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): February 25, 2000
BSMS
(Depositor)
(Issuer in respect of , Series 1999-1)
(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
(null)
Series 1999-1
On February 25, 2000, The Bank of New York, as Trustee for BSMS, Series 1999-1,
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 relating to the
distribution date of February 25, 2000 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: February 25, 2000
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 February 25, 2000
Payment Date: 02/25/00
------------------------------------------------------------
BEAR STEARNS ASSET BACKED SECURITIES, INC.
, Series 1999-1
------------------------------------------------------------
<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 41,800,728.16 6.610000% 1,519,300.68 230,252.34 1,749,553.02 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 122,124,626.77 6.173750% 3,506,341.00 649,249.29 4,155,590.29 0.00 0.00
MV1 12,011,000.00 6.463750% 0.00 66,853.31 66,853.31 0.00 0.00
MV2 7,722,000.00 7.113750% 0.00 47,302.88 47,302.88 0.00 0.00
BV 9,437,000.00 9.226700% 0.00 74,978.98 74,978.98 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 - - 270,153,354.93 - 5,025,641.68 1,550,171.79 6,575,813.47 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 40,281,427.48 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 118,618,285.77 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 - - 265,127,713.25 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 02/25/00
------------------------------------------------------------
BEAR STEARNS ASSET BACKED SECURITIES, INC.
, Series 1999-1
------------------------------------------------------------
<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 41,800,728.16 6.610000% 07383GAA4 30.504370 4.622984 808.766564
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 122,124,626.77 6.173750% 07383GAK2 24.619723 4.558695 832.876603
MV1 12,011,000.00 6.463750% 07383GAL0 0.000000 5.566007 1,000.000000
MV2 7,722,000.00 7.113750% 07383GAM8 0.000000 6.125729 1,000.000000
BV 9,437,000.00 9.226700% 07383GAN6 0.000000 7.945214 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 - - 270,153,354.93 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BEAR STEARNS ASSET BACKED SECURITIES, INC.
, Series 1999-1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 118,832,114.93 150,838,790.69 269,670,905.62
Loan count 1486 1452 2938
Average loan rate 9.680659% 9.867909% 9.79
Prepayment amount 1,222,338.29 3,061,346.95 4,283,685.24
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 48,383.61 62,304.07 110,687.68
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 162,585.86 250,762.68 413,348.54
- --------------------------------------------------------------------------------
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% 270,153,354.93
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 277 21,833,849.64
60 to 89 days 111 8,804,506.09
90 or more 57 5,261,094.61
Foreclosure 107 8,728,854.06
Totals: 552 44,628,304.40
- --------------------------------------------------------------------------------
<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
Totals: 0 N/A
Current Total Outstanding Balance: 310,470.89
Current Total Outstanding Number of Loans: 6
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 6,575,813.47 6,575,813.47
Principal remittance amount 5,025,641.68 5,025,641.68
Interest remittance amount 1,550,171.79 1,550,171.79