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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): February 18, 1999
BEAR STEARNS ASSET BACKED SECURITIES, INC.
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(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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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, 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 Asset
Backed Certificates, Series 1999-1 (the "Certificates").
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 each
of the years in 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; Commission File
Number 1-10777) and the unaudited consolidated financial statements of Ambac
Assurance Corporation and its subsidiaries as of September 30, 1998, and for
the periods ended September 30, 1998 and September 30, 1997, included in the
Quarterly Report on Form 10-Q of Ambac Financial Group, Inc. for the period
ended September 30, 1998 (which was filed with the Securities and Exchange
Commission on November 13, 1998) 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 Trust 1999-1, Irwin Home Equity Asset Backed
Certificates, Series 1999-1, 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 June 4, 1998 and the
prospectus supplement dated January 28, 1999, of Bear Stearns Asset Backed
Securities, Inc., relating to its Irwin Home Equity Asset Backed Certificates,
Series 1999-1.
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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
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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/ Jonathan Lieberman
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Name: Jonathan Lieberman
Title: Vice President
Dated: February 18, 1999
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Exhibit Index
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Exhibit Page
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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
February 18, 1999, of our report dated January 29, 1998 on the
consolidated financial statements of Ambac Assurance Corporation as of
December 31, 1997 and 1996, and for each of the years in the three-year
period ended December 31, 1997, which report appears in the 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 LLP
New York, New York
February 18, 1999
