<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
February 25, 2000
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 February 25, 2000.
<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: March 9, 2000
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Jonathan Lieberman
-------------------------------------
Jonathan Lieberman
Managing Director
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Page Number
- -------------- -----------
<S> <C>
10.1 Monthly Payment Date Statement distributed to
Noteholders, dated February 25, 2000........................... 5
</TABLE>
<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: 31-Jan-2000 7485 New Horizon Way
Distribution Date: 25-Feb-2000 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 6.16375% 193,047,041.08 1,024,630.66 3,479,676.10
INV_CERT ARE991INV SUB 0.00000% 5,316,432.67 147,695.42 0.00
=========================================================================================================================
Totals 198,363,473.75 1,172,326.08 3,479,676.10
=========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=========================================================================================
Ending
Current Certificate Total Cumulative
Class Realized Loss Balance Distribution Realized Losses
=========================================================================================
<S> <C> <C> <C> <C>
A 0.00 189,567,364.98 4,504,306.76 0.00
INV_CERT 0.00 5,316,432.67 147,695.42 0.00
=========================================================================================
Totals 0.00 194,883,797.65 4,652,002.18 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-Jan-2000 7485 New Horizon Way
Distribution Date: 25-Feb-2000 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 Realized
Class Amount Balance Distribution Distribution Accretion Loss(1)
============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 193,047,041.08 0.00 3,479,676.10 0.00 0.00
INV_CERT 7,285,896.30 5,316,432.67 0.00 0.00 0.00 0.00
============================================================================================================================
Totals 236,285,896.30 198,363,473.75 0.00 3,479,676.10 0.00 0.00
============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
========================================================================================
Total Ending Ending
Principal Certificate Certificate Total Principal
Class Reduction Balance Percentage Distribution
========================================================================================
<S> <C> <C> <C> <C>
A 3,479,676.10 189,567,364.98 0.82780509 3,479,676.10
INV_CERT 0.00 5,316,432.67 0.72968822 0.00
========================================================================================
Totals 3,479,676.10 194,883,797.65 0.82477964 3,479,676.10
========================================================================================
</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-Jan-2000 7485 New Horizon Way
Distribution Date: 25-Feb-2000 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 Realized
Class(2) Amount Balance Distribution Distribution Accretion Loss(3)
==========================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 843.00017939 0.00000000 15.19509214 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 15.19509214 827.80508725 0.82780509 15.19509214
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
<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-Jan-2000 7485 New Horizon Way
Distribution Date: 25-Feb-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
=================================================================================================================================
Non-
Beginning Current Payment of Current Supported
Original Face Current Certificate Accrued Unpaid Interest Interest Interest
Class Amount Certificate Rate Notional Balance Interest Shortfall Shortfall Shortfall
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 6.16375% 193,047,041.08 1,024,630.69 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 1,024,630.69 0.00 0.00 0.00
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
==============================================================================
Remaining
Unpaid Ending
Realized Total Interest Interest Certificate/
Class Losses(4) Distribution Shortfall Notional Balance
==============================================================================
<S> <C> <C> <C> <C>
A 0.00 1,024,630.66 0.00 189,567,364.98
INV_CERT 0.00 147,695.42 0.00 5,316,432.67
==============================================================================
Totals 0.00 1,172,326.08 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-Jan-2000 7485 New Horizon Way
Distribution Date: 25-Feb-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
=============================================================================================================================
Payment of
Beginning Unpaid Current
Original Face Current Certificate/ Current Accrued Interest Interest
Class(5) Amount Certificate Rate Notional Balance Interest Shortfall Shortfall
=============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 6.16375% 843.00017939 4.47436983 0.00000000 0.00000000
INV_CERT 7,285,896.30 0.00000% 729.68821557 0.00000000 0.00000000 0.00000000
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=================================================================================================
Non- Remaining Ending
Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notional
Class(5) Shortfall Losses(6) Distribution Shortfall Balance
=================================================================================================
<S> <C> <C> <C> <C> <C>
A 0.00000000 0.00000000 4.47436969 0.00000000 827.80508725
INV_CERT 0.00000000 0.00000000 20.27141396 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-Jan-2000 7485 New Horizon Way
Distribution Date: 25-Feb-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Component Statement
<TABLE>
<CAPTION>
================================================================================================================
Component Pass-Through Beginning Notional Ending Notional Beginning Component
Class Rate Balance Balance Balance
================================================================================================================
<S> <C> <C> <C> <C>
FSA 1,200.00000% 37,000.68 36,333.74 0.00
================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===============================================================
Ending Component Ending Component
Class Balance Percentage
===============================================================
<S> <C> <C>
FSA 0.00 82.78049115%
===============================================================
</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-Jan-2000 7485 New Horizon Way
Distribution Date: 25-Feb-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Account Statement
<TABLE>
<CAPTION>
===============================================================================
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,035,774.96
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (215,083.74)
-------------
Total Deposits 4,820,691.22
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 168,689.04
Payment of Interest and Principal 4,652,002.18
-------------
Total Withdrawals (Pool Distribution Amount) 4,820,691.22
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 82,651.31
Management Fee 1,000.00
FSA Insurance Premium 37,000.68
Trustee Fee - Norwest Bank Minnesota N.A. 826.57
Mortgage Insurance Premium 47,210.48
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 168,689.04
==========
=================================================================================
</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-Jan-2000 7485 New Horizon Way
Distribution Date: 25-Feb-2000 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
Number Of Unpaid Principal Number Unpaid
Loans Balance of Loans Balance
--------- ---------------- -------- -------
<S> <C> <C> <C> <C>
30 Days 87 9,090,665.10 5.147929% 4.664659%
60 Days 24 2,462,318.65 1.420118% 1.263480%
90+ Days 36 4,348,376.27 2.130178% 2.231266%
Foreclosure 72 7,609,629.23 4.260355% 3.904701%
REO 31 3,380,177.71 1.834320% 1.734458%
--- ------------- --------- ---------
Totals 250 26,891,166.96 14.792899% 13.798565%
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 566,369.44
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 2.72800137% 97.271999% 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: 31-Jan-2000 7485 New Horizon Way
Distribution Date: 25-Feb-2000 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 9.413622%
Weighted Average Net Coupon 8.913623%
Weighted Average Pass-Through Rate 8.908623%
Weighted Average Maturity (Stepdown Calculation) 318
Beginning Scheduled Collateral Loan Count 1,715
Number of Loans Paid in Full 25
Ending Scheduled Collateral Loan Count 1,690
Beginning Scheduled Collateral Balance 198,363,473.75
Ending Scheduled Collateral Balance 194,883,797.65
Ending Actual Collateral Balance at 31-Jan-2000 194,883,797.65
Monthly P&I Constant 1,678,954.60
Class A Optimal Amount 4,541,307.47
Ending Scheduled Balance for Premium Loans 194,883,797.65
Scheduled Principal 122,855.61
Unscheduled Principal 3,356,820.49
5,316,432.67
Required Overcollateralized Amount
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 363,779.15
==========================================================================================================
Bankruptcy 39 $4,835,747
Bankruptcies are included in the 30, 60 and 90 day delinquencies
==========================================================================================================
</TABLE>
