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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): June 10, 1998
BEAR STEARNS ASSET BACKED SECURITIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-49015 13-3836437
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
245 Park Avenue
New York, New York 10167
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 272-4095
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Item 5. Other Events.
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Filing of Certain Materials
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Pursuant to Rule 424(b)(5) under the Securities Act of 1933,
concurrently with, or subsequent to, the filing of this Current Report on
Form 8-K (the "Form 8-K"), Bear Stearns Asset Backed Securities, Inc. (the
"Company") is filing a prospectus and a prospectus supplement with the
Securities and Exchange Commission (the "Commission") relating to its Home
Equity Loan-Backed Term Notes, Series 1998-1 (the "Term Notes").
Incorporation of Certain Documents by Reference
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The consolidated financial statements of Ambac Assurance Corporation and
its subsidiaries as of December 31, 1997 and December 31, 1996, and for the
three-year period ended December 31, 1997, included in the Annual Report on
Form 10-K of Ambac Financial Group Inc. (which was filed with the Securities
and Exchange Commission on March 31, 1998) and the consolidated financial
statements of Ambac Assurance Corporation and its subsidiaries as of March
31, 1998, and for the periods ended March 31, 1998 and March 31, 1997,
included in the Quarterly Report on Form 10-Q of Ambac Financial Group, Inc.
for the period ended March 31, 1998 (which was filed with the Securities and
Exchange Commission on May 15, 1998) are hereby incorporated by reference in
(i) this Current Report on Form 8-K; (ii) the prospectus; and (iii) the
prospectus supplement for Irwin Revolving Home Equity Loan Trust 1998-1 Home
Equity Loan-Backed Term Notes, Series 1998-1, and shall be deemed to be part
hereof and thereof.
In connection with the issuance of the Term Notes, the Company is filing
herewith the consent of KPMG Peat Marwick LLP ("KPMG") to the use of their
name and the incorporation by reference of their report in the prospectus
supplement relating to the issuance of the Term Notes. The consent of KPMG
is attached hereto as Exhibit 23.1
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* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the prospectus dated June 4, 1998 and the
prospectus supplement dated June 10, 1998, of Bear Stearns Asset Backed
Securities, Inc., relating to its Home Equity Loan-Backed Term Notes, Series
1998-1.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of KPMG
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: /s/ Jonathan Lieberman
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Name: Jonathan Lieberman
Title: Vice President
Dated: June 10, 1998
Exhibit Index
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Exhibit Page
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23.1 Consent of KPMG
EXHIBIT 23.1
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance Corporation
We consent to the incorporation by reference in the registration
statement (No. 333-49015) of Bear Stearns Asset Backed Securities, Inc.
(the "Registrant"), and the Prospectus Supplement of the Registrant (the
"Prospectus Supplement"), included in Form 8-K of the Registrant dated
June 10, 1998, of our report dated January 29, 1998 on the consolidated
financial statements of Ambac Assurance Corporation as of December 31,
1997 and 1996, and for each of the years in the three-year period ended
December 31, 1997, which report appears in the Form 10-K of Ambac
Financial Group, Inc. dated March 31, 1998 and to the reference to our
firm under the heading "Experts" in the Prospectus Supplement.
/s/ KPMG Peat Marwick LLP
New York, New York
June 10, 1998
BROWN & WOOD LLP
One World Trade Center
New York, New York 10048
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
June 10, 1998
BY MODEM
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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.
Irwin Revolving Home Equity Loan Trust 1998-1
Home Equity Loan-Backed Term Notes, Series 1998-1
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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, as amended, the Company's Current Report on Form 8-K, for certain
materials in connection with the above-referenced transaction.
Very truly yours,
/s/ TaeHun Kim
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TaeHun Kim
Enclosure
