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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): October 18, 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-HLTV1 (the "Securities"), for the 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-HLTV1
(the "Securities"), for the October, November
and December 1999 distributions to holders of
the Securities.
Home Equity Loan-Backed Term Notes, GMACM Series 1999-HLTV1
Payment Date 10/18/1999
<TABLE>
<CAPTION>
REVISED 10/29/99
<S> <C>
Servicing Certificate
- ----------------------
Beginning Principal Balance 125,387,022.55
Ending Principal Balance 124,519,789.92
Principal Collections 867,232.63
Interest Collections 1,151,801.61
Current Month Subsequent Transfer Principal Balance 0.00
Substitution Adjustment Amount 0.00
Policy Draw Amount 0.00
Current month Yield Supplement Amount 0.00
Current month distribution to Credit Enhancer 52,500.00
Weighted Average Loan Rate 13.51
Note Rate - Class A-1 Notes (9/10 - 9/22) 5.7700%
Note Rate - Class A-1 Notes (9/22 - 10/17) 6.0200%
Note Rate - Class A-2 Notes 7.7300%
Class A-1 Notes Amount
- --------------- ------
Beginning Note Balance 125,000,000.00
Ending Note Balance 124,037,667.67
Principal Distribution 619,451.88
Principal Distribution (Overcollateralization Increase portion) 342,880.46
Interest 762,118.06
Security Percentage 71.43%
Class A-2 Notes Amount
- --------------- ------
Beginning Note Balance 50,000,000.00
Ending Note Balance 49,615,067.07
Principal Distribution 247,780.75
Principal Distribution (Overcollateralization Increase portion) 137,152.18
Interest 322,083.33
Security Percentage 28.57%
Certificates 0.00
Prefunding Account Total Amount
- ------------------ -------------
Beginning Balance 52,277,952.07
Interest Earned on Prefunding Account 51,375.92
Collection Period Subsequent Transfer 0.00
-------------
Total Ending Prefunding Account Balance 52,329,327.99
Reserve Account Balance
- -----------------------
Beginning Balance 0.00
Deposits to Reserve Account for current Payment Date 0.00
Withdrawals from Reserve Account for current Payment Date 0.00
------------
Total Ending Reserve Account Balance as of current Payment Date 0.00
Capitalized Interest Account Balance
- ------------------------------------
Beginning Balance 754,023.37
Withdraw relating to Collection Period 420,258.75
Interest Earned 740.70
--------------
Total Ending Capitalized Interest Account Balance 334,505.32
Beginning Overcollateralization Amount 2,664,974.62
Overcollateralization Amount Increase (Decrease) 480,032.64
------------------------
Ending Overcollateralization Amount 3,145,007.26
Outstanding Overcollaterization Amount 4,849,916.60
------------------------
Required Overcollateralization Amount 7,994,923.86
</TABLE>
Number Percent
Balance of Loans of Balance
------- -------- ----------
Delinquent Loans (30 Days) - 0 0.00%
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>
<CAPTION>
Home Equity Loan-Backed Term Notes, GMACM Series 1999-HLTV1
Payment Date 11/18/1999
Servicing Certificate
<S> <C> <C> <C>
Beginning Principal Balance 124,519,789.92
Ending Principal Balance 140,619,719.48
Principal Collections 994,486.03
Interest Collections 1,401,935.22
Current Month Subsequent Transfer Principal Balance 17,094,415.59
Substitution Adjustment Amount 0.00
Policy Draw Amount 0.00
Current month Yield Supplement Amount 0.00
Current month distribution to Credit Enhancer 52,095.82
Weighted Average Loan Rate 13.67
Note Rate - Class A-1 Notes (9/10 - 9/22) 5.7975%
Note Rate - Class A-2 Notes 7.7300%
Class A-1 Notes Amount
Beginning Note Balance 124,037,667.67
Ending Note Balance 122,811,610.12
Principal Distribution 710,347.16
Principal Distribution (Overcollateralization
Increase portion) 515,710.38
Interest 599,256.98
Security Percentage 71.43%
Class A-2 Notes Amount
Beginning Note Balance 49,615,067.07
Ending Note Balance 49,124,644.05
Principal Distribution 284,138.87
Principal Distribution (Overcollateralization
Increase portion) 206,284.15
Interest 330,257.18
Security Percentage 28.57%
Certificates 0.00
Prefunding Account Total Amount
Beginning Balance 52,329,327.99
Interest Earned on Prefunding Account 216,013.72
Prior month Interest earned transferred to
overcollateralization 51,375.92
Collection Period Subsequent Transfer 17,094,415.59
Total Ending Prefunding Account Balance 35,399,550.20
Reserve Account Balance
Beginning Balance 0.00
Deposits to Reserve Account for current Payment Date 0.00
Withdrawals from Reserve Account for current Payment Date 0.00
Total Ending Reserve Account Balance as of current Payment Date 0.00
Capitalized Interest Account Balance
Beginning Balance 334,505.32
Withdraw relating to Collection Period 89,890.76
Interest Earned 2,876.17
Total Ending Capitalized Interest Account Balance 247,490.73
Beginning Overcollateralization Amount 3,145,007.26
Overcollateralization Amount Increase (Decrease) 721,994.53
Ending Overcollateralization Amount 3,867,001.79
Outstanding Overcollaterization Amount 4,127,922.06
Required Overcollateralization Amount 7,994,923.86
Delinquent Loans (30 Days) 383,397.19 8 0.27%
Delinquent Loans (60 Days) 124,812.03 1 0.09%
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>
Home Equity Loan-Backed Term Notes, GMACM Series 1999-HLTV1
Payment Date 12/20/1999
Servicing Certificate
- ---------------------
Beginning Principal Balance 140,619,719.48
Ending Principal Balance 161,482,324.10
Principal Collections 881,179.15
Interest Collections 1,563,180.64
Current Month Subsequent Transfer Principal Balance 21,743,783.77
Substitution Adjustment Amount 0.00
Policy Draw Amount 0.00
Current month Yield Supplement Amount 0.00
Current month distribution to Credit Enhancer 51,580.88
Weighted Average Loan Rate 13.81
Note Rate - Class A-1 Notes 5.8625%
Note Rate - Class A-2 Notes 7.7300%
Class A-1 Notes Amount
- --------------- ------
Beginning Note Balance 122,811,610.12
Ending Note Balance 121,639,399.29
Principal Distribution 629,413.68
Principal Distribution (Overcollateralization Increase portion) 542,797.15
Interest 599,985.89
Security Percentage 71.43%
Class A-2 Notes Amount
- ---------------- ` ------
Beginning Note Balance 49,124,644.05
Ending Note Balance 48,655,759.72
Principal Distribution 251,765.47
Principal Distribution (Overcollateralization Increase portion) 217,118.86
Interest 326,992.73
Security Percentage 28.57%
Certificates 0.00
Prefunding Account Total Amount
- ------------------ ------------
Beginning Balance 35,399,550.20
Interest Earned on Prefunding Account 122,244.88
Prior month Interest earned transferred to overcollateralization 216,013.72
Collection Period Subsequent Transfer 21,743,783.77
-----------------
Total Ending Prefunding Account Balance 13,561,997.59
Reserve Account Balance
- -----------------------
Beginning Balance 0.00
Deposits to Reserve Account for current Payment Date 0.00
Withdrawals from Reserve Account for current Payment Date 0.00
--------------
Total Ending Reserve Account Balance as of current Payment Date 0.00
Capitalized Interest Account Balance
- ------------------------------------
Beginning Balance 337,381.49
Withdraw relating to prior month Collection Period 89,890.76
Interest Earned 1,260.08
----------------
Total Ending Capitalized Interest Account Balance 248,750.81
Beginning Overcollateralization Amount 3,867,001.79
Overcollateralization Amount Increase (Decrease) 759,916.01
----------------
Ending Overcollateralization Amount 4,626,917.80
Outstanding Overcollaterization Amount 3,368,006.06
----------------
Required Overcollateralization Amount 7,994,923.86
Number Percent
Balance of Loans of Balance
------- -------- ----------
Delinquent Loans (30 Days) 489,144.64 10 0.30%
Delinquent Loans (60 Days) 327,807.13 6 0.20%
Delinquent Loans (90+ Days)(1) 124,812.03 1 0.08%
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
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