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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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<PAGE>
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 Mortgage Loan Trust,
Series RASC 1999-RS3, Mortgage Asset-Backed Pass-Through Certificates, Series
1999-RS3 (the "Certificates").
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 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 Bear Stearns Asset Backed
Securities, Inc., Mortgage Loan Trust, Series RASC 1999-RS3, Mortgage
Asset-Backed Pass-Through Certificates, Series 1999-RS3, and shall be deemed to
be part hereof and thereof.
In connection with the issuance of the Certificates, 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 Certificates. 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 August 5, 1999 and the
prospectus supplement dated September 23, 1999, of Bear Stearns Asset Backed
Securities, Inc., relating to its Mortgage Loan Trust, Series RASC 1999-RS3,
Mortgage Asset-Backed Pass-Through Certificates, Series 1999-RS3.
<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,
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/Matthew Perkins
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Name: Matthew Perkins
Title: Vice President
Dated: September 23, 1999
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Exhibit Index
Exhibit Page
23.1 Consent of KPMG 6
<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 in 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 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
<PAGE>
BROWN & WOOD LLP
One World Trade Center
New York, New York 10048
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
September 23, 1999
BY MODEM
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Bear Stearns Asset Backed Securities, Inc.
Mortgage Loan Trust, Series RASC 1999-RS3
Mortgage Asset-Backed Pass-Through Certificates, Series 1999-RS3
Ladies and Gentlemen:
On behalf of Bear Stearns Asset Backed Securities, Inc. (the
"Company"), we enclose herewith for filing, pursuant to the Securities and
Exchange Act of 1934, as amended, the Company's Current Report on Form 8-K, for
certain materials in connection with the above-referenced transaction.
Very truly yours,
/s/ Christine K. Loo
Christine K. Loo
Attachment
