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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): September 29, 1998
BEAR STEARNS ASSET BACKED SECURITIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-43091 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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<PAGE>
Item 5. Other Events.
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Incorporation of Certain Documents by Reference
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In connection with the offering of the Champion Home Equity Loan Trust
1998-1, Home Equity Loan Asset-Backed Certificates, Series 1998-1 (the
"Certificates") by Bear Stearns Asset Backed Securities, Inc. (the "Company")
and pursuant to Rule 411 of Regulation C under the Securities Act of 1933 and in
reliance on MBIA Insurance Corporation, SEC No-Action Letter (September 6,
1996), the Company will incorporate by reference the financial statement of MBIA
Insurance Corporation ("MBIA") into the Company's registration statement (File
No. 333-43091). The financial statements will be referred to in the preliminary
prospectus supplement relating to Champion Home Equity Loan Trust 1998-1, Home
Equity Loan Asset-Backed Certificates, Series 1998-1. In connection with the
incorporation of such documents by reference, the Company is hereby filing the
consent of PricewaterhouseCoopers LLP ("PricewaterhouseCoopers") to the use of
their name in such preliminary prospectus supplement. The consent of
PricewaterhouseCoopers is attached hereto as Exhibit 23.
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Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23. Consent of PricewaterhouseCoopers
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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/ Matthew E. Perkins
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Name: Matthew E. Perkins
Title: Vice President
Dated: September 29, 1998
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Exhibit Index
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Exhibit Page
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23. Consent of PricewaterhouseCoopers 6
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus Supplement
of Bear Stearns Asset-Backed Securities, Inc. relating to Champion Home Equity
Loan Trust 1998-1, of our report dated February 3, 1998, on our audits of the
consolidated financial statements of MBIA Insurance Corporation and
Subsidiaries as of December 31, 1997 and 1996 and for each of the three years
in the period ended December 31, 1997. We also consent to the reference to our
firm under the caption "Experts".
\s\ PricewaterhouseCoopers LLP
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PricewaterhouseCoopers LLP
New York, New York
September 29, 1998
