<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
December 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 (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
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<S> <C>
10.1 Monthly Payment Date Statement distributed to
Noteholders, dated December 25, 1999.
</TABLE>
<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: January 11, 2000
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Jonathan Lieberman
--------------------------------
Jonathan Lieberman
Managing Director
<PAGE> 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: 30-Nov-1999 7485 New Horizon Way
Distribution Date: 27-Dec-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 5.94000% 201,655,264.26 1,031,466.68 3,426,848.52
INV_CERT ARE991INV SUB 0.00000% 5,316,432.67 306,759.17 0.00
- --------------------------------------------------------------------------------------------
Totals 206,971,696.93 1,338,225.85 3,426,848.52
============================================================================================
</TABLE>
<TABLE>
<CAPTION>
===========================================================================================
Certificate Current Ending Cumulative
Class Realized Certificate Total Realized
Class CUSIP Description Loss Balance Distribution Losses
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 02926NAA4 SEQ 0.00 198,228,415.74 4,458,315.20 0.00
INV_CERT ARE991INV SUB 0.00 5,316,432.67 306,759.17 0.00
- -------------------------------------------------------------------------------------------
Totals 0.00 203,544,848.41 4,765,074.37 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: 30-Nov-1999 7485 New Horizon Way
Distribution Date: 27-Dec-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 229,000,000.00 201,655,264.26 0.00 3,426,848.52 0.00
INV_CERT 7,285,896.30 5,316,432.67 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------
Totals 236,285,896.30 206,971,696.93 0.00 3,426,848.52 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 3,426,848.52 198,228,415.74 0.86562627 3,426,848.52
INV_CERT 0.00 0.00 5,316,432.67 0.72968822 0.00
- ------------------------------------------------------------------------------------------
Totals 0.00 3,426,848.52 203,544,818.41 0.86143461 3,426,848.52
==========================================================================================
</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-Nov-1999 7485 New Horizon Way
Distribution Date: 27-Dec-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 229,000,000.00 880.59067362 0.00000000 14.96440402 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 14.96440402 865.62626961 0.86562627 14.96440402
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-Nov-1999 7485 New Horizon Way
Distribution Date: 27-Dec-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
Original Certificate Notional Accrued Interest
Class Face Amount Rate Balance Interest Shortfall
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A 229,000,000.00 5.94000% 201,655,264.26 1,031,466.68 0.00
INV_CERT 7,285,896.30 0.00000% 5,316,432.67 0.00 0.00
- -----------------------------------------------------------------------------------------
Totals 236,285,896.30 1,031,466.68 0.00
=========================================================================================
</TABLE>
<TABLE>
<CAPTION>
============================================================================================
Non- Remaining Ending
Current Supported Total Unpaid Certificate/
Interest Interest Realized Interest Interest Notional
Class Shortfall Shortfall Losses(4) Distribution Shortfall Balance
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 0.00 0.00 0.00 1,031,466.68 0.00 198,228,415.74
INV_CERT 0.00 0.00 0.00 306,759.17 0.00 5,316,432.67
- --------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 1,338,225.85 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-Nov-1999 7485 New Horizon Way
Distribution Date: 27-Dec-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 5.94000% 880.59067362 4.50422131 0.00000000
INV_CERT 7,285,896.30 0.00000% 729.68821557 0.00000000 0.00000000
===========================================================================================
</TABLE>
<TABLE>
<CAPTION>
================================================================================================
Non- Remaining Ending
Current 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 4.50422131 0.00000000 865.62626961
INV_CERT 0.00000000 0.00000000 0.00000000 42.10314797 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: 30-Nov-1999 7485 New Horizon Way
Distribution Date: 27-Dec-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% 38,650.59 37,993.78 0.00 0.00 86.56262111%
====================================================================================================================================
</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-Nov-1999 7485 New Horizon Way
Distribution Date: 27-Dec-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Account Statement
<TABLE>
<S> <C>
================================================================================
CERTIFICATE ACCOUNT
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,049,497.66
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (106,466.43)
------------
Total Deposits 4,943,031.23
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 177,956.86
Payment of Interest and Principal 4,765,074.37
------------
Total Withdrawals (Pool Distribution Amount) 4,943,031.23
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>
<S> <C>
================================================================================
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
-------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
=======
================================================================================
</TABLE>
<TABLE>
<S> <C>
================================================================================
SERVICING FEES
Gross Servicing Fee 86,238.20
Management Fee 1,000.00
FSA Insurance Premium 38,650.59
Trustee Fee - Norwest Bank Minnesota N.A. 862.45
Mortgage Insurance Premium 51,205.62
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 177,956.86
==========
================================================================================
</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-Nov-1999 7485 New Horizon Way
Distribution Date: 27-Dec-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
<TABLE>
<CAPTION>
=====================================================================================
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
-----------------------
Current Unpaid
Number Of Principal Number Unpaid
Loans Balance of Loans Balance
--------- --------- -------- -------
<S> <C> <C> <C> <C>
30 Days 78 7,790,523.32 4.436860% 3.827423%
60 Days 13 1,368,336.04 0.739477% 0.672253%
90+ Days 38 4,787,883.82 2.161547% 2.352250%
Foreclosure 60 6,014,162.13 3.412969% 2.954711%
REO 24 2,660,619.88 1.365188% 1.307142%
--- ------------- --------- ---------
Totals 213 22,621,525.19 12.116041% 11.113779%
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 235,474.78
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 2.61192200% 97.388078% 0.000000%
Please Refer to Prospectus Supplement for a Full Description of Loss Exposure.
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<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-Nov-1999 7485 New Horizon Way
Distribution Date: 27-Dec-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
<TABLE>
<CAPTION>
===========================================================================================
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & ARM Balloon
<S> <C>
Weighted Average Gross Coupon 9.407948%
Weighted Average Net Coupon 8.907948%
Weighted Average Pass-Through Rate 8.902947%
Weighted Average Maturity (Stepdown Calculation) 320
Beginning Scheduled Collateral Loan Count 1,796
Number of Loans Paid in Full 38
Ending Scheduled Collateral Loan Count 1,758
Beginning Scheduled Collateral Balance 206,971,696.93
Ending Scheduled Collateral Balance 203,544,848.41
Ending Actual Collateral Balance at 30-Nov-1999 203,544,848.41
Monthly P&I Constant 1,749,826.32
Class A Optimal Amount 4,496,965.79
Ending Scheduled Balance for Premium Loans 203,544,848.41
Scheduled Principal 127,177.24
Unscheduled Principal 3,299,671.28
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 414,225.60
===========================================================================================
Bankruptcy 40 $4,969,656
Bankruptcies are included in the 30, 60 and 90 day delinquencies
===========================================================================================
</TABLE>
