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Previous: NFOX COM, SB-2/A, 2000-01-12 |
Next: FT 399, S-6, 2000-01-12 |
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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
Date of Report (Date of earliest Event
Reported): July 19, 1999
BEAR STEARNS ASSET BACKED SECURITIES, INC.
------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-83541 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 (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 272-4095
--- --------
- -----------------------------------------------------------------
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
-----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
19.1. Servicing Certificates for Home Equity Loan-Backed Notes and
Certificates, Series 1999-1 (the "Securities"), for the July, August,
September, October, November and December 1999 distributions to holders of the
Securities.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Jonathan Lieberman
--------------------------
Jonathan Lieberman
Managing Director
Dated: January 12, 2000
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No.
-----------
19.1 Servicing Certificates for Home Equity
Loan-Backed Notes and Certificates, Series
1999-1(the "Securities"), for the July,
August, September, October, November and
December 1999 distributions to holders of
the Securities.
<PAGE>
<TABLE>
<CAPTION>
Home Equity Loan-Backed Term Notes, GMACM Series 1999-1
Payment Date 07/19/1999
Servicing Certificate
<S> <C> <C> <C>
Beginning Pool Balance 181,375,839.80
Ending Pool Balance 182,633,360.34
Principal Collections 8,068,370.66
Principal Draws 9,325,891.20
Net Principal Collections -
Mortgage Loan Principal balance current period 182,633,360.34
Interest earned on Pre-Funding Account 122,556.72
Interest earned on Funding Account -
Interest Collections 1,175,727.87
Excess Spread 0.00
Weighted Average Net Loan Rate 8.03159%
Substitution Adjustment Amount 0.00
Note Rate 5.2900%
Term Notes Amount Factor
Beginning Balance 250,000,000.00 1.0000000
Ending Balance 250,000,000.00 1.0000000
Principal 0.00 0.0000000
Interest 1,175,555.56 117.5555560
Interest Shortfall 0.00 0.0000000
Security Percentage 100.00%
Variable Funding Notes Amount
Beginning Balance 0.00
Ending Balance 1,257,520.54
Principal 0.00
Interest 0.00
Interest Shortfall 0.00
Security Percentage 0.00%
Certificates 0.00
Funding Account Balance Total Amount
-------------------
Beginning Balance 0.00
Ending Balance - Monthly Interest Earnings 0.00
Ending Balance - Related to Subsequent Loan Transfers
and Addtional Balances 0.00
-------------------
Total Ending Balance 0.00
Total Funding Account Deposit (including Net
Principal and OverCollateralization) 95,645.70
Current Month Net Principal Collections 0.00
Current Month Subsequent Transfer Loan Acquired 0.00
Additional Balances Acquired 0.00
Pre-Funding Account Balance
Beginning Balance 0.00
Ending Balance 68,624,160.20
Current Month Subsequent Transfer Loan Acquired 0.00
Capitalized Interest Account Balance
Beginning Balance 875,434.61
Interest Earned 1,563.45
Ending Balance 876,998.06
Beginning Overcollateralization Amount 0.00
Overcollateralization Amount Increase (Decrease) 95,645.70
Outstanding Overcollaterization Amount 95,645.70
Target Amount 4,375,000.00
Credit Enhancement Draw Amount 0.00
Unreimbursed Prior Draws 0.00
Has a Rapid Amortization Event Occurred? No
Has a Managed Amortization Event Occurred? No
Has a Servicing Default Occurred ? No
Number Percent
Balance of Loans of Balance
Delinquent Loans (30 Days) 790,280.65 45 0.43%
Delinquent Loans (60 Days) - 0 0.00%
Delinquent Loans (90+ Days) (1) 0.00 0 0.00%
Foreclosed Loans 0.00 0 0.00%
REO 0.00 0 0.00%
(1) 90+ Figures Include Foreclosures and REO
Percent
Liquidation To-Date of Balance
Beginning Loss Amount 0.00
Current Month Loss Amount 0.00 0.00%
Ending Loss Amount 0.00
</TABLE>
<TABLE>
<CAPTION>
Home Equity Loan-Backed Term Notes, GMACM Series 1999-1
Payment Date 08/18/1999
Servicing Certificate
<S> <C> <C> <C>
Beginning Pool Balance 182,633,360.34
Ending Pool Balance 226,831,601.74
Principal Collections 11,007,424.14
Principal Draws 10,766,612.88
Net Principal Collections 240,811.26
Mortgage Loan Principal balance current period 226,831,601.74
Interest earned on Pre-Funding Account 254,467.20
Interest earned on Funding Account -
Interest Collections 1,412,833.77
Excess Spread 240,298.68
Weighted Average Net Loan Rate 8.16278%
Substitution Adjustment Amount 0.00
Note Rate 5.4700%
Term Notes Amount Factor
Beginning Balance 250,000,000.00 1.0000000
Ending Balance 250,000,000.00 1.0000000
Principal 0.00 0.0000000
Interest 1,139,583.33 113.9583330
Interest Shortfall 0.00 0.0000000
Security Percentage 99.50%
Variable Funding Notes Amount
Beginning Balance 1,257,520.54
Ending Balance 1,257,520.54
Principal 0.00
Interest 5,732.20
Interest Shortfall 0.00
Security Percentage 0.50%
Certificates 0.00
Funding Account Balance Total Amount
---------------
Beginning Balance 95,645.70
Interest Earned on Funding Account 0.00
Additional Balances/Subsequent Loan Transfer 0.00
---------------
Total Ending Balance 95,645.70
Total Funding Account Deposit (including Net
Principal and OverCollateralization) 735,577.14
Current Month Net Principal Collections 240,811.26
Current Month Subsequent Transfer Loan Acquired 0.00
Additional Balances Acquired 0.00
Pre-Funding Account Balance
Beginning Balance 68,746,716.92
Interest Earned on Prefunding Account 254,467.20
Prior month Interest transferred to Note Payment Account 122,556.72
Current Month Subsequent Transfer Loan Acquired 44,439,052.66
Ending Balance 24,439,574.74
Capitalized Interest Account Balance
Beginning Balance 876,998.06
Interest Earned 3,628.65
Funds transferred to Note Payment Account 0.00
Ending Balance 880,626.71
Beginning Overcollateralization Amount 95,645.70
Overcollateralization Amount Increase (Decrease) 494,765.88
Outstanding Overcollaterization Amount 590,411.58
Target Amount 4,375,000.00
Credit Enhancement Draw Amount 0.00
Unreimbursed Prior Draws 0.00
Has a Rapid Amortization Event Occurred? No
Has a Managed Amortization Event Occurred? No
Has a Servicing Default Occurred ? No
Number Percent
Balance of Loans of Balance
Delinquent Loans (30 Days) 1,155,703.09 47 0.51%
Delinquent Loans (60 Days) 128,546.33 4 0.06%
Delinquent Loans (90+ Days) (1) 0.00 0 0.00%
Foreclosed Loans 0.00 0 0.00%
REO 0.00 0 0.00%
(1) 90+ Figures Include Foreclosures and REO
Percent
Liquidation To-Date Balance
Beginning Loss Amount 0.00
Current Month Loss Amount 0.00 0.00%
Ending Loss Amount 0.00
</TABLE>
<TABLE>
<CAPTION>
Home Equity Loan-Backed Term Notes, GMACM Series 1999-1
Payment Date 09/20/1999
Servicing Certificate
<S> <C> <C> <C>
Beginning Pool Balance 226,831,601.74
Ending Pool Balance 245,106,434.37
Principal Collections 11,298,721.80
Principal Draws 9,569,383.12
Net Principal Collections 1,729,338.68
Mortgage Loan Principal balance current period 245,106,434.37
Interest earned on Pre-Funding Account 87,666.17
Interest earned on Funding Account -
Interest Collections 1,604,352.90
Excess Spread 294,542.21
Weighted Average Net Loan Rate 8.42000%
Substitution Adjustment Amount 0.00
Note Rate 5.5688%
Term Notes Amount Factor
Beginning Balance 250,000,000.00 1.0000000
Ending Balance 250,000,000.00 1.0000000
Principal 0.00 0.0000000
Interest 1,276,171.88 127.6171880
Interest Shortfall 0.00 0.0000000
Security Percentage 99.50%
Variable Funding Notes Amount
Beginning Balance 1,257,520.54
Ending Balance 1,257,520.54
Principal 0.00
Interest 6,419.25
Interest Shortfall 0.00
Security Percentage 0.50%
Certificates 0.00
Funding Account Balance Total Amount
------------------------
Beginning Balance 95,645.70
Prior Month Principal Collections deposit 240,811.26
Prior Month Overcollateralization deposit 494,765.88
Interest Earned on Funding Account 0.00
Additional Balances/Subsequent Loan Transfer 0.00
------------------------
Total Ending Balance 831,222.84
Total Funding Account Deposit (including Net Principal
and OverCollateralization) 2,111,547.06
Current Month Net Principal Collections 1,729,338.68
Current Month Subsequent Transfer Loan Acquired 0.00
Additional Balances Acquired 0.00
Pre-Funding Account Balance
Beginning Balance 24,439,574.74
Interest Earned on Prefunding Account 87,666.17
Prior month Interest transferred to Note Payment Account 254,467.20
Current Month Subsequent Transfer Loan Acquired 20,004,171.31
------------------------
Total Ending Balance 4,268,602.40
Capitalized Interest Account Balance
Beginning Balance 880,626.71
Interest Earned 3,668.85
Funds transferred to Note Payment Account 0.00
Total Ending Balance 884,295.56
Beginning Overcollateralization Amount 590,411.58
Overcollateralization Amount Increase (Decrease) 382,208.38
Outstanding Overcollaterization Amount 972,619.96
Target Amount 4,375,000.00
Credit Enhancement Draw Amount 0.00
Unreimbursed Prior Draws 0.00
Has a Rapid Amortization Event Occurred? No
Has a Managed Amortization Event Occurred? No
Has a Servicing Default Occurred ? No
Number Percent
Balance of Loans of Balance
Delinquent Loans (30 Days) 1,612,367.57 62 0.66%
Delinquent Loans (60 Days) 257,652.02 13 0.11%
Delinquent Loans (90+ Days) (1) 120,632.32 3 0.05%
Foreclosed Loans 0.00 0 0.00%
REO 0.00 0 0.00%
(1) 90+ Figures Include Foreclosures and REO
Percent
Liquidation To-Date of Balance
Beginning Loss Amount 0.00
Current Month Loss Amount 0.00 0.00%
Ending Loss Amount 0.00
</TABLE>
<TABLE>
<CAPTION>
Home Equity Loan-Backed Term Notes, GMACM Series 1999-1
Payment Date 10/18/1999
REVISED
Servicing Certificate
<S> <C> <C> <C>
Beginning Pool Balance 245,106,434.37
Ending Pool Balance 248,756,343.86
Principal Collections 10,614,677.64
Principal Draws 7,470,082.52
Net Principal Collections 3,144,595.12
Mortgage Loan Principal balance current period 248,756,343.86
Interest earned on Pre-Funding Account 16,086.02
Interest earned on Funding Account 1,841.39
Interest Collections 1,753,473.13
Excess Spread 617,963.62
Weoghted Average Net Loan Rate 8.57904%
Substitution Adjustment Amount 0.00
Note Rate 5.6713%
Term Notes Amount Factor
Beginning Balance 250,000,000.00 1.0000000
Ending Balance 250,000,000.00 1.0000000
Principal 0.00 0.0000000
Interest 1,102,743.06 110.2743060
Interest Shortfall 0.00 0.0000000
Security Percentage 99.50%
Variable Funding Notes Amount
Beginning Balance 1,257,520.54
Ending Balance 1,257,520.54
Principal 0.00
Interest 5,546.89
Interest Shortfall 0.00
Security Percentage 0.50%
Certificates 0.00
Funding Account Balance Total Amount
Beginning Balance 831,222.84
Prior Month Principal Collections deposit 1,729,338.68
Prior Month Overcollateralization deposit 382,208.38
Interest Earned on Funding Account 1,841.39
Additional Balances/Subsequent Loan Transfer 2,605,630.86
Total Ending Balance 338,980.43
Total Funding Account Deposit (including Net
Principal and OverCollateralization) 3,780,486.15
Current Month Net Principal Collections 3,144,595.12
Current Month Subsequent Transfer Loan Acquired 2,605,630.86
Additional Balances Acquired 0.00
Pre-Funding Account Balance
Beginning Balance 4,268,602.40
Interest Earned on Prefunding Account 16,086.02
Adjustment to Prefunding Account 8,034.81
Prior month Interest transferred to Note Payment Account 87,666.17
Current Month Subsequent Transfer Loan Acquired 4,188,873.75
Total Ending Balance 16,183.31
Capitalized Interest Account Balance
Beginning Balance 884,295.56
Interest Earned 3,728.89
Funds transferred to Note Payment Account 0.00
Total Ending Balance 888,024.45
Beginning Overcollateralization Amount 980,654.77
Overcollateralization Amount Increase (Decrease) 635,891.03
Outstanding Overcollaterization Amount 1,616,545.80
Target Amount 4,375,000.00
Credit Enhancement Draw Amount 0.00
Unreimbursed Prior Draws 0.00
Has a Rapid Amortization Event Occurred? No
Has a Managed Amortization Event Occurred? No
Has a Servicing Default Occurred ? No
Number Percent
Balance of Loans of Balance
Delinquent Loans (30 Days) 1,400,026.48 60 0.56%
Delinquent Loans (60 Days) 287,852.55 11 0.12%
Delinquent Loans (90+ Days) (1) 153,536.19 7 0.06%
Foreclosed Loans 0.00 0 0.00%
REO 0.00 0 0.00%
(1) 90+ Figures Include Foreclosures and REO
Percent
Liquidation To-Date of Balance
Beginning Loss Amount 0.00
Current Month Loss Amount 0.00 0.00%
Ending Loss Amount 0.00
</TABLE>
<TABLE>
<CAPTION>
Home Equity Loan-Backed Term Notes, GMACM Series 1999-1
Payment Date 11/18/1999
Servicing Certificate
<S> <C> <C> <C>
Beginning Pool Balance 248,756,343.86
Ending Pool Balance 248,180,662.50
Principal Collections 9,504,780.58
Principal Draws 5,961,993.37
Net Principal Collections 3,542,787.21
Mortgage Loan Principal balance current period 248,180,662.50
Interest earned on Pre-Funding Account 63.79
Interest earned on Funding Account 334.11
Interest Collections 1,769,739.54
Excess Spread 509,805.22
Weighted Average Net Loan Rate 8.75791%
Substitution Adjustment Amount 0.00
Note Rate 5.6975%
Term Notes Amount Factor
Beginning Balance 250,000,000.00 1.0000000
Ending Balance 250,000,000.00 1.0000000
Principal 0.00 0.0000000
Interest 1,226,545.14 122.6545140
Interest Shortfall 0.00 0.0000000
Security Percentage 99.50%
Variable Funding Notes Amount
Beginning Balance 1,257,520.54
Ending Balance 1,257,520.54
Principal 0.00
Interest 6,169.62
Interest Shortfall 0.00
Security Percentage 0.50%
Certificates 0.00
Funding Account Balance Total Amount
Beginning Balance 338,980.43
Prior Month Principal Collections deposit 3,144,595.12
Prior Month Overcollateralization deposit 635,891.03
Withdraw for Prior month interest earned 1,841.39
Interest Earned on Funding Account 334.11
Additional Balances/Subsequent Loan Transfer 2,967,105.85
Total Ending Balance 1,150,853.45
Total Funding Account Deposit (including Net
Principal and OverCollateralization) 4,052,990.33
Current Month Net Principal Collections 3,542,787.21
Current Month Subsequent Transfer Loan Acquired 2,967,105.85
Additional Balances Acquired 0.00
Pre-Funding Account Balance
Beginning Balance 16,183.31
Interest Earned on Prefunding Account 63.79
Prior month Interest transferred to Note Payment Account 16,086.02
Current Month Subsequent Transfer Loan Acquired 0.00
Total Ending Balance 161.08
Capitalized Interest Account Balance
Beginning Balance 888,024.45
Interest Earned 2,124.18
Funds transferred to Note Payment Account 888,024.45
Total Ending Balance 2,124.18
Beginning Overcollateralization Amount 1,616,545.80
Overcollateralization Amount Increase (Decrease) 510,203.12
Outstanding Overcollaterization Amount 2,126,748.92
Target Amount 4,375,000.00
Credit Enhancement Draw Amount 0.00
Unreimbursed Prior Draws 0.00
Has a Rapid Amortization Event Occurred? No
Has a Managed Amortization Event Occurred? No
Has a Servicing Default Occurred ? No
Number Percent
Balance of Loans of Balance
Delinquent Loans (30 Days) 1,548,168.55 78 0.62%
Delinquent Loans (60 Days) 224,461.01 23 0.09%
Delinquent Loans (90+ Days) (1) 277,468.50 21 0.11%
Foreclosed Loans 0.00 0 0.00%
REO 0.00 0 0.00%
(1) 90+ Figures Include Foreclosures and REO
Percent
Liquidation To-Date of Balance
Beginning Loss Amount 0.00
Current Month Loss Amount 0.00 0.00%
Ending Loss Amount 0.00
</TABLE>
<TABLE>
<CAPTION>
Home Equity Loan-Backed Term Notes, GMACM Series 1999-1
Payment Date 12/20/1999
Servicing Certificate
<S> <C> <C> <C>
Beginning Pool Balance 248,180,662.50
Ending Pool Balance 249,204,935.81
Principal Collections 9,546,867.85
Principal Draws 6,094,563.22
Net Principal Collections 3,452,304.63
Mortgage Loan Principal balance current period 249,204,935.81
Interest earned on Pre-Funding Account 34.51
Interest earned on Funding Account 4,121.24
Interest Collections 1,854,378.05
Excess Spread 540,161.63
Weighted Average Net Loan Rate 9.06302%
Substitution Adjustment Amount 0.00
Note Rate 5.7625%
Term Notes Amount Factor
Beginning Balance 250,000,000.00 1.0000000
Ending Balance 250,000,000.00 1.0000000
Principal 0.00 0.0000000
Interest 1,280,555.56 128.0555560
Interest Shortfall 0.00 0.0000000
Security Percentage 99.50%
Variable Funding Notes Amount
Beginning Balance 1,257,520.54
Ending Balance 1,257,520.54
Principal 0.00
Interest 6,441.30
Interest Shortfall 0.00
Security Percentage 0.50%
Certificates 0.00
Funding Account Balance Total Amount
Beginning Balance 1,150,853.45
Prior Month Principal Collections deposit 3,542,787.21
Prior Month Overcollateralization deposit 510,203.12
Withdraw for Prior month interest earned 334.11
Interest Earned on Funding Account 4,121.24
Additional Balances/Subsequent Loan Transfer 4,476,577.94
Total Ending Balance 731,052.97
Total Funding Account Deposit (including Net Principal and
OverCollateralization 3,996,622.01
Current Month Net Principal Collections 3,452,304.63
Current Month Subsequent Transfer Loan Acquired 4,476,577.94
Additional Balances Acquired 0.00
Pre-Funding Account Balance
Beginning Balance 161.08
Interest Earned on Prefunding Account 34.51
Prior month Interest transferred to Note Payment Account 63.79
Current Month Subsequent Transfer Loan Acquired 0.00
Total Ending Balance 131.80
Capitalized Interest Account Balance
Beginning Balance 2,124.18
Interest Earned 9.08
Total Ending Balance 2,133.26
Beginning Overcollateralization Amount 2,126,748.92
Overcollateralization Amount Increase (Decrease) 544,317.38
Outstanding Overcollaterization Amount 2,671,066.30
Target Amount 4,375,000.00
Credit Enhancement Draw Amount 0.00
Unreimbursed Prior Draws 0.00
Has a Rapid Amortization Event Occurred? No
Has a Managed Amortization Event Occurred? No
Has a Servicing Default Occurred ? No
Number Percent
Balance of Loans of Balance
Delinquent Loans (30 Days) 1,862,667.46 63 0.75%
Delinquent Loans (60 Days) 334,567.58 8 0.13%
Delinquent Loans (90+ Days) (1) 230,767.04 10 0.09%
Foreclosed Loans 0.00 0 0.00%
REO 0.00 0 0.00%
(1) 90+ Figures Include Foreclosures and REO
Percent
Liquidation To-Date of Balance
Beginning Loss Amount 0.00
Current Month Loss Amount 0.00 0.00%
Ending Loss Amount 0.00
</TABLE>
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