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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): May 26, 1999
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-9532 13-3836437
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
245 Park Avenue
New York, New York 10167
(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,
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 Irwin
Home Equity Loan Trust 1999-2, Home Equity Loan-Backed Notes, Series 1999-2
(the "Notes").
Incorporation of Certain Documents by Reference
The consolidated financial statements of Ambac Assurance Corporation
and its 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;
Commission File Number 1-10777) 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 Irwin Home Equity Loan Trust 1999-2, Home Equity Loan-Backed
Notes, Series 1999-2, 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 supplement
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 May 6, 1999, of Bear Stearns Asset Backed
Securities, Inc., relating to its Irwin Home Equity Loan Trust 1999-2, Home
Equity Loan-Backed Notes, Series 1999-2.
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,
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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Name: Jonathan Lieberman
Title: Managing Director
Dated: May 26, 1999
Exhibit Index
Exhibit Page
23.1 Consent of KPMG 6
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 May 26, 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 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
May 26, 1999
