924,645.31
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 94,642.57
Trustee Fee - Norwest Bank Minnesota, N.A. 946.42
FSA Insurance Premium 42,516.54
Management Fee 1,000.00
Mortgage Insurance Premium 52,770.08
Supported Prepayment/Curtailment Interest
Shortfall 0.00
----------
Net Servicing Fee 191,875.61
==========
</TABLE>
<PAGE> 8
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1999 7485 New Horizon Way
Distribution Date: 26-July-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
<TABLE>
<CAPTION>
Percentage Delinquent
Based On
-----------------------
Current Unpaid
Number Of Principal Number Unpaid
Loans Balance of Loans Balance
--------- ------------ --------- ---------
<S> <C> <C> <C> <C>
30 Days 63 6,131,276.00 3.284672% 2.749472%
60 Days 22 2,354,807.00 1.147028% 1.055975%
90+ Days 26 2,773,640.00 1.355579% 1.243794%
Foreclosure 49 5,755,132.00 2.554745% 2.580796%
REO 8 884,598.00 0.417101% 0.396684%
-- ---------- -------- --------
Totals 168 17,899,453.00 8.759124% 8.026721%
</TABLE>
<TABLE>
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 64,278.18
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
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 2.38406835% 97.615932% 0.000000%
</TABLE>
Please Refer to Prospectus Supplement for a Full Description of Loss Exposure.
<PAGE> 9
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1999 7485 New Horizon Way
Distribution Date: 26-July-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description Fixed Mixed & ARM Balloon
<S> <C>
Weighted Average Gross Coupon 9.409721%
Weighted Average Net Coupon 8.909720%
Weighted Average Pass-Through Rate 8.396034%
Weighted Average Maturity (Stepdown Calculation) 325
Beginning Scheduled Collateral Loan Count 1,954
Number of Loans Paid in Full 36
Ending Scheduled Collateral Loan Count 1,918
Beginning Scheduled Collateral Balance 227,141,859.66
Ending Scheduled Collateral Balance 222,998,332.31
Ending Actual Collateral Balance at 30-Jun-1999 222,998,332.31
Monthly P&I Constant 1,865,425.67
Class A Optimal Amount 5,225,650.32
Ending Scheduled Balance for Premium Loans 222,998,332.31
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 550,635.92
--------------
Principal Prepayments 4,006,449.46
==============
</TABLE>
