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): June 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 June 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 June 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: June 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 June 25, 1999
Payment Date: 06/25/99
------------------------------------------------------------
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 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
AF2 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
AF3 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
AF4 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
AF5 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
AF6 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
MF1 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
MF2 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
BF 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
AV1 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
MV1 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
MV2 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
BV 0.00 0.000000% 0.00 0.00 0.00 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 - - 0.00 - 0.00 0.00 0.00 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 49,806,000.00 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 142,420,000.00 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 - - 298,454,000.00 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/99
------------------------------------------------------------
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 0.00 0.000000% 07383GAA4 0.000000 0.000000 1,000.000000
AF2 0.00 0.000000% 07383GAB2 0.000000 0.000000 1,000.000000
AF3 0.00 0.000000% 07383GAC0 0.000000 0.000000 1,000.000000
AF4 0.00 0.000000% 07383GAD8 0.000000 0.000000 1,000.000000
AF5 0.00 0.000000% 07383GAE6 0.000000 0.000000 1,000.000000
AF6 0.00 0.000000% 07383GAF3 0.000000 0.000000 1,000.000000
MF1 0.00 0.000000% 07383GAG1 0.000000 0.000000 1,000.000000
MF2 0.00 0.000000% 07383GAH9 0.000000 0.000000 1,000.000000
BF 0.00 0.000000% 07383GAJ5 0.000000 0.000000 1,000.000000
AV1 0.00 0.000000% 07383GAK2 0.000000 0.000000 1,000.000000
MV1 0.00 0.000000% 07383GAL0 0.000000 0.000000 1,000.000000
MV2 0.00 0.000000% 07383GAM8 0.000000 0.000000 1,000.000000
BV 0.00 0.000000% 07383GAN6 0.000000 0.000000 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 - - 0.00 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BEAR STEARNS ASSET BACKED SECURITIES, INC.,
SERIES 1999-1, SERIES 99-1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 126,864,888.07 171,590,094.05 298,454,982.12
Loan count 0 0 0
Average loan rate 0.000000% 0.000000% 0.00
Prepayment amount 0.00 0.00 0.00
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 0.00 0.00 0.00
Monthly sub servicer fees 0.00 0.00 0.00
Monthly trustee fees 0.00 0.00 0.00
Aggregate advances N/A N/A N/A
Advances this periods 0.00 0.00 0.00
- --------------------------------------------------------------------------------
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 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 0.000000% 100.000000% 0.00
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 0 0.00
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 0 0.00
- --------------------------------------------------------------------------------
<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 0.00 0.00
Principal remittance amount 0.00 0.00
Interest remittance amount 0.00 0.00
