DRAFT
SEPTEMBER 17, 1998
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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 22, 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, as amended,
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 1998-2 (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 June 30,
1998, and for the periods ended June 30, 1998 and June 30, 1997, included in
the Quarterly Report on Form 10-Q of Ambac Financial Group, Inc. for the
period ended June 30, 1998 (which was filed with the Securities and Exchange
Commission on August 14, 1998) are hereby incorporated by reference in (i)
this Current Report on Form 8-K; (ii) the prospectus; and (iii) the prospectus
supplement for GMACM Revolving Home Equity Loan Trust 1998-2, Home Equity
Loan-Backed Term Notes, Series 1998-2, 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
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 September 10, 1998 (collectively, the
"Prospectus"), of Bear Stearns Asset Backed Securities, Inc., relating to its
Home Equity Loan-Backed Term Notes, Series 1998-2.
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, as
amended, 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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Jonathan Lieberman
Vice President
Dated: September 22, 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"), via the Form 8-K of the
Registrant dated September 22, 1998, of our report dated January 29,
1998 on 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 to the reference to our firm
under the heading "Experts" in the Prospectus Supplement.
/s/ KPMG Peat Marwick LLP
New York, New York
September 21, 1998
