<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
September 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>
<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 September 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: October 18, 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 September 25, 1999...........................5
</TABLE>
<PAGE> 1
EXHIBIT 10.1
<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: 31-Aug-1999 7485 New Horizon Way
Distribution Date: 25-Sept-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
===================================================================================================
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
===================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A 02926NAA4 SEQ 5.68875% 213,959,686.10 1,115,732.90 3,276,360.40
INV_CERT ARE991INV SUB 0.00000% 5,316,432.67 414,126.50 0.00
===================================================================================================
Totals 219,276,118.77 1,529,859.40 3,276,360.40
===================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=====================================================================
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
=====================================================================
<S> <C> <C> <C> <C>
A 0.00 210,683,325.70 4,392,093.30 0.00
INV_CERT 0.00 5,316,432.67 414,126.50 0.00
=====================================================================
Totals 0.00 215,999,758.37 4,806,219.80 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
<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: 31-Aug-1999 7485 New Horizon Way
Distribution Date: 25-Sept-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 229,000,000.00 213,959,686.10 0.00 3,276,360.40 0.00
INV_CERT 7,285,896.30 5,316,432.67 0.00 0.00 0.00
=================================================================================
Totals 236,285,896.30 219,276,118.77 0.00 3,276,360.40 0.00
=================================================================================
</TABLE>
<TABLE>
<CAPTION>
=============================================================================
Total Ending Ending Total
Class Realized Principal Certificate Certificate Principal
Loss(1) Reduction Balance Percentage Distribution
=============================================================================
<S> <C> <C> <C> <C> <C>
A 0.00 3,276,360.40 210,683,325.70 0.92001452 3,276,360.40
INV_CERT 0.00 0.00 5,316,432.67 0.72968822 0.00
=============================================================================
Totals 0.00 3,276,360.40 215,999,758.37 0.91414579 3,276,360.40
=============================================================================
</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: 31-Aug-1999 7485 New Horizon Way
Distribution Date: 25-Sept-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
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 229,000,000.00 934.32177336 0.00000000 14.30725066 0.00000000
INV_CERT 7,285,896.30 729.68821557 0.00000000 0.00000000 0.00000000
===========================================================================================
</TABLE>
<TABLE>
<CAPTION>
==================================================================================
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 14.30725066 920.01452271 0.92001452 14.30725066
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: 31-Aug-1999 7485 New Horizon Way
Distribution Date: 25-Sept-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
=====================================================================================================
Beginning Payment of Current
Current Certificate/ Current Unpaid Interest
Original Certificate Notional Accrued Interest Shortfall
Class Face Amount Rate Balance Interest Shortfall
=====================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 5.68875% 213,959,686.10 1,115,732.90 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 1,115,732.90 0.00 0.00
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
==================================================================================
Remaining Ending
Non-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 1,115,732.90 0.00 210,683,325.70
INV_CERT 0.00 0.00 414,126.50 0.00 5,316,432.67
===================================================================================
Totals 0.00 0.00 1,529,859.40 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: 31-Aug-1999 7485 New Horizon Way
Distribution Date: 25-Sept-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
==================================================================================================
Beginning Payment of
Current Certificate/ Current Unpaid Current
Original Certificate Notional Accrued Interest Interest
Class(5) Face Amount Rate Balance Interest Shortfall Shortfall
==================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 5.68875% 934.32177336 4.87219607 0.00000000 0.00000000
INV_CERT 7,285,896.30 0.00000% 729.68821557 0.00000000 0.00000000 0.00000000
==================================================================================================
</TABLE>
<TABLE>
<CAPTION>
====================================================================================
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class(5) Shortfall Losses(6) Distribution Shortfall Balance
====================================================================================
<S> <C> <C> <C> <C> <C>
A 0.00000000 0.00000000 4.87219607 0.00000000 920.01452271
INV_CERT 0.00000000 0.00000000 56.83947217 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
<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: 31-Aug-1999 7485 New Horizon Way
Distribution Date: 25-Sept-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% 41,008.94 40,380.97 0.00 0.00 92.00144355%
===============================================================================================================================
</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: 31-Aug-1999 7485 New Horizon Way
Distribution Date: 25-Sept-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance
Deposits
Payments of Interest and Principal 4,994,916.08
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 4,994,916.08
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 188,696.28
Payment of Interest and Principal 4,806,219.80
------------
Total Withdrawals (Pool Distribution Amount) 4,994,916.08
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 91,365.04
Management Fee 1,000.00
FSA Insurance Premium 41,008.94
Trustee Fee - Norwest Bank Minnesota N.A. 913.66
Mortgage Insurance Premium 54,408.64
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 188,696.28
==========
</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: 31-Aug-1999 7485 New Horizon Way
Distribution Date: 25-Sept-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 -----------------------
Number Of Unpaid Number Unpaid
Loans Principal of Loans Balance
Balance
--------- ------------- -------- --------
<S> <C> <C> <C> <C>
30 Days 60 6,730,706.00 3.227542% 3.116071%
60 Days 16 1,857,441.00 0.860678% 0.859927%
90+ Days 36 4,044,117.00 1.936525% 1.872278%
Foreclosure 59 7,038,970.00 3.173749% 3.258786%
REO 12 1,354,007.00 0.645508% 0.626856%
--- ------------- -------- --------
Totals 183 21,025,241.00 9.844002% 9.733919%
Current Period Realized Loss -- Includes Interest Shortfall 0.00
Cumulative Realized Losses -- Includes Interest Shortfall 92,728.35
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 2,46131417% 97.538686% 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: 31-Aug-1999 7485 New Horizon Way
Distribution Date: 25-Sept-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 9.404886%
Weighted Average Net Coupon 8.904884%
Weighted Average Pass-Through Rate 8.821082%
Weighted Average Maturity (Stepdown Calculation) 323
Beginning Scheduled Collateral Loan Count 1,885
Number of Loans Paid in Full 26
Ending Scheduled Collateral Loan Count 1,859
Beginning Scheduled Collateral Balance 219,276,118.77
Ending Scheduled Collateral Balance 215,999,758.37
Ending Actual Collateral Balance at 31-Aug-1999 215,999,758.37
Monthly P&I Constant 1,789,188.86
Class A Optimal Amount 4,433,102.24
Ending Scheduled Balance for Premium Loans 215,999,758.37
Scheduled Principal 125,041.82
Unscheduled Principal 3,151,318.58
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 415,126.50
==============
Bankruptcy 34 $4,123,557.00
Bankruptcies are included in the 30, 60 and 90 day delinquencies
</TABLE>
