January 13, 2000
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Bear Stearns Asset-Backed Certificates, Series 1999-2;
File No. 333-43091.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement dated
as of September 1, 1999 (the "Pooling and Servicing Agreement")
among Bear Stearns Asset Backed Securities, Inc., a Delaware
corporation, as depositor (the "Depositor"), EMC Mortgage Corporation, a
Delaware corporation, as seller (in such capacity, the "seller") and as
master servicer (in such capacity, the "Master Servicer"), and Bankers
Trust Company of California, N.A., a national banking association, as
trustee, (the "Trustee").
The Certificates will be issued pursuant to the Pooling and Servicing
Agreement. The Bear Stearns Asset Backed Securities, Inc. Asset-Backed
Certificates, Series 1999-2 (the "Certificates") will consist of: (a) the
following fixed rate certificates (the "Fixed Rate Certificates"): Class
AF-1 and Class AF-2 Certificates (collectively, the "Class A Fixed Rate
Certificates"), Class MF-1 Certificates (the "Class MF-1 Certificates"),
Class MF-2 Certificates (the "Class MF-2 Certificates" and together with
the Class MF-1 Certificates, the "Mezzanine Fixed Rate Certificates"),
Class BF Certificates (the "Class BF Certificates" and together with the
Mezzanine Fixed Rate Certificates, the "Subordinated Offered Fixed Rate
Certificates"); Class BF-IO Certificates (the "Class BF-IO Certificates");
and Class PF Certificates (the "Class PF Certificates"); (b) the following
adjustable rate certificates (the "Adjustable Rate Certificates"): Class
AV-1 and Class AV-2 Certificates (collectively, the "Class A Adjustable
Rate Certificates" and, together with the Class A Fixed Rate Certificates,
the "Class A Certificates"), Class MV-1 Certificates (the "Class MV-1
Certificates" and together with the Class MF-1 Certificates, the "Class
M-1 Certificates"), Class MV-2 Certificates (the "Class MV-2 Certificates"
and together with the Class MV-1 Certificates, the Mezzanine Adjustable
Rate Certificates", the Class MV-2 Certificates together with the Class
MF-2 Certificates, the "Class M-2 Certificates"); Class BV Certificates
(the Class BV Certificates" and together with the Mezzanine Adjustable
Rate Certificates, the "Subordinated Offered Adjustable Rate
Certificates;" and together with the Class BF Certificates, the "Class B
Certificates"); Class BV-IO Certificates (the "Class BV-IO Certificates"
and together with the Class BF-IO Certificates, the "Class B-IO
Certificates"); and Class PV Certificates (the "Class PV Certificates" and
collectively with the Class PF Certificates, the "Class P Certificates");
and (c) Class R Certificates (the "Residual Certificates"). The Mezzanine
Fixed Rate Certificates and the Mezzanine Adjustable Rate Certificates are
referred to collectively as the "Mezzanine Certificates." The
Subordinated Offered Fixed Rate Certificates and the Subordinated Offered
Adjustable Rate Certificates are referred to collectively as the
"Subordinate Offered Certificates."
The Offered Certificates were registered under the Securities Act of 1933,
as amended, by a Registration Statement on Form S-11 (File No.
333-43091). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). The Trust intends to fulfill these filing
requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as defined in
the Pooling and Servicing Agreement), a Current Report on Form 8-K in
substantially the form enclosed herewith, including as an exhibit thereto
the applicable Distribution Date report. Each such Current Report will
also disclose under Item 5 any matter occurring during the relevant
reporting period which would be reportable under Item 1, 2, 4 or 5 of
Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 247-6255.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Bear Stearns Asset-Backed Certificates, Series
1999-2.
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 19, 1999
BEAR STEARNS ASSET-BACKED SECURITIES, INC.,
as Depositor, EMC Mortgage Corporation, as Seller and Master
Servicer, and Bankers Trust Company of California, N.A., as
trustee (the "Trustee") under the Pooling and Servicing
Agreement, dated as of September 1, 1999, providing for the
issuance of the Bear Stearns Asset-Backed Certificates,
Series 1999-2.
BEAR STEARNS ASSET-BACKED CERTIFICATES, SERIES 1999-2
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-43091 13-383643
(Commission File Number) (I.R.S. Employer Identification No.)
245 PARK AVENUE
NEW YORK, NEW YORK 10167
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 272-2000
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements to the
Certificateholders which was derived from the monthly information
submitted by the Master Servicer of the Trust to the Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
October 19, 1999.
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, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of September 1, 1999.
Date: January 13, 2000 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders
dated as of October 19, 1999.
Bear Stearns 1999-A2
Asset Backed Certificates
October 25, 1999 Distribution
Contents
TABLE OF CONTENTS
> Page
1. Cont
>ents 1
2. Cert
>ificate Payment Report 2
3. Coll
>ection Account Report 8
4. Cred
>it Enhancement Report 11
5. Coll
>ateral Report 12
6. Deli
>nquency Report 15
7. REO
>Report 18
8. Prep
>ayment Report 19
9. Prep
>ayment Detail Report 22
10. Real
>ized Loss Report 23
11. Real
>ized Loss Detail Report 26
12. Trig
>gers, Adj. Rate Cert. and Miscellaneous Report 27
13. Addi
>tional Certificate Report 28
Tota
>l Number of Pages
> 28
CONTACTS
Adm
>inistrator: Tiffany L. Campbell
Dir
>ect Phone Number: (714)247-6414
Add
>ress: Deutsche Bank
> 1761 E. St. Andrew Place, Santa Ana, CA 92705
Web
> Site: http://online.bankerstrust.com/invr/
Fac
>tor Information: (800) 735-7777
Mai
>n Phone Number: (714) 247-6000
ISSUANCE INFORMATION
Seller: EMC Mortgage Corp.
> Cut-Off Date:
> October 19, 1999
Certificate Insurer:
> Closing Date:
> October 19, 1999
Servicer(s): EMC Mortgage Corp.
> Master Servicer First Payment Date:
> October 25, 1999
Underwriter(s): Bear, Stearns & Co.
> Inc Underwriter Distribution Date:
> October 25, 1999
> Record Date:
> October 22, 1999
>
> October 19, 1999
> Page 1 of 28
> (c) COPYRIGHT 1999 Deutsche Bank
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HISTORICAL DATA
> - STATEMENT 1 GROUP 1
1
issue_idperiod
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HISTORICAL DATA
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HISTORICAL DATA
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issue_idperiod
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HISTORICAL DATA
> - STATEMENT 1 GROUP 4
0
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
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>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
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0 0 0 0 0 0 0 0 0
>0 0 0 0 0 0 0 0 0 0
> 0 0776496.3 7 0 0 0 0 0 080332
>948
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
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>_ba
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
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>_ba
29
>0 0 273.767
> 0 0 0.00870615
153242.4 2518512 18434.7 0 0 29
>0 0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
2.13E+08 2541 2512153242.4 2518512 18434.7 0 0 29
>0 0 3484.9686093.15 3570.07210819912000603319984514302.4251171.79687.2732
>810.0233880.0609750.036272 0.00398 0.00398 0 0 0.008706155
>
> 0 0.00805074
113453.4 1379324 14846.7 0 0 20
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
1.33E+08 1848 1828113453.4 1379324 14846.7 0 0 20
>0 0 812.6154815.07 1376.09131670311249273712479251 273273.76656.6372
>860.000128 0 0 0 0 0 0 0.008050736
>
> 0 0.00981039
39789.01 1139188 3588 0 0 9
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
79150383 693 68439789.01 1139188 3588 0 0 9
>0 0 2672.3531278.08 2193.98 7914961 7513296 7505263 352 08.3447
>940.0624350.1633380.0971640.0106610.010661 0 0 0.009810393
>
> 0 0
0 0 0 0 0 0
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
>
> 0 0
0 0 0 0 0 0
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
0 0.00870615 0 0 0 0.0
>99
0 0.0
>97
BankruptREO Total Total Total
>
> Total Total Total
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0.008706155 0 0 0 Oct-99212.50150.0979
>68 0.0117980.988202
> 0.0117980.132737 0.1327377.2732819.124999
0 0.00805074 0 0 0
BankruptREO Fixed Fixed Fixed
>
> Fixed Fixed Fixed
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa1or 2 padel_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0.008050736 0 0 0 Oct-99133.35120.0976
>36 0.0103470.989653
> 0.0103470.117333 0.1173336.637286 8.83893
0 0.00981039 0 0 0
BankruptREO AdjustabAdjustabAdjust
>able
> Adjustable Adjustable Adjustable
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0.009810393 0 0 0 Oct-9979.150380.0985
>27 0.0142330.985767
> 0.0142330.158036 0.1580368.3447949.469117
0 0 0 0 0
BankruptREO
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0 0 0 0
BankruptREO
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
>
> Printing Pages Starting# Pages # Pag
>es
Total Total
>
> 1 1Contents 1 1
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity 2 2Certificate Payment Repo 2 6
> 0
9.1249992536.947 0 1 0 0
> 0 0 0
> 3 3Collection Account Repor 8 3
> 0
>
> 4 4Credit Enhancement Repor 11 1
>
> 5 5Collateral Report 12 3
> 0
>
> 6 6Delinquency Report 15 3
> 0
>
> 7 7REO Report 18 1
>
> 8 Foreclosure Report 0
>
> 9 8Prepayment Report 19 3
> 0
>
> 10 9Prepayment Detail Report 22 1
>
> 11 10Realized Loss Report 23 3
> 0
>
> 12 11Realized Loss Detail Rep 26 1
>
> 13 12Triggers, Adj. Rate Cert 27 1
>
> 14 Other Related Information 0
>
> 15 13Additional Certificate R 28 1
>
> 16 Historical Certificate Payment Report
>
> 17 Credit Ratings
>
> Total Total Total Number of Pages 28
Fixed Fixed Fixed
> Fixed Fixed
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
8.838931394.171 0 1 0 0
> 0 0 0
AdjustabAdjustable Adjustable
> Adjustable Adjustable
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
9.4691171142.776 0 1 0 0
> 0 0 0
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
# Pages Total # # Standard Pgs per Report
1 1
0 6 2 1
0 3 3 1
1 1 1
0 3 3 1
0 3 1 1
1 1
0 0
0 3 3 1
1 1
0 3 3 1
1 1
1 1 1
0 0
1 1 1
0 0
0 0
28
