BEAR STEARNS ASSET BACKED INVESTORS CORP
10-Q, 1998-02-17
ASSET-BACKED SECURITIES
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                        SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 10-Q


         [ X ]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                                    SECURITIES EXCHANGE ACT OF 1934
                  For the quarterly period ended December 31, 1997

                                       OR

         [   ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                                    SECURITIES EXCHANGE ACT OF 1934
                  For the transition period from             to


                         Commission File Number 0-19048


                    Bear Stearns Asset Backed Investors Corp.
             (Exact name of registrant as specified in its charter)


                Delaware                                 13-3579047
         (State or other jurisdiction of   (I.R.S. Employer Identification No.)
          incorporation or organization)


         245 Park Avenue, New York, New York10167
         (Address of principal executive offices)            (Zip Code)


                        (212) 272-2000
         (Registrant's number, including area code)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the  preceding  twelve  months (or for such shorter  period that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                                    Yes  X                             No


         THE REGISTRANT  MEETS THE  CONDITIONS SET FORTH IN GENERAL  INSTRUCTION
H(1) (a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED
DISCLOSURE FORMAT CONTEMPLATED THEREBY.


<PAGE>




                    BEAR STEARNS ASSET BACKED INVESTORS CORP.


                                      INDEX





                  Part I.           FINANCIAL INFORMATION

Item 1.           Financial Statements
                       Statements of Financial Condition at December 31, 1997
                             (Unaudited) and June 30, 1997
                       Note to Statements of Financial Condition (Unaudited)

Item 2.           Management's Discussion and Analysis of Financial Condition 
                    and Results of Operations


                  Part II. OTHER INFORMATION

Item 3.           Legal Proceedings

Item 6.           Exhibits and Reports on Form 8-K

                  Signature





<PAGE>

                    BEAR STEARNS ASSET BACKED INVESTORS CORP.
                        STATEMENT OF FINANCIAL CONDITION




                                            December 31,         June 30,
                                               1997                1997
                                            (Unaudited)



     Asset

     Cash                                    $100                  $100
                                            -------               -------
              Total Asset                    $100                  $100
                                             ====                  ====


     Stockholder's Equity

     Common Stock, $1.00 par value;
         1,000 shares authorized issued 
          and outstanding                    $100                  $100
                                            -------               -------
              Total Stockholder's Equity     $100                  $100
                                             ====                  ====







See note to statements of financial condition.





<PAGE>

                    BEAR STEARNS ASSET BACKED INVESTORS CORP.
                    NOTE TO STATEMENTS OF FINANCIAL CONDITION
                                   (UNAUDITED)





Note 1.           Organization

          Bear Stearns Asset Backed  Investors Corp. (the  "Company"),  a direct
          wholly-owned  limited purpose subsidiary of The Bear Stearns Companies
          Inc. ("Bear Stearns"), was organized on January 26, 1989.

                  The  Company  was  formed  solely  for the  purpose of issuing
                  directly or through trusts established by it, in series,  debt
                  securities that are secured or  collateralized  by one or more
                  pools of retail installment sales contracts or loan agreements
                  secured by new or used automobile or light-duty trucks, net of
                  servicing and other fees,  security  interests in the vehicles
                  financed thereby, and certain other collateral.

                  As of  December  31,  1997,  the  Company  had  not  commenced
                  operations,   except   for  the   conduct   of   non-recurring
                  organizational matters and activities, the cost for which were
                  borne by an affiliate. Accordingly, the Company had no results
                  of operations  for the six months ended December 31, 1997. The
                  balance in the stockholder's  equity consists solely of common
                  stock  issued on January  26,  1989;  thus,  no  statement  of
                  stockholder's  equity is  presented.  All funds were  obtained
                  from capital  transactions.  As a result, no statement of cash
                  flows is presented.





<PAGE>

Item 2.           Management's  Discussion and Analysis of Financial  Condition
                    and Results of Operations

                  As of  December  31,  1997,  the  Company  had  not  commenced
                  operations,   except   for  the   conduct   of   non-recurring
                  organizational matters and activities,  the cost for which was
                  borne by an affiliate. Accordingly, the Company had no results
                  of operations for the six months ended December 31, 1997.


                  Part II.    OTHER INFORMATION

Item 3.           Legal Proceedings

                  No legal proceedings are pending

Item 6.           Exhibits and Reports on Form 8-K

                  (a)      Exhibits

                             None

                  (b)      Reports on Form 8-K:

                           No  reports  on Form 8-K have been  filed  during the
                           period covered by this report.





<PAGE>


                                    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 thereunto duly authorized.



                                      Bear Stearns Asset Backed Investors Corp.
                                                     (Registrant)




Date:      February 13, 1997               By:  /s/ William J. Montgoris
                                                William J. Montgoris
                                                Executive Vice President 
                                                  and Treasurer
                                               (Principal Financial Officer)



<PAGE>


                                    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 thereunto duly authorized.






                                   Bear Stearns Asset Backed Investors Corp.
                                                 (Registrant)




Date:      February 13, 1998                  By:
                                                 William J. Montgoris
                                                 Executive Vice President 
                                                  and Treasurer
                                                (Principal Financial Officer)




<TABLE> <S> <C>

<ARTICLE>  5
<LEGEND>
          This  schedule  contains  summary   financial   information  from  the
          unaudited  Statements  of  Financial  Condition  at December 31, 1997,
          which are contained in the body of the  accompanying  Form 10-Q and is
          qualified in its entirety by reference to such financial statements.
</LEGEND>
       
<S>                                                  <C>
<PERIOD-TYPE>                                        6-MOS
<FISCAL-YEAR-END>                                    JUN-30-1998
<PERIOD-END>                                         DEC-31-1997
<CASH>                                                     100
<SECURITIES>                                                 0
<RECEIVABLES>                                                0
<ALLOWANCES>                                                 0
<INVENTORY>                                                  0
<CURRENT-ASSETS>                                             0
<PP&E>                                                       0
<DEPRECIATION>                                               0
<TOTAL-ASSETS>                                             100
<CURRENT-LIABILITIES>                                        0
<BONDS>                                                      0
                                        0
                                                  0
<COMMON>                                                   100
<OTHER-SE>                                                   0
<TOTAL-LIABILITY-AND-EQUITY>                               100
<SALES>                                                      0
<TOTAL-REVENUES>                                             0
<CGS>                                                        0
<TOTAL-COSTS>                                                0
<OTHER-EXPENSES>                                             0
<LOSS-PROVISION>                                             0
<INTEREST-EXPENSE>                                           0
<INCOME-PRETAX>                                              0
<INCOME-TAX>                                                 0
<INCOME-CONTINUING>                                          0
<DISCONTINUED>                                               0
<EXTRAORDINARY>                                              0
<CHANGES>                                                    0
<NET-INCOME>                                                 0
<EPS-PRIMARY>                                                0
<EPS-DILUTED>                                                0
        

</TABLE>


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