<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
October 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)
Delaware 333-9532 13-3836437
-------- -------- ----------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
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 October 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: November 30, 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> <C>
10.1 Monthly Payment Date Statement distributed to
Noteholders, dated October 25, 1999...............................5
</TABLE>
<PAGE> 1
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Norwest Bank Minnesota, N.A.
Class A, Series 1999-1 Securities Administration Services
7485 New Horizon Way
Record Date: 30-Sep-1999 Frederick, MD 21703
Distribution Date: 25-Oct-1999 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 5.73250% 210,683,325.70 939,355.02
INV CERT ARE991INV SUB 0.00000% 5,316,432.67 575,192.32
========================================================================================================
Totals 215,999,758.37 1,514,547.34
========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=========================================================================================================
Ending
Principal Current Certificate Total Cumulative
Class Distribution Realized Balance Distribution Realized
Loss Losses
=========================================================================================================
<S> <C> <C> <C> <C> <C>
A 5,828,940.68 0.00 204,854,385.02 6,768,295.70 0.00
INV CERT 0.00 0.00 5,316,432.67 575,192.32 0.00
=========================================================================================================
Totals 5,828,940.68 0.00 210,170,817.69 7,343,488.02 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 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Norwest Bank Minnesota, N.A.
Class A, Series 1999-1 Securities Administration Services
7485 New Horizon Way
Record Date: 30-Sep-1999 Frederick, MD 21703
Distribution Date: 25-Oct-1999 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 229,000,000.00 210,683,325.70 0.00 5,828,940.68 0.00
INV CERT 7,285,896.30 5,316,432.67 0.00 0.00 0.00
===================================================================================================
Totals 236,285,896.30 215,999,758.37 0.00 5,828,940.68 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 5,828,940.68 204,854,385.02 0.89456063 5,828,940.68
INV CERT 0.00 0.00 5,316,432.67 0.72968822 0.00
======================================================================================================
Totals 0.00 5,828,940.68 210,170,817.69 0.88947678 5,828,940.68
======================================================================================================
</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 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Norwest Bank Minnesota, N.A.
Class A, Series 1999-1 Securities Administration Services
7485 New Horizon Way
Record Date: 30-Sep-1999 Frederick, MD 21703
Distribution Date: 25-Oct-1999 Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
=======================================================================================================
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal
Class(2) Amount Balance Distribution Distribution Accretion
=======================================================================================================
<S> <C> <C> <C> <C> <C>
A 229,000,000.00 920.01452271 0.00000000 25.45388943 0.00000000
INV CERT 7,285,896.30 729.68821557 0.00000000 0.00000000 0.00000000
=======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
======================================================================================================
Total Ending Ending
Realized Principal Certificate Certificate Total Principal
Class(2) Loss(3) Reduction Balance Percentage Distribution
======================================================================================================
<S> <C> <C> <C> <C> <C>
A 0.00000000 25.45388943 894.56063328 0.89456063 25.45388943
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
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Norwest Bank Minnesota, N.A.
Class A, Series 1999-1 Securities Administration Services
7485 New Horizon Way
Record Date: 30-Sep-1999 Frederick, MD 21703
Distribution Date: 25-Oct-1999 Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Interest Distribution Statement
<TABLE>
<CAPTION>
========================================================================================================
Beginning Current Payment of
Original Face Current Certificate/ Accrued Unpaid Interest
Class Amount Certificate Notional Balance Interest Shortfall
Rate
========================================================================================================
<S> <C> <C> <C> <C> <C>
A 229,000,000.00 5.73250% 210,683,325.70 939,355.02 0.00
INV CERT 7,285,896.30 0.00000% 5,316,432.67 0.00 0.00
========================================================================================================
Totals 236,285,896.30 939,355.02 0.00
========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=========================================================================================================
Remaining
Current Non-Supported Unpaid Ending
Interest Interest Realized Total Interest Interest Certificate/
Class Shortfall Shortfall Losses(4) Distribution Shortfall Notional Balance
=========================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A 0.00 0.00 0.00 939,355.02 0.00 204,854,385.02
INV CERT 0.00 0.00 0.00 575,192.32 0.00 5,316,432.67
=========================================================================================================
Totals 0.00 0.00 0.00 1,514,547.34 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 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Norwest Bank Minnesota, N.A.
Class A, Series 1999-1 Securities Administration Services
7485 New Horizon Way
Record Date: 30-Sep-1999 Frederick, MD 21703
Distribution Date: 25-Oct-1999 Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
======================================================================================================
Payment of
Beginning Unpaid
Original Face Current Certificate/ Current Accrued Interest
Class(5) Amount Certificate Rate Notional Balance Interest Shortfall
======================================================================================================
<S> <C> <C> <C> <C> <C>
A 229,000,000.00 5.73250% 920.01452271 4.10198699 0.00000000
INV CERT 7,285,896.30 0.00000% 729.68821557 0.00000000 0.00000000
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
============================================================================================================
Remaining Ending
Current Non-Supported Unpaid Certificate/
Interest Interest Realized Total 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 4.10198699 0.00000000 894.56063328
INV CERT 0.00000000 0.00000000 0.00000000 78.94599323 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 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Norwest Bank Minnesota, N.A.
Class A, Series 1999-1 Securities Administration Services
7485 New Horizon Way
Record Date: 30-Sep-1999 Frederick, MD 21703
Distribution Date: 25-Oct-1999 Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Certificateholder Component Statement
<TABLE>
<CAPTION>
==================================================================================================================================
Component Pass-
Through Beginning Notional Ending Notional Beginning Component Ending Component Ending Component
Class Rate Balance Balance Balance Balance Percentage
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
FSA 1,200.00000% 40,380.97 39,263.76 0.00 0.00 89.45606308%
==================================================================================================================================
</TABLE>
<PAGE> 7
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Norwest Bank Minnesota, N.A.
Class A, Series 1999-1 Securities Administration Services
7485 New Horizon Way
Record Date: 30-Sep-1999 Frederick, MD 21703
Distribution Date: 25-Oct-1999 Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Certificateholder Account Statement
<TABLE>
<CAPTION>
===============================================================================
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 7,522,535.15
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
------------
Total Deposits 7,522,535.15
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 179,047.13
Payment of Interest and Principal 7,343,488.02
------------
Total Withdrawals (Pool Distribution Amount) 7,522,535.15
Ending Balance 0.00
============
===============================================================================
</TABLE>
<TABLE>
<CAPTION>
========================================================================
OTHER ACCOUNTS
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>
<TABLE>
<CAPTION>
================================================================================
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
----
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
====
================================================================================
</TABLE>
<TABLE>
<CAPTION>
================================================================================
SERVICING FEES
<S> <C>
Gross Servicing Fee 89,999.89
Management Fee 1,000.00
FSA Insurance Premium 40,380.97
Trustee Fee - Norwest Bank Minnesota N.A. 899.79
Mortgage Insurance Premium 46,766.48
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 179,047.13
==========
================================================================================
</TABLE>
<PAGE> 8
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Norwest Bank Minnesota, N.A.
Class A, Series 1999-1 Securities Administration Services
7485 New Horizon Way
Record Date: 30-Sep-1999 Frederick, MD 21703
Distribution Date: 25-Oct-1999 Telephone: (301) 846-8130
Facsimile: (301) 846-8152
<TABLE>
<CAPTION>
==============================================================================
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current -------------------------
Number Of Unpaid Principal Number Unpaid
Loans Balance of Loans Balance
--------- ---------------- --------- ----------
<S> <C> <C> <C> <C>
30 Days 69 6,208,355.00 3.784970% 2.953957%
60 Days 18 2,645,110.00 0.987383% 1.258552%
90+ Days 32 4,085,014.00 1.755348% 1.943664%
Foreclosure 60 6,909,740.00 3.291278% 3.287678%
REO 17 1,884,163.00 0.932529% 0.896491%
--- ------------- --------- ---------
Totals 196 21,732,382.00 10.751509% 10.340342%
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
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 2.52957700% 97.470423% 0.000000%
Please Refer to Prospectus Supplement for a Full Description of Loss Exposure.
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 9
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Norwest Bank Minnesota, N.A.
Class A, Series 1999-1 Securities Administration Services
7485 New Horizon Way
Record Date: 30-Sep-1999 Frederick, MD 21703
Distribution Date: 25-Oct-1999 Telephone: (301) 846-8130
Facsimile: (301) 846-8152
<TABLE>
<CAPTION>
===================================================================================
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & ARM Balloon
<S> <C> <C>
Weighted Average Gross Coupon 9.408870%
Weighted Average Net Coupon 8.908870%
Weighted Average Pass-Through Rate 8.644057%
Weighted Average Maturity (Stepdown Calculation) 322
Beginning Scheduled Collateral Loan Count 1,859
Number of Loans Paid in Full 36
Ending Scheduled Collateral Loan Count 1,823
Beginning Scheduled Collateral Balance 215,999,758.37
Ending Scheduled Collateral Balance 210,170,817.69
Ending Actual Collateral Balance at 30-Sept-1999 210,170,817.69
Monthly P&I Constant 1,827,674.18
Class A Optimal Amount 6,808,676.67
Ending Scheduled Balance for Premium Loans 210,170,817.69
Scheduled Principal 134,079.49
Unscheduled Principal 5,694,861.19
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 576,192.32
===================================================================================
Bankruptcy 31 $ 3,800,899.00
Bankruptcies are included in the 30, 60 and 90 day delinquencies
===================================================================================
</TABLE>
