<PAGE>
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 19, 1996
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(Exact name of Registrant as Specified in Charter)
Delaware 333-2180 13-3836437
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
245 Park Avenue, New York, New York 10167
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 272-4095
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events.
Filing of Consent and Financial Statements
The financial statements of MBIA Insurance Corporation as of December 31, 1995
and 1994 that are incorporated by reference in the Prospectus Supplement dated
November 19, 1996 (the "Prospectus Supplement") have been audited by Coopers &
Lybrand LLP. The consent of Coopers & Lybrand LLP named as "experts" in the
Prospectus Supplement is attached hereto as Exhibit 23.1.
Filing of Computational Materials*
Pursuant to Rule 424(b) under the Securities Act of 1933, Bear Stearns
Asset Backed Securities, Inc. (the "Depositor") is filing a prospectus and
prospectus supplement with the Securities and Exchange Commission relating to
Crown Home Equity Loan Asset Backed Certificates, Series 1996-1.
In connection with the offering of the Crown Home Equity Loan Asset
Backed Certificates, Series 1996-1, Bear, Stearns & Co. Inc., the underwriter
of the Offered Certificates (the "Underwriter"), has prepared certain materials
(the "Computational Materials") for distribution to its potential investors.
Although Crown Bank, F.S.B. (the "Seller") provided the Underwriter with
certain information regarding the characteristics of the Home Equity Loans in
the related portfolio, it did not participate in the preparation of the
Computational Materials. The Computational Materials are attached hereto as
Exhibit 99.1.
- -------------
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated November 13, 1996,
and Prospectus Supplement dated November 19, 1996, relating to the
Crown Home Equity Loan Asset Backed Certificates, Series 1996-1.
-2-
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1. Consent of Coopers & Lybrand LLP in connection with the financial
statements of MBIA Insurance Corporation.
99.1. Computational Materials.
-3-
<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 hereunto duly authorized.
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
-------------------------
(Registrant)
Date: November 19, 1996 By: /s/ MATTHEW PERKINS
-----------------------
Name: Matthew Perkins
Title: Vice President
-4-
<PAGE>
EXHIBIT INDEX
Sequentially
Exhibit Number Description Numbered Page
- -------------- ----------- -------------
23.1. Consent of Coopers & Lybrand LLP in
connection with the financial statements
of MBIA Insurance Corporation.
99.1. Computational Materials.
-5-
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in this Prospectus Supplement of
our report dated January 22, 1996, on our audits of the consolidated financial
statements of MBIA Insurance Corporation and Subsidiaries as of December 31,
1995 and 1994 and for the three years ended December 31, 1995. We also consent
to the reference to our firm under the caption "Experts".
/s/ Coopers & Lybrand LLP
Coopers & Lybrand L.L.P.
November 18, 1996
New York, New York
-6-
<PAGE>
Crown Home Equity Loan Trust 1996-1
Information Relating to the Certificates (page 1 of 2)
Transaction Summary (a), (b)
<TABLE>
<CAPTION>
- ---------------- -------------- ------------ ------------ ------------- ------------- ------------ -----------------
Estimated Estimated Estimated
Estimated Modified Principal Principal Expected
Approximate WAL Duration Lockout Window Ratings
Certificate Size Coupon (years) (years) (months) (months) (Moody's/S&P)
- ---------------- -------------- ------------ ------------ ------------- ------------- ------------ -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $ 51,370,000 Fixed 1.00 0.94 none 23 Aaa/AAA (b)
Class A-2 $ 44,250,000 Fixed 3.00 2.63 22 31 Aaa/AAA (b)
Class A-3 $ 13,600,000 Fixed 5.00 4.10 52 16 Aaa/AAA (b)
Class A-4 $ 19,900,000 Fixed 7.00 5.32 67 37 Aaa/AAA (b)
Class A-5 $ 16,380,000 Fixed 11.49 7.45 103 85 Aaa/AAA (b)
- ---------------- -------------- ------------ ------------ ------------- ------------- ------------ -----------------
</TABLE>
Notes: (a) 100% Prepayment Assumption: 4.0% CPR in month 1, and an
additional 1.07143% (or 15/14ths) per annum in each month
thereafter until month 15. On and after month 15, 19% CPR.
(b) MBIA surety bond.
Class A-1 (to maturity)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 9.50% 14.25% 19.00% 23.75% 28.50%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 4.94 1.58 1.21 1.00 0.86 0.77
Modified Duration (years) 3.93 1.44 1.12 0.94 0.81 0.73
First Principal Payment 12/26/96 12/26/96 12/26/96 12/26/96 12/26/96 12/26/96
Last Principal Payment 3/25/06 2/25/00 4/25/99 10/25/98 6/25/98 4/25/98
Principal Lockout (months) none none none none none none
Principal Window (months) 112 39 29 23 19 17
Yield (30/360) 6.449% 6.263% 6.179% 6.103% 6.034% 5.971%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
Class A-2 (to maturity)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 9.50% 14.25% 19.00% 23.75% 28.50%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 12.21 5.16 3.81 3.00 2.47 2.10
Modified Duration (years) 8.11 4.22 3.25 2.63 2.21 1.90
First Principal Payment 3/25/06 2/25/00 4/25/99 10/25/98 6/25/98 4/25/98
Last Principal Payment 6/25/11 5/25/04 6/25/02 4/25/01 6/25/00 11/25/99
Principal Lockout (months) 111 38 28 22 18 16
Principal Window (months) 64 52 39 31 25 20
Yield (30/360) 6.680% 6.632% 6.602% 6.571% 6.540% 6.509%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
Crown Home Equity Loan Trust 1996-1
Information Relating to the Certificates (page 2 of 2)
Class A-3 (to maturity)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 9.50% 14.25% 19.00% 23.75% 28.50%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.60 8.42 6.34 5.00 4.09 3.45
Modified Duration (years) 8.92 6.19 4.98 4.10 3.46 2.97
First Principal Payment 6/25/11 5/25/04 6/25/02 4/25/01 6/25/00 11/25/99
Last Principal Payment 6/25/11 4/25/06 1/25/04 7/25/02 7/25/01 10/25/00
Principal Lockout (months) 174 89 66 52 42 35
Principal Window (months) 1 24 20 16 14 12
Yield (30/360) 6.992% 6.971% 6.954% 6.935% 6.915% 6.895%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
Class A-4 (to maturity)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 9.50% 14.25% 19.00% 23.75% 28.50%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.68 11.34 8.77 7.00 5.75 4.83
Modified Duration (years) 8.82 7.51 6.30 5.32 4.56 3.95
First Principal Payment 6/25/11 4/25/06 1/25/04 7/25/02 7/25/01 10/25/00
Last Principal Payment 8/25/12 5/25/10 8/25/07 7/25/05 1/25/04 11/25/02
Principal Lockout (months) 174 112 85 67 55 46
Principal Window (months) 15 50 44 37 31 26
Yield (30/360) 7.237% 7.228% 7.216% 7.203% 7.189% 7.173%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
Class A-5 (to maturity)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 9.50% 14.25% 19.00% 23.75% 28.50%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 18.72 15.14 13.39 11.49 9.79 8.33
Modified Duration (years) 9.82 8.82 8.21 7.45 6.68 5.96
First Principal Payment 8/25/12 5/25/10 8/25/07 7/25/05 1/25/04 11/25/02
Last Principal Payment 12/25/17 10/25/16 1/25/15 7/25/12 6/25/11 8/25/10
Principal Lockout (months) 188 161 128 103 85 71
Principal Window (months) 65 78 90 85 90 94
Yield (30/360) 7.469% 7.464% 7.461% 7.455% 7.448% 7.440%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
*** Class A-5 (to 5% call)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 9.50% 14.25% 19.00% 23.75% 28.50%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 18.38 14.47 13.07 10.78 8.97 7.60
Modified Duration (years) 9.75 8.62 8.11 7.18 6.34 5.62
First Principal Payment 8/25/12 5/25/10 8/25/07 7/25/05 1/25/04 11/25/02
Last Principal Payment 4/25/16 6/25/11 1/25/11 9/25/08 10/25/06 4/25/05
Principal Lockout (months) 188 161 128 103 85 71
Principal Window (months) 45 14 42 39 34 30
Yield (30/360) 7.469% 7.463% 7.460% 7.453% 7.445% 7.435%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
Crown Home Equity Loan Trust 1996-1
Information Relating to the Collateral
Fixed Rate Home Equity Loans
Preliminary characteristics of the Initial Home Equity Loans as of 11/1/96
<TABLE>
<S> <C> <C>
Total Outstanding Loan Balance: ..................... $131,093,678
Total Number of Loans: .............................. 3,413
Balloon (% of Total): ........................ 32.98%
Level Pay (% of Total): ...................... 67.02%
Average Loan Principal Balance: ..................... $38,410 ($76 to $246,138)
Weighted Average CLTV: .............................. 75.64% (5.00% to 100.00%)
% of Pool with CLTVs greater or equal to 85%: ....... 21.99%
Weighted Average Coupon: ............................ 10.63% (5.00% to 16.60%)
Weighted Average Remaining Term to Maturity (months): 191 (11 to 360)
Weighted Average Seasoning (months): ................ 4 (0 to 156)
Weighted Average Original Term (months): ............ 195 (48 to 360)
<CAPTION>
Range of Original Terms: Level Pay Balloons
------------------------------ ---------------------------
<S> <C> <C> <C> <C>
0 - 120: 5.58% 0 - 120: 0.19%
121 - 180: 36.72% 121 - 180: 32.74%
181 - 240: 20.97% 181 - 240: 0.04%
241 - 300: 0.03%
301 - 360: 3.72%
<CAPTION>
<S> <C> <C>
Lien Position: 1st Lien: 69.56%
2nd Lien: 30.44%
Property Type:
Single Family: 96.51%
Manufactured Housing: 2.40%
Condominium / Townhouse: 0.99%
Two to Four Family: 0.09%
<CAPTION>
States
-----------------------------------
<S> <C> <C>
Geographic Distribution: FL: 69.29%
(states not listed individually
account for less than 5.00% of the Pool Balance CO: 11.36%
NC: 7.65%
Credit Quality: A+: 36%
(per CROWN's guidelines) A: 28%
B: 27%
C: 7%
D: 2%
</TABLE>
- --------------------------------------------------------------------------------
The information contained herein will be superseded by the description of the
collateral contained in the prospectus supplement.
- --------------------------------------------------------------------------------
