Draft
June 10, 1999
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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 16, 1999
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-9532 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.
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
Revolving Home Equity Loan Trust 1999-1, Home Equity Loan-Backed Term Notes,
Series 1999-1 (the "Term 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 March 31, 1999, and for the periods ended March 31, 1999
and March 31, 1998, included in the Quarterly Report on Form 10-Q of Ambac
Financial Group, Inc. for the period ended March 31, 1999 (which was filed
with the Securities and Exchange Commission on May 12, 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 Revolving Home
Equity Loan Trust 1999-1, Home Equity Loan-Backed Term Notes, Series 1999-1,
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 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 December 4, 1998 and
the prospectus supplement dated June 10, 1999 (collectively, the
"Prospectus"), of Bear Stearns Asset Backed Securities, Inc., relating to
its GMACM Revolving Home Equity Loan Trust 1999-1, Home Equity
Loan-Backed Term Notes, Series 1999-1.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of KPMG
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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: June 16, 1999
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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. 333-9532) 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 June 16, 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 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
June 16, 1999
