<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
January 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)
Delaware 333-9532 13-3836437
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) 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
January 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: January 31, 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> <C>
10.1 Monthly Payment Date Statement distributed to Noteholders, dated January
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-Dec-1999 7485 New Horizon Way
Distribution Date: 25-Jan-2000 Frederick, MD 21703
Telephone: (301) 846-8130
FACSIMILE: (301) 846-8152
</TABLE>
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
===============================================================================================================================
Certificate Beginning
Class Certificate Certificate Interest
Class CUSIP Description Pass-Through Rate Balance Distribution
===============================================================================================================================
<S> <C> <C> <C> <C> <C>
A 02926NAA4 SEQ 6.83125% 198,228,415.74 1,090,841.34
INV_CERT ARE991INV SUB 0.00000% 5,316,432.67 216,492.81
===============================================================================================================================
Totals 203,544,848.41 1,307,334.15
===============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=================================================================================================================
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
=================================================================================================================
<S> <C> <C> <C> <C> <C>
A 5,181,374.66 0.00 193,047,041.08 6,272,216.00 0.00
INV_CERT 0.00 0.00 5,316,432.67 216,492.81 0.00
=================================================================================================================
Totals 5,181,374.66 0.00 198,363,473.75 6,488,708.81 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-Dec-1999 7485 New Horizon Way
Distribution Date: 25-Jan-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
Class Amount Balance Distribution Distribution Accretion
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
A 229,000,000.00 198,228,415.74 0.00 5,181,374.66 0.00
INV_CERT 7,285,896.30 5,316,432.67 0.00 0.00 0.00
==============================================================================================================================
Totals 236,285,896.30 203,544,848.41 0.00 5,181,374.66 0.00
==============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=========================================================================================================
Ending Ending
Realized Total Principal Certificate Certificate Total Principal
Class Loss(1) Reduction Balance Percentage Distribution
=========================================================================================================
<S> <C> <C> <C> <C> <C>
A 0.00 5,181,374.66 193,047,041.08 0.84300018 5,181,374.66
INV_CERT 0.00 0.00 5,316,432.67 0.72968822 0.00
=========================================================================================================
Totals 0.00 5,181,374.66 198,363,473.75 0.83950620 5,181,374.66
=========================================================================================================
</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-Dec-1999 7485 New Horizon Way
Distribution Date: 25-Jan-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
Class(2) Amount Balance Distribution Distribution Accretion
========================================================================================================================
<S> <C> <C> <C> <C> <C>
A 229,000,000.00 865.62626961 0.00000000 22.62609022 0.00000000
INV_CERT 7,285,896.30 729.68821557 0.00000000 0.00000000 0.00000000
========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=============================================================================================================
Ending Ending
Realized Total Principal Certificate Certificate Total Principal
Class(2) Loss(3) Reduction Balance Percentage Distribution
=============================================================================================================
<S> <C> <C> <C> <C> <C>
A 0.00000000 22.62609022 843.00017939 0.84300018 22.62609022
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-Dec-1999 7485 New Horizon Way
Distribution Date: 25-Jan-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
=============================================================================================================================
Beginning
Certificate/ Current Payment of
Original Face Current Notional Accrued Unpaid Interest
Class Amount Certificate Rate Balance Interest Shortfall
=============================================================================================================================
<S> <C> <C> <C> <C> <C>
A 229,000,000.00 6.83125% 198,228,415.74 1,090,841.34 0.00
INV_CERT 7,285,896.30 0.00000% 5,316,432.67 0.00 0.00
=============================================================================================================================
Totals 236,285,896.30 1,090,841.34 0.00
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===============================================================================================================
Remaining Ending
Current Non-Supported Unpaid Certificate/
Interest Interest Realized Total 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 1,090,841.34 0.00 193,047,041.08
INV_CERT 0.00 0.00 0.00 216,492.81 0.00 5,316,432.67
===============================================================================================================
Totals 0.00 0.00 0.00 1,307,334.15 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-Dec-1999 7485 New Horizon Way
Distribution Date: 25-Jan-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
===========================================================================================================================
Beginning Payment of
Certificate/ Unpaid
Original Face Current Notional Current Accrued Interest
Class(5) Amount Certificate Rate Balance Interest Shortfall
===========================================================================================================================
<S> <C> <C> <C> <C> <C>
A 229,000,000.00 6.83125% 865.62626961 4.76349930 0.00000000
INV_CERT 7,285,896.30 0.00000% 729.68821557 0.00000000 0.00000000
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
======================================================================================================================
Non- Remaining Ending
Current 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 4.76349930 0.00000000 843.00017939
INV_CERT 0.00000000 0.00000000 0.00000000 29.71395709 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-Dec-1999 7485 New Horizon Way
Distribution Date: 25-Jan-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Component Statement
<TABLE>
<CAPTION>
==============================================================================================================================
Component Pass- Beginning Notional Ending Notional Beginning Component Ending Component Ending Component
Class Through Rate Balance Balance Balance Balance Percentage
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
FSA 1,200.00000% 37,993.78 37,000.68 0.00 0.00 84.30000499%
==============================================================================================================================
</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-Dec-1999 7485 New Horizon Way
Distribution Date: 25-Jan-2000 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 6,766,558.00
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (115,810.92)
------------
Total Deposits 6,650,747.08
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 172,038.27
Payment of Interest and Principal 6,488,708.81
------------
Total Withdrawals (Pool Distribution Amount) 6,660,747.08
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 84,810.27
Management Fee 1,000.00
FSA Insurance Premium 37,993.78
Trustee Fee - Norwest Bank Minnesota N.A. 848.22
Mortgage Insurance Premium 47,386.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 172,038.27
==========
</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-Dec-1999 7485 New Horizon Way
Distribution Date: 25-Jan-2000 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 Principal Number Unpaid
Loans Balance of Loans Balance
--------- ---------------- --------- ----------
<S> <C> <C> <C> <C>
30 Days 85 8,291,556.18 4.956268% 4.179981%
60 Days 23 2,390,488.33 1.341108% 1.205105%
90+ Days 32 4,023,493.44 1.865889% 2.028344%
Foreclosure 61 6,383,693.19 3.556851% 3.218180%
REO 30 3,230,106.07 1.749271% 1.628377%
--------- ---------------- --------- ----------
Totals 231 24,319,337.21 13.469388% 12.259988%
</TABLE>
<TABLE>
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 351,285.70
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 2.68014699% 97.319853% 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-Dec-1999 7485 New Horizon Way
Distribution Date: 25-Jan-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 9.404414%
Weighted Average Net Coupon 8.904414%
Weighted Average Pass-Through Rate 8.899414%
Weighted Average Maturity (Stepdown Calculation) 319
Beginning Scheduled Collateral Loan Count 1,758
Number of Loans Paid in Full 43
Ending Scheduled Collateral Loan Count 1,715
Beginning Scheduled Collateral Balance 203,544,848.41
Ending Scheduled Collateral Balance 198,363,473.75
Ending Actual Collateral Balance at 31-Dec-1999 198,363,473.75
Monthly P&I Constant 1,731,268.13
Class A Optimal Amount 6,310,209.78
Ending Scheduled Balance for Premium Loans 198,363,473.75
Scheduled Principal 136,084.82
Unscheduled Principal 5,045,289.84
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 333,303.70
==================================================================================
Bankruptcy 40 $4,976,913
Bankruptcies are included in the 30, 60 and 90 day delinquencies
==================================================================================
</TABLE>
