SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the fiscal year ended Commission file number
December 31, 1997 333-26051-03
AmerUs Home Equity Loan Trust 1997-1
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(Name of Trust Fund issuing AmerUs Home Equity Loan Asset-Backed
Certificates, Series 1997-1)
Bear Stearns Asset Backed Securities, Inc.
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(Exact name of Registrant as specified in its charter)
Delaware 13-3836437
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(State or other jurisdiction (IRS employer
of incorporation or organization) 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: (904) 272-4095
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Securities registered pursuant to Section 12(b) of the Act: None
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Securities registered pursuant to Section 12(g) of the Act: None
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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 12 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
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Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [ ]
Aggregate market value of the voting stock held by non-affiliates of the
Registrant: None.
Number of shares of common stock of the Registrant outstanding as of December
31, 1997: Not applicable.
DOCUMENTS INCORPORATED BY REFERENCE
Documents in Part IV incorporated herein by reference are as follows:
1. Monthly statement sent to Certificateholders with the November 1997
distribution incorporated herein by reference as an exhibit to the
Registrant's Current Report on Form 8-K filed with the Securities and
Exchange Commission on December 16, 1997.
2. Monthly statement sent to Certificateholders with the December 1997
distribution incorporated herein by reference as an exhibit to the
Registrant's Current Report on Form 8-K filed with the Securities and
Exchange Commission on December 19, 1997.
PART I
ITEM 1. BUSINESS
Not applicable.
ITEM 2. PROPERTIES
Not applicable.
ITEM 3. LEGAL PROCEEDINGS
There are no material pending legal proceedings with respect
to AmerUs Life Insurance Company (the "Seller" and
"Servicer") or the Registrant, or to the best of our
knowledge, the Trust Fund or The Bank of New York (the
"Trustee"), with respect to the Trust Fund, other than
ordinary routine litigation, if any, incidental to the
duties of the Trust Fund or of the Trustee, the Servicer or
the Registrant under the Pooling and Servicing Agreement
relating to the Certificates.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS
(a) There is no established public trading market for
the Certificates representing undivided interests
in the pool established by the Registrant of high
balance, adjustable rate, one- to four-family
mortgage loans.
(b) At December 31, 1997, the number of holders of
record of the Certificates were as follows:
Number of
AmerUs Home Equity Loan Asset Record Holders
Backed Certificates,
Series 1997-1, Class A 13
(c) Not applicable.
ITEM 6. SELECTED FINANCIAL DATA
Not applicable.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Not applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not applicable.
ITEM 11. EXECUTIVE COMPENSATION
Not applicable.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
(a) Not applicable.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) (1) Not applicable.
(2) Not applicable.
(3) The required exhibits are as follows:
Monthly statement sent to
Certificateholders with the November 1997
distribution incorporated herein by
reference as an exhibit to the
Registrant's Current Report on Form 8-K
filed with the Securities and Exchange
Commission on December 16, 1997.
Monthly statement sent to
Certificateholders with the December 1997
distribution incorporated herein by
reference as an exhibit to the
Registrant's Current Report on Form 8-K
filed with the Securities and Exchange
Commission on December 19, 1997.
Independent Accountants' Report on Management's
Assertion About Compliance with Uniform Single
Attestation Program Requirements for the
year ended December 31, 1997.
Officer's Certificate regarding Annual
Statement as to Compliance of the Servicer
for the year ended December 31, 1997.
(b) The following reports on Form 8-K were filed during
the last quarter of the period covered by this
report:
Date Filed Event Reported
December 16, 1997. Monthly statement sent to
Certificateholders with the
November 1997 distribution.
December 19, 1997. Monthly statement sent to
Certificateholders with the
December 1997 distribution.
(c) Exhibits required to be filed by the Registrant
pursuant to Item 601 of Regulation S-K are listed
in the Exhibit Index immediately following the
signature page hereof.
(d) Not applicable.
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT
TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT
No annual report, proxy statement, form of proxy or other soliciting material
has been sent to Certificateholders.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 on March 31, 1998.
BEAR STEARNS ASSET BACKED
SECURITIES, INC., as Registrant
and on behalf of the Trust Fund
By: /s/ Jonathan Lieberman
______________________________
Name: Jonathan Lieberman
Title: Vice President
EXHIBIT INDEX
Exhibit No. Page
19.1 Report Furnished to Security-Holders
(Filed on December 16, 1997 as part
of the Registrant's current report on
Form 8-K)............................................. *
19.2 Report Furnished to Security-Holders
(Filed on December 19, 1997 as part of
the Registrant's current report on
Form 8-K)............................................. *
99.1 Independent Accountants' Report on
Management's Assertion About Compliance
with Uniform Single Attestation
Program Requirements of AmerUs Bank
(as sub-servicer for the Servicer) for
the year ended December 31, 1997...................... 9
99.2 Officer's Certificate regarding Annual
Statement as to Compliance of the
Servicer for the year ended
December 31, 1997......................................10
Exhibit 99.1
INDEPENDENT ACCOUNTANT'S REPORT ON
MANAGEMENT'S ASSERTION ABOUT COMPLIANCE WITH
UNIFORM SINGLE ATTESTATION PROGRAM REQUIREMENTS
INDEPENDENT AUDITOR'S REPORT
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The Board of Directors
AmerUs Bank:
We have examined management's assertion about AmerUs Bank's compliance with
the minimum servicing standards identified in the Mortgage Bankers Association
of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as
of and for the year ended December 31, 1997, included in the accompanying
management assertion. Management is responsible for AmerUs Bank's compliance
with those minimum servicing standards. Our responsibility is to express an
opinion on management's assertion about the entity's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about AmerUs Bank's compliance with the
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provided
a legal determination on AmerUs Bank's compliance with the minimum servicing
standards.
In our opinion, management's assertion that AmerUs Bank complied with the
aforementioned minimum servicing standards as of and for the year ended
December 31, 1997, is fairly stated, in all material respects.
/s/ KPMG Peat Marwick LLP
January 23, 1998
Exhibit 99.2
OFFICER'S CERTIFICATE
ANNUAL STATEMENT AS TO COMPLIANCE
FOR THE YEAR ENDING 1997
RE: POOLING AND SERVICING AGREEMENT dated as of October 1, 1997, among
BEAR STEARNS ASSET BACKED SECURITIES, INC., as depositor, AMERUS LIFE
INSURANCE COMPANY, as Servicer, and THE BANK OF NEW YORK, as trustee.
Pursuant to the above Agreement, the Servicer hereby states:
(a) A review of the activities of the Servicer during the period
October 1, 1997 to December 31, 1997 and of its performance
under the Agreement has been made under the supervision of
the undersigned officer, and
(b) To the best of such officer's knowledge, based on such
review, the Servicer has fulfilled all its material
obligations under the Agreement throughout such year.
Dated March 24, 1998
AmerUs Life Insurance Company
By: /s/ Steven L. Schipper
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Steven L. Schipper
Director, Structured Finance
