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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): December 21, 2000
BEAR STEARNS ASSET-BACKED SECURITIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 333-43278 13-3836437
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
245 PARK AVENUE 10167
NEW YORK, NEW YORK (Zip Code)
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code: (212) 272-4095
No Change
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(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets
Description of the Notes and the Mortgage Loans
Bear Stearns Asset-Backed Securities, Inc. registered issuances of up
to $3,900,000,000 principal amount of Mortgage-Backed Notes on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, as
amended (the "Act"), by the Registration Statements on Form S-3 (Registration
File No. 333-43278) (as amended, the "Registration Statement"). Pursuant to the
Registration Statement, ABFS Mortgage Loan Trust 2000-4 (the "Trust") issued
approximately $275,000,000 in aggregate principal amount of its Mortgage-Backed
Notes (the "Notes"), on December 21, 2000. This Current Report on Form 8-K is
being filed to satisfy an undertaking to file copies of certain agreements
executed in connection with the issuance of the Notes, the forms of which were
filed as Exhibits to the Registration Statement.
The Notes were issued pursuant to an Indenture (the "Indenture")
attached hereto as Exhibit 4.1, dated as of December 1, 2000, between ABFS
Mortgage Loan Trust 2000-4 (the "Trust") and The Chase Manhattan Bank, in its
capacity as indenture trustee (the "Indenture Trustee"). The Notes consist of
one class of senior notes, the Class A Notes (the "Class A Notes") and one class
of Trust Certificates (the "Trust Certificates"). Only the Class A Notes were
offered. The Notes initially evidenced, in the aggregate, 100% of the undivided
beneficial ownership interests in the Trust.
The assets of the Trust consist primarily of fixed-rate business and
consumer purpose residential home equity or commercial loans (the "Mortgage
Loans") secured by first or second lien mortgages (the "Mortgages") on
residential real properties, and to a limited extent, loan secured by commercial
real properties (the "Mortgage Properties").
Interest distributions on the Class A Notes are based on the Notes
Principal Balance thereof and the then applicable Mortgage-Backed Rate thereof.
The Mortgage Rate for the Class A Notes is 7.05% per annum.
The Class A Notes have an original Note Principal Balance of
$275,000,000.
As of the Closing Date, the Mortgage Loans possessed the
characteristics described in the Prospectus dated December 6, 2000 and the
Prospectus Supplement dated December 6, 2000 filed pursuant to Rule 424(b) (5)
of the Act on December 15, 2000.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
1.1 Underwriting Agreement, dated December 6, 2000, between Bear Stearns
Asset-Backed Securities, Inc. and Bear, Stearns & Co. Inc.
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1.2 Indemnification Agreement, dated as of December 6, 2000, among
Bear-Stearns Asset-Backed Securities, Inc., Bear Stearns & Co. Inc.,
and Ambac Assurance Corporation.
4.1 Indenture, dated as of December 1, 2000, between ABFS Mortgage Loan
Trust 2000-4 and The Chase Manhattan Bank, as indenture trustee.
4.2 Unaffiliated Seller's Agreement, dated as of December 1, 2000, among
American Business Credit, Inc., HomeAmerican Credit, Inc. d/b/a/
Upland Mortgage, New Jersey Mortgage and Investment Corp., Bear
Stearns Asset-Backed Securities, Inc., and ABFS 2000-4, Inc.
4.3 Sale and Servicing Agreement, dated as of December 1, 2000, among Bear
Stearns Asset-Backed Securities, Inc., American Business Credit, Inc.,
ABFS Mortgage Loan Trust 2000-4 and The Chase Manhattan Bank.
8.1 Opinion of Morgan, Lewis & Bockius, Counsel to Bear Stearns
Asset-Backed Securities, Inc. regarding certain tax matters.
10.1 Note Insurance Policy, dated December 21, 2000.
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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 S
ECURITIES, INC.
As Depositor and on behalf of ABFS
Mortgage Loan Trust 2000-4
Registrant
By: /s/ Timothy J. Small
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Name: Timothy J. Small
Title: Executive Vice President/
Assistant Secretary
Dated: December 22, 2000
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EXHIBIT INDEX
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EXHIBIT NO. DESCRIPTION
1.1 Underwriting Agreement, dated December 6, 2000, between Bear
Stearns Asset-Backed Securities, Inc. and Bear, Stearns & Co.,
Inc.
1.2 Indemnification Agreement, dated December 6, 2000, among Bear
Stearns Asset-Backed Securities, Inc., Bear, Stearns & Co. Inc.
and Ambac Assurance Corporation.
4.1 Indenture, dated as of December 1, 2000, between ABFS Mortgage
Loan Trust 2000-4 and The Chase Manhattan Bank, as indenture
trustee.
4.2 Unaffiliated Seller's Agreement, dated as of December 1, 2000,
among American Business Credit, Inc., HomeAmerican Credit, Inc.
d/b/a/ Upland Mortgage, New Jersey Mortgage and Investment Corp.,
Bear Stearns Asset-Backed Securities, Inc., and ABFS 2000-4, Inc.
4.3 Sale and Servicing Agreement, dated as of December 1, 2000, among
Bear Stearns Asset-Backed Securities, Inc., American Business
Credit, Inc., ABFS Mortgage Loan Trust 2000-4 and The Chase
Manhattan Bank.
8.1 Opinion of Morgan, Lewis & Bockius, Counsel to Bear Stearns
Asset-Backed Securities, Inc. regarding certain tax matters.
10.1 Note Insurance Policy, dated December 21, 2000.
