<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
April 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 (Commission File Number) (I.R.S. Employer Identification No.)
Incorporation)
</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 April 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: May 12, 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 April 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-Mar-2000 7485 New Horizon Way
Distribution Date: 25-Apr-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
====================================================================================================================================
Certificate Certificate Beginning Current Ending
Class Pass-Through Certificate Interest Principal Realized Certificate
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 02926NAA4 SEQ 6.47500% 184,183,672.00 960,696.92 10,893,214.91 0.00 173,290,457.10
INV_CERT ARE991INV SUB 0.00000% 5,316,432.67 0.00 0.00 0.00 5,206,954.10
====================================================================================================================================
Totals 189,500,104.67 960,696.92 10,893,214.91 0.00 178,497,411.20
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=============================================
Cumulative
Total Realized
Class Distribution Losses
=============================================
<S> <C> <C>
A 11,853,911.83 0.00
INV_CERT 0.00 0.00
=============================================
Totals 11,853,911.83 0.00
=============================================
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
25-Apr-2000
<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-Mar-2000 7485 New Horizon Way
Distribution Date: 25-Apr-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Principal Distribution Statement
<TABLE>
<CAPTION>
======================================================================================================================
Beginning Scheduled Unscheduled Total
Original Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction
======================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 184,183,672.00 0.00 10,893,214.91 0.00 0.00 10,893,214.91
INV_CERT 7,285,896.30 5,316,432.67 0.00 0.00 0.00 0.00 0.00
======================================================================================================================
Totals 236,285,896.30 189,500,104.67 0.00 10,893,214.91 0.00 0.00 10,893,214.91
======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
======================================================================================================================
Beginning Scheduled Unscheduled Total
Original Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction
======================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 184,183,672.00 0.00 10,893,214.91 0.00 0.00 10,893,214.91
INV_CERT 7,285,896.30 5,316,432.67 0.00 0.00 0.00 0.00 0.00
======================================================================================================================
Totals 236,285,896.30 189,500,104.67 0.00 10,893,214.91 0.00 0.00 10,893,214.91
======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=============================================================
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
=============================================================
<S> <C> <C> <C>
A 173,290,457.10 0.75672689 10,893,214.91
INV_CERT 5,206,954.10 0.71466212 0.00
=============================================================
Totals 178,497,411.20 0.75542982 10,893,214.91
=============================================================
</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-Mar-2000 7485 New Horizon Way
Distribution Date: 25-Apr-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
=======================================================================================================================
Beginning Scheduled Unscheduled Total
Original Face Certificate Principal Principal Realized Principal
Class(2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction
=======================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 804.29551092 0.00000000 47.56862406 0.00000000 0.00000000 47.56862406
INV_CERT 7,285,896.30 729.68821557 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
=======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=============================================================
Ending Ending Total
Certificate Certificate Principal
Class(2) Balance Percentage Distribution
=============================================================
<S> <C> <C> <C>
A 756.72688690 0.75672689 47.56862406
INV_CERT 714.66212057 0.71466212 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-Mar-2000 7485 New Horizon Way
Distribution Date: 25-Apr-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
===============================================================================================================================
Beginning Payment of Non-
Current Certificate/ Current Unpaid Current Supported
Original Face Certificate Notional Accrued Interest Interest Interest Realized
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(4)
===============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 6.47500% 184,183,672.00 960,696.92 0.00 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 0.00
===============================================================================================================================
Totals 236,285,896.30 960,696.92 0.00 0.00 0.00 0.00
===============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
==========================================================
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class Distribution Shortfall Balance
==========================================================
<S> <C> <C> <C>
A 960,696.92 0.00 173,290,457.10
INV_CERT 0.00 0.00 5,206,954.10
==========================================================
Totals 960,696.92 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-Mar-2000 7485 New Horizon Way
Distribution Date: 25-Apr-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
===================================================================================================================================
Beginning Payment of Non-
Current Certificate/ Current Unpaid Current Supported
Original Face Certificate Notional Accrued Interest Interest Interest Realized
Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(6)
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 6.47500% 804.29551092 4.19518306 0.00000000 0.00000000 0.00000000 0.00000000
INV_CERT 7,285,896.30 0.00000% 729.68821557 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===========================================================
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class(5) Distribution Shortfall Balance
============================================================
<S> <C> <C> <C>
A 4.19518306 0.00000000 756.72688690
INV_CERT 0.00000000 0.00000000 714.66212057
============================================================
</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-Mar-2000 7485 New Horizon Way
Distribution Date: 25-Apr-2000 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
Class Pass-Through Rate Balance Balance Balance Balance
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
FSA 1,200.00000% 35,301.87 33,214.00 0.00 0.00
==============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
======================================
Ending Component
Class Percentage
======================================
<S> <C>
FSA 75.67267320%
======================================
</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-Mar-2000 7485 New Horizon Way
Distribution Date: 25-Apr-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 12,520,171.78
Liquidations, Insurance Proceeds, Reserve 0.00
Funds
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (507,471.93)
-------------
Total Deposits 12,012,699.85
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 158,788.02
Payment of Interest and Principal 11,853,911.83
-------------
Total Withdrawals (Pool Distribution Amount) 12,012,699.85
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 78,958.70
Management Fee 1,000.00
FSA Insurance Premium 789.67
Trustee Fee - Norwest Bank Minnesota N.A. 35,301.87
Mortgage Insurance Premium 42,737.78
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 158,788.02
==========
======================================================================
</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-Mar-2000 7485 New Horizon Way
Distribution Date: 25-Apr-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
Loans Principal Number Unpaid
Balance of Loans Balance
<S> <C> <C> <C> <C>
30 Days 58 5,687,465.45 3.706070% 3.186301%
60 Days 12 1,184,210.78 0.766773% 0.663433%
90+ Days 32 3,772,579.55 2.044728% 2.113521%
Foreclosure 74 8,323,733.39 4.728435% 4.663224%
REO 25 2,862,561.59 1.597444% 1.603699%
-- ------------- --------- ---------
Totals 20 21,830,550.76 12.843450% 12.230178%
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 1,306,465.36
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% 5,206,954.10 2.91710343% 97.082897% 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-Mar-2000 7485 New Horizon Way
Distribution Date: 25-Apr-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 9.609353%
Weighted Average Net Coupon 9.109351%
Weighted Average Pass-Through Rate 9.104351%
Weighted Average Maturity (Stepdown Calculation) 316
Beginning Scheduled Collateral Loan Count 1,647
Number of Loans Paid in Full 82
Ending Scheduled Collateral Loan Count 1,565
Beginning Scheduled Collateral Balance 189,500,104.67
Ending Scheduled Collateral Balance 178,497,411.20
Ending Actual Collateral Balance at 31-Jan-2000 178,497,411.20
Monthly P&I Constant 1,644,233.61
Class A Optimal Amount 11,998,692.26
Ending Scheduled Balance for Premium Loans 178,497,411.20
Scheduled Principal 126,755.71
Unscheduled Principal 10,875,937.76
Required Overcollateralized Amount 5,316,432.67
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 109,478.56
Specified O/C Amount 5,316,432.67
Overcollateralized Amount 5,206,954.10
Overcollateralized Deficiency Amount 109,478.56
Base Overcollateralization Amount 5,316,432.67
Extra Principal Distribution Amount 0.00
Excess Cash Amount 398,993.33
===========================================================================================
Bankruptcy $ 4,411,038
Bankruptcies are included in the 30, 60 and 90 day delinquencies
===========================================================================================
</TABLE>
