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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 23, 1999
BEAR STEARNS ASSET BACKED SECURITIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-83541 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.
Filing of Certain Materials
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 GMACM
Loan Trust 1999-HLTV1, GMACM Loan-Backed Term Notes, Series 1999-HLTV1 (the
"Notes").
Incorporation of Certain Documents by Reference
The consolidated financial statements of Ambac Assurance Corporation and
subsidiaries as of December 31, 1998 and December 31, 1997, and for each of
the years in the three-year period ended December 31, 1998, 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 30, 1999) and the
unaudited consolidated financial statements of Ambac Assurance Corporation and
subsidiaries as of June 30, 1999, and for the periods ended June 30, 1999 and
June 30, 1998, included in the Quarterly Report on Form 10-Q of Ambac
Financial Group, Inc. for the period ended June 30, 1999 (which was filed with
the Securities and Exchange Commission on August 13, 1999) are hereby
incorporated by reference in (i) this Current Report on Form 8-K; (ii) the
prospectus; and (iii) the prospectus supplement for GMACM Loan Trust
1999-HLTV1, GMACM Loan-Backed Term Notes, Series 1999-HLTV1, and shall be
deemed to be part hereof and thereof.
In connection with the issuance of the Notes, the Company is filing
herewith the consent of KPMG 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 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 December 4, 1998 and the
prospectus supplement dated September 22, 1999 (collectively, the
"Prospectus"), of Bear Stearns Asset Backed Securities, Inc., relating to its
GMACM Loan Trust 1999-HLTV1, GMACM Loan-Backed Term Notes, Series 1999-HLTV1.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(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
Authorized Signatory
Dated: September 23, 1999
Exhibit Index
Exhibit Page
23.1 Consent of KPMG
<PAGE>
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. 333-83541) 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 23, 1999, of our report dated January 27,
1999 on the consolidated financial statements of Ambac Assurance
Corporation and subsidiaries as of December 31, 1998 and December 31,
1997, and for each of the years in the three-year period ended
December 31, 1998, which report appears in the Form 10-K of Ambac
Financial Group, Inc. which was filed with the Securities and
Exchange Commission on March 30, 1999, and to the reference to our
firm under the heading "Experts" in the Prospectus Supplement.
/s/ KPMG LLP
New York, New York
September 23, 1999
