<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Form 8-K
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): 06/25/99
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(AS DEPOSITOR UNDER THE SALE AND SERVICING AGREEMENT
DATED AS OF MARCH 1, 1998, PROVIDING FOR THE ISSUANCE OF
UNITED NATIONAL HOME LOAN OWNER TRUST 1999-1
HOME LOAN ASSET-BACKED NOTES)
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(Exact name of registrant as specified in its charter)
Delaware 333-09532 13-3836437
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation File Number) Identification Number)
245 Park Avenue
New York, New York 10167
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(Address of Principal (Zip Code)
Executive Offices)
egistrant's telephone number, including area code: (212) 272-4095
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Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
20.1 United National Home Loan Owner Trust 1999-1 Monthly Statement:
Payment Date: 6/25/99, Revised 9/25/99
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 thereunto duly authorized.
Date: 10/25/99
BEAR STEARNS ASSET BACKED SECURITIES, INC. by U.S. Bank National
Association, as Trustee for United National Home Loan Owner Trust
1999-1, Home Loan Asset-Backed Notes.
By: /s/ Tammy Shultz-Fugh
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Name: Tammy Shultz-Fugh
Title: Vice President
Company: U.S. Bank National Association
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United National Home Loan Owner Trust
Series 1999-1
MONTHLY STATEMENT
Payment Date: 6/25/99, Revised 9/25/99
<TABLE>
<CAPTION>
FACTORS (Per $1000 Of Original Note Balance) Deferred
Original Interest Principal Amount Class
CUSIP Class Distribution Distribution Distribution Pool
Class Number Balance Factor Factor Factor Factor
<S> <C> <C> <C> <C> <C> <C>
A-IO None 205,259,057 0.00915887 --- --- ---
A 99103P AA7 112,893,000 5.63343467 13.33133029 --- 964.97859543
M-1 99103P AB5 14,368,000 5.75833310 0.00000000 0.00000000 1000.00000000
M-2 99103P AC3 14,368,000 5.75833310 0.00000000 0.00000000 1000.00000000
B-1 None 24,631,000 5.75833340 0.00000000 0.00000000 1000.00000000
B-2 None 6,158,000 5.75833387 0.00000000 0.00000000 1000.00000000
B-3 None 4,105,000 5.75833374 0.00000000 0.00000000 1000.00000000
B-4 None 28,737,000 5.75299683 0.00000000 0.00000035 997.42786431
<CAPTION>
INTEREST Accrued Monthly
Interest Carry-Forward Interest
Class Carry-Forward Interest Distribution
Class Rate Amount Amount Amount
<S> <C> <C> <C> <C>
A-IO 0.011125% 0.00 0.00 1,879.94
A 6.910000% 0.00 0.00 635,975.34
M-1 6.910000% 0.00 0.00 82,735.73
M-2 6.910000% 0.00 0.00 82,735.73
B-1 6.910000% 0.00 0.00 141,833.51
B-2 6.910000% 0.00 0.00 35,459.82
B-3 6.910000% 0.00 0.00 23,637.96
B-4 6.910000% 0.00 0.00 165,323.87
Total 0.00 0.00 1,169,581.90
<CAPTION>
INTEREST
Current
Interest Interest
Interest Distribution Carry-Forward
Class Distribution Payment Amount
<S> <C> <C> <C>
A-IO 1,879.94 1,879.94 0.00
A 635,975.34 635,975.34 0.00
M-1 82,735.73 82,735.73 0.00
M-2 82,735.73 82,735.73 0.00
B-1 141,833.51 141,833.51 0.00
B-2 35,459.82 35,459.82 0.00
B-3 23,637.96 23,637.96 0.00
B-4 165,323.87 165,323.87 0.00
Total 1,169,581.90 1,169,581.90 0.00
<CAPTION>
PRINCIPAL
Beginning Principal Allocable Ending
Class Payment Loss Class
Class Balance Amount Amount Balance
<S> <C> <C> <C> <C>
A-IO 202,784,711.22 --- --- 201,232,413.11
A 110,444,342.44 1,505,013.87 --- 108,939,328.57
M-1 14,368,000.00 0.00 0.00 14,368,000.00
M-2 14,368,000.00 0.00 0.00 14,368,000.00
B-1 24,631,000.00 0.00 0.00 24,631,000.00
B-2 6,158,000.00 0.00 0.00 6,158,000.00
B-3 4,105,000.00 0.00 0.00 4,105,000.00
B-4 28,710,368.78 0.00 47,284.24 28,663,084.54
Total 202,784,711.22 1,505,013.87 47,284.24 201,232,413.11
<CAPTION>
PRINCIPAL
Interest on Deferred Current
Deferred Deferred Amount Deferred
Class Amount Amount Payment Amount
<S> <C> <C> <C> <C>
A-IO --- --- --- ---
A --- --- --- ---
M-1 0.00 0.00 0.00 0.00
M-2 0.00 0.00 0.00 0.00
B-1 0.00 0.00 0.00 0.00
B-2 0.00 0.00 0.00 0.00
B-3 0.00 0.00 0.00 0.00
B-4 26,784.57 154.23 0.01 74,223.03
Total 26,784.57 154.23 0.01 74,223.03
<CAPTION>
COLLECTIONS AND AMOUNTS PAYABLE
<S> <C>
Scheduled Principal Principal Received 242,693.90
Other Principal Principal Received 1,262,319.97
Interest Received 1,172,747.52
Available Collection Amount 2,677,761.39
Total Principal Collection 1,505,013.87
Prior Outstanding Security Principal Balance 202,784,711.22
Regular Principal Payment Amount 1,505,013.87
Regular Principal Payment Amount 1,505,013.87
Noteholders' Interest Payment Amount 801,446.80
Certificateholders' Interest Distribution Amt 368,135.10
Total Amount 2,674,595.77
Regular Payment Amount 2,674,595.77
DELINQUENCY INFORMATION
<S> <C> <C>
Number Aggregate
of Loans Loan Balance
30 days 44 1,643,975.00
60 days 4 130,241.00
90+ days 32 1,314,778.00
Foreclosure 2 98,793.00
Foreclosure Percentage 0.04909%
Bankruptcy 18 708,228.00
Bankruptcy Percentage 0.35195%
REO 0 0.00
REO Percentage 0.00000%
REO Book Value 0 0.00
DISTRIBUTIONS
<S> <C>
Servicer Compensation not reimbursed 0.00
Indenture Trustee Fee 2,957.28
Owner Trustee Fee 208.33
Total Distribution to Security Holders
2,674,595.78
Co-Administrator Fees and Expenses 0.00
Residual Interest Certificate 0.00
Total Distribution Amount 2,677,761.39
OTHER INFORMATION
<S> <C>
Beginning Home Loan Count 5,486.00
Ending Home Loan Count 5,448.00
Beginning Home Loan Principal Balance 202,784,711.22
Ending Home Loan Principal Balance 201,232,413.11
Weighted Average Term to Maturity 239.20
Weighted Average Interest Rate 13.26380%
Current Period Liquidated Home Loans 47,284.24
Cumulative Liquidated Home Loans 72,966.64
Cumulative Losses 72,966.64
Cumulative Deleted Home Loans Per Sect 3.05 0.00
Nonrecoverable Advances reimbursed to the Servicer 0.00
Servicing Fee 126,654.24
</TABLE>
