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): November 25, 1999
BSMS
(Depositor)
(Issuer in respect of SERIES 1999-1, SERIES 99-1 )
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 91110-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
BSMS
SERIES 1999-1
SERIES 99-1
On November 25, 1999, The Bank of New York, as Trustee for BSMS, SERIES 1999-1
SERIES 99-1 , made a monthly distribution to Certificate holders of principal
and/or interest pursuant to the Pooling and Servicing Agreement, dated as of
July 1, 1999, among BSMS as Depositor, BEAR STEARNS ASSET BACKED SECURITIES,
INC.,, Seller and Master Servicer and The Bank of New York, as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of BSMS, SERIES 1999-1 SERIES 99-1
relating to the distribution date of November 25, 1999
prepared by The Bank of New York, as Trustee under the
Pooling and Servicing Agreement dated as of July 1, 1999.
<PAGE>
SIGNATURES
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.
Dated: November 25, 1999
BSMS
By: /s/ Kelly A. Sheahan
------------------------------
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated November 25, 1999
Payment Date: 11/25/99
------------------------------------------------------------
BEAR STEARNS ASSET BACKED SECURITIES, INC.,
SERIES 1999-1, SERIES 99-1
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior AF1 46,009,415.47 6.610000% 697,625.18 253,435.20 951,060.38 0.00 0.00
AF2 12,734,000.00 7.040000% 0.00 74,706.13 74,706.13 0.00 0.00
AF3 19,803,000.00 7.180000% 0.00 118,487.95 118,487.95 0.00 0.00
AF4 9,950,000.00 7.460000% 0.00 61,855.83 61,855.83 0.00 0.00
AF5 9,199,000.00 7.770000% 0.00 59,563.53 59,563.53 0.00 0.00
AF6 8,880,000.00 7.400000% 0.00 54,760.00 54,760.00 0.00 0.00
MF1 6,660,000.00 7.760000% 0.00 43,068.00 43,068.00 0.00 0.00
MF2 5,075,000.00 8.370000% 0.00 35,398.13 35,398.13 0.00 0.00
BF 4,757,000.00 8.500000% 0.00 33,695.42 33,695.42 0.00 0.00
AV1 132,259,615.41 5.768750% 2,902,530.15 678,197.92 3,580,728.07 0.00 0.00
MV1 12,011,000.00 6.058750% 0.00 64,685.91 64,685.91 0.00 0.00
MV2 7,722,000.00 6.708750% 0.00 46,048.86 46,048.86 0.00 0.00
BV 9,437,000.00 8.908750% 0.00 74,270.89 74,270.89 0.00 0.00
BFI 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
BVI 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 284,497,030.88 - 3,600,155.33 1,598,173.75 5,198,329.09 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 45,311,790.29 0.00
AF2 12,734,000.00 0.00
AF3 19,803,000.00 0.00
AF4 9,950,000.00 0.00
AF5 9,199,000.00 0.00
AF6 8,880,000.00 0.00
MF1 6,660,000.00 0.00
MF2 5,075,000.00 0.00
BF 4,757,000.00 0.00
AV1 129,357,085.30 0.00
MV1 12,011,000.00 0.00
MV2 7,722,000.00 0.00
BV 9,437,000.00 0.00
BFI 0.00 0.00
BVI 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 280,896,875.59 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/99
------------------------------------------------------------
BEAR STEARNS ASSET BACKED SECURITIES, INC.,
SERIES 1999-1, SERIES 99-1
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
Factors per $1,000
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
Senior AF1 46,009,415.47 6.610000% 07383GAA4 14.006850 5.088447 909.765697
AF2 12,734,000.00 7.040000% 07383GAB2 0.000000 5.866667 1,000.000000
AF3 19,803,000.00 7.180000% 07383GAC0 0.000000 5.983333 1,000.000000
AF4 9,950,000.00 7.460000% 07383GAD8 0.000000 6.216667 1,000.000000
AF5 9,199,000.00 7.770000% 07383GAE6 0.000000 6.475000 1,000.000000
AF6 8,880,000.00 7.400000% 07383GAF3 0.000000 6.166667 1,000.000000
MF1 6,660,000.00 7.760000% 07383GAG1 0.000000 6.466667 1,000.000000
MF2 5,075,000.00 8.370000% 07383GAH9 0.000000 6.975000 1,000.000000
BF 4,757,000.00 8.500000% 07383GAJ5 0.000000 7.083333 1,000.000000
AV1 132,259,615.41 5.768750% 07383GAK2 20.380074 4.761957 908.278931
MV1 12,011,000.00 6.058750% 07383GAL0 0.000000 5.385556 1,000.000000
MV2 7,722,000.00 6.708750% 07383GAM8 0.000000 5.963333 1,000.000000
BV 9,437,000.00 8.908750% 07383GAN6 0.000000 7.870180 1,000.000000
BFI 0.00 0.000000% N/A 0.000000 0.000000 0.000000
BVI 0.00 0.000000% N/A 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 284,497,030.88 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
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BEAR STEARNS ASSET BACKED SECURITIES, INC.,
SERIES 1999-1, SERIES 99-1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 123,231,112.44 160,467,889.35 283,699,001.79
loan count 1534 1529 3063
average loan rate 9.692479% 9.855343% 9.79
prepayment amount 395,430.91 2,413,434.19 2,808,865.10
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 51,274.22 64,835.97 116,110.20
sub servicer fees 0.00 0.00 0.00
trustee fees 0.00 0.00 0.00
Aggregate advances N/A N/A N/A
Advances this periods 140,653.66 207,414.56 348,068.22
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 2,537,297.76 3,431,801.88 5,969,099.64
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 284,497,030.88
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 266 22,818,212.73
60 to 89 days 88 8,099,066.37
90 or more 45 3,880,230.98
Foreclosure 47 3,260,144.90
Totals: 446 38,057,654.98
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 5,198,329.09 5,198,329.09
Principal remittance amount 3,600,155.33 3,600,155.33
Interest remittance amount 1,598,173.75 1,598,173.75
