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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) October 20, 1997
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-26051 13-3836437
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
245 Park Avenue 10167
New York, New York (Zip Code)
Address of Principal
Executive Offices)
Registrant's telephone number, including area code (212) 272-4095
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Item 5. Other Events
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Incorporation of Certain Documents by Reference
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Pursuant to Rule 411 of Regulation C under the Securities Act of 1933
and in reliance on AMBAC Indemnity Corporation, SEC No-Action Letter
(December 19, 1996), Bear Stearns Asset Backed Securities, Inc. (the
"Company") will incorporate by reference into the Company's registration
statement (File No. 333-26051), the consolidated financial statements of
Ambac Assurance Corporation and its subsidiaries as of December 31, 1996 and
December 31, 1995, and for the three year period ended December 31, 1996,
included in the Current Report on Form 8-K of AMBAC Inc. (which was filed
with the Securities and Exchange Commission on March 12, 1997) and the
consolidated financial statements of Ambac Assurance Corporation and its
subsidiaries as of June 30, 1997, and for the periods ended June 30, 1997 and
June 30, 1996, included in the Quarterly Report on Form 10-Q of Ambac
Financial Group for the period ended June 30, 1997 (which was filed with the
Securities and Exchange Commission on August 14, 1997). Such financial
statements will be referred to in the prospectus supplement dated October 17,
1997 relating to AmerUs Home Equity Loan Asset-Backed Certificates, Series
1997-1. In connection with the incorporation of such documents by reference,
the Company is hereby filing the consent of KPMG Peat Marwick LLP to the use
of its name in such prospectus supplement. The consent of KPMG Peat Marwick
LLP is attached hereto as Exhibit 23.
Item 7. Financial Statements, Pro Forma Financial
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Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
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The following is filed herewith. The exhibit number corresponds with
Item 601(b) of Regulation S-K.
Exhibit No. Description
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23 Consent of KPMG Peat Marwick LLP
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.
By:
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Name:
Title:
Dated: October 21, 1997
Exhibit Index
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Exhibit Page
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23. Consent of KPMG Peat Marwick LLP 6
EXHIBIT 23
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance Corporation
We consent to the incorporation by reference in the registration statement
(No. 333-26051) Bear Stearns Asset Backed Securities, Inc. (the "Registrant")
and in the Prospectus Supplement of the Registrant dated October 17, 1997
(the "Prospectus Supplement") of our report dated January 30, 1997 on the
consolidated financial statements of Ambac Assurance Corporation (formerly
AMBAC Indemnity Corporation) as of December 31, 1996 and 1995, and for each
of the years in the three-year period ended December 31, 1996, which report
appears in the Form 8-K of Ambac Financial Group, Inc., (formerly AMBAC Inc.)
dated March 12, 1997 and to the reference to our firm under the heading
"Experts" in the Prospectus Supplement.
/s/ KPMG Peat Marwick LLP
New York, New York
October 21, 1997
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BROWN & WOOD LLP
One World Trade Center
New York, New York 10048
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
October 21, 1997
BY EDGAR
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Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Bear Stearns Asset Backed Securities, Inc.
AmerUs Home Equity Loan Trust 1997-1
Home Equity Loan Asset-Backed Certificates
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Ladies and Gentlemen:
On behalf of Bear Stearns Asset Backed Securities, Inc. (the "Company"),
we enclose herewith for filing, pursuant to the Securities and Exchange Act
of 1934, the Company's Current Report on Form 8-K, including, as an exhibit
thereto, a consent of KPMG Peat Marwick LLP in connection with the above-
referenced transaction.
Very truly yours,
/s/ Myongsu Kong
Myongsu Kong
Enclosure
