<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
JANUARY 25, 2000
BEAR STEARNS ASSET BACKED SECURITIES, INC.
ASSET-BACKED CERTIFICATES, SERIES 2000-1
-----------------------------------------------------
(Exact name of Registrant as specified in its charter)
<TABLE>
<S> <C> <C>
DELAWARE 333-43091 13-3836437
(State or other jurisdiction (Commission file number) (I.R.S. employer identification no.)
of incorporation)
</TABLE>
245 PARK AVENUE NEW YORK, NEW YORK 10167
-----------------------------------------------------------
(Address of principal executive offices) (ZIP Code)
(212) 272-2000
------------------------------------------------------------
Registrant's telephone number, including area code
N/A
------------------------------------------------------------
(Former name or former address, if changed since last report)
================================================================================
<PAGE>
Item 5. Other Events
Attached hereto as Exhibit 99.1 are certain materials (the
"Computational Materials") furnished to the Registrant by Bear, Stearns & Co.
Inc. (the "Underwriter") with respect to Bear Stearns Asset Backed Securities,
Inc., Asset-Backed Certificates, Series 2000-1, Class AF and Class AV (the
"Certificates"). The Certificates will be offered pursuant to a Prospectus
Supplement, to be dated on or about January 24, 2000, and a Prospectus to be
dated on or about July 23, 1999 (the Prospectus Supplement and the Prospectus
are collectively referred to herein as the "Prospectus") to be filed with the
Commission pursuant to Rule 424(b)(5) under the Securities Act of 1933, as
amended (the "Act"). The Certificates have been registered pursuant to the Act
under a Registration Statement on Form S-3 (Commission File No. 333-43091) (the
"Registration Statement"). Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Prospectus.
The Computational Materials were prepared solely by the Underwriter,
and the Registrant did not prepare or participate (other than providing to the
Underwriter the background information concerning the underlying pool of assets
upon which the Computational Materials are based) in the preparation of the
Computational Materials.
Any statements or information contained in these Computational
Materials shall be deemed to be modified or superseded for the purposes of the
Prospectus and the Registration Statement by statements or information contained
in the Prospectus.
Also filed hereby is the consent of PricewaterhouseCoopers LLP,
independent accountants, attached hereto as Exhibit 23.1.
Item 7. Financial Statements: Pro Forma Financial Information
and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of PricewaterhouseCoopers LLP,
independent accountants
99.1 Computational Materials of the Underwriter
<PAGE>
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/ Timothy J. Small
______________________________
Name: Timothy J. Small
Title: Senior Managing Director
Dated: January 25, 2000
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description of Exhibit
----------- ----------------------
<S> <C>
23.1 Consent of PricewaterhouseCoopers LLP, independent accountants
99.1 Computational Materials of the Underwriter
</TABLE>
<PAGE>
Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
------------
We consent to the incorporation by reference in the Prospectus Supplement of
Bear Stearns Asset Backed Securities, Inc. relating to Asset-Backed
Certificates, Series 2000-1 of our report dated January 26, 1999 on our audits
of the consolidated financial statements of Financial Security Assurance Inc.
and Subsidiaries as of December 31, 1998 and 1997, and for each of the three
years in the period ended December 31, 1998. We also consent to the reference to
our Firm under the caption "Experts".
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
January 24, 2000
<PAGE>
[LETTERHEAD OF BEAR STEARNS]
BEAR STEARNS ASSET BACKED SECURITIES, INC.
HOME EQUITY LOAN TRUST 2000-1
EMC MORTGAGE CORP. -- SELLER AND MASTER SERVICER
[FSA LOGO]
COMPUTATIONAL MATERIALS
- --------------------------------------------------------------------------------
FAX TO: DATE:
COMPANY: # PAGES (incl. cover):
FAX NO: PHONE NO:
- --------------------------------------------------------------------------------
FROM: PHONE NO:
- --------------------------------------------------------------------------------
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, AND OTHER
INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by an issuer, the issuer has not
participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information," please refer to this
statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported (paydown factors, rate
resets, and trustee statements). Models used in any analysis may be proprietary
making the results difficult for any third party to reproduce. Contact your
registered representative for detailed explanations of any modeling techniques
employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models for performance analysis, which are likely to produce different results,
and any further explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
GENERAL INFORMATION: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary
<PAGE>
basis for any investment decision. The Information is not a solicitation of any
transaction in securities which may be made only by prospectus when required by
law, in which event you may obtain such prospectus from Bear Stearns.
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
BEAR STEARNS ASSET BACKED SECURITIES, INC.
HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIALS
[FSA LOGO]
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 3
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
$261,554,000 (APPROXIMATE)
- FSA INSURED -
TRANSACTION SUMMARY(a)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
EXPECTED
OFFERED APPROXIMATE WAL(c) DURATION(c) RATINGS
CERTIFICATES SIZE COUPON(b) (YEARS) (YEARS) (MOODY'S/S&P)
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLASS AF $96,521,000 Fixed 2.804 2.291 Aaa/AAA
CLASS AF $100,000,000 (Sold Through Reverse Inquiry)
CLASS AV $65,033,000 Floating 2.425 2.075 Aaa/AAA
------------
Total $261,554,000
-------------------------------------------------------------------------------------
</TABLE>
CERTIFICATES:
(a) See "Prepayment Assumptions" below.
(b) Coupons may be limited as described in the Prospectus.
(c) To 10% clean-up call.
<TABLE>
<S> <C>
DEPOSITOR: Bear Stearns Asset Backed Securities, Inc.
ISSUER: BSABS Home Equity Loan Trust 2000-1
SELLER AND MASTER SERVICER: EMC Mortgage Corporation
ORIGINATOR OF COLLATERAL: IMC Mortgage Company
CREDIT ENHANCER: Financial Security Assurance, Inc. (FSA) (the "Credit Enhancer")
SOLE MANAGER: Bear, Stearns & Co. Inc.
TRUSTEE: Bankers Trust Company of California, N.A.
STRUCTURE: Bond Insured structure through Financial Security Assurance,
Inc. (FSA) with Certificates collateralized by two separate
mortgage loan groups. Each loan group will have its own
overcollateralization target. Excess spread from each loan
group, to the extent not needed by that loan group, will be
available to the other loan group to provide credit
enhancement.
THE CERTIFICATES: BSABS Home Equity Loan Trust 2000-1 will issue 2 classes of
Home Equity Loan-Backed Certificates, the Class AF
Certificates (the "Fixed-Rate Certificates") and Class AV
Certificates (the "Adjustable-Rate Certificates" and together
with the Fixed-Rate Certificates "the Certificates").
COLLATERAL: There will be a total of approximately $269,432,424 of home equity
mortgage loans as of the Cut-off Date, consisting of two
separate collateral pools. Approximately $204,072,509 of the
collateral will consist of first and second lien fixed-rate
loans ("Fixed-Rate Group"), and approximately $65,359,915 of
the collateral will consist of first lien 6-month LIBOR and
2/28, 3/27 and 5/25 LIBOR adjustable-rate loans
("Adjustable-Rate Group").
PREPAYMENT
PRICING ASSUMPTION: Fixed-Rate Group: 4% CPR -- 25% CPR ramp over 12 months.
Adjustable-Rate Group: 30% CPR (flat)
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 4
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
CERTIFICATE RATE: Interest will accrue on the Class AF Certificates
at a fixed rate during the month prior to the
month of the related Payment Date (or from the
Cut-off Date to the end of such month in the case
of the first Payment Date) based on an assumed
year of 360 days, consisting of 12 30-day months.
Interest will accrue on the Class AV Certificates
from and including the preceding Payment Date (or
from the Closing Date in the case of the first
Payment Date) to and including the day prior to
the then current Payment Date (the "Class AV
Accrual Period") at the Class AV Certificate Rate
based on the actual number of days elapsed during
the Class AV Accrual Period and an assumed year
of 360 days.
The Class AV Certificate Rate will be equal to the
least of (a) 1-month LIBOR + [___]% per annum,
(b) the Adjustable Rate Available Funds Cap and
(c) [14.00]% per annum, payable monthly.
CUT-OFF DATE: January 1, 2000
EXPECTED SETTLEMENT DATE: January 27, 2000
FIRST PAYMENT DATE: February 25, 2000
PAYMENT DATES: The 25th day of each month or, if such day is
not a business day, the next succeeding business
day, beginning in February 2000.
FORM OF OFFERING: Book-Entry form same day funds through DTC,
Euroclear and CEDEL.
DENOMINATIONS: Minimum denominations of $25,000 and multiples
of $1,000 thereafter.
ERISA ELIGIBILITY: The Certificates will be ERISA eligible as of
closing. Prospective investors should consult
their own counsel with respect to an investment
in the offered Certificates.
SMMEA TREATMENT: The Class AF Certificates will not constitute
"mortgage-related securities" for purposes of
SMMEA, while the Class AV Certificates will
constitute "mortgage-related securities" for
purposes of SMMEA.
TAX STATUS: REMIC under the Internal Revenue Code.
CREDIT ENHANCEMENT
EXCESS INTEREST: Excess Interest cashflows from each loan group
will be available as credit enhancement for the
related loan group.
OVERCOLLATERALIZATION: The credit enhancement provisions of the Trust
are intended to provide for the limited
acceleration of the Certificates relative to the
amortization of the related collateral pool,
generally in the early months of the transaction.
Accelerated amortization is achieved by applying
certain excess interest collected on the
collateral to the payment of principal on the
related Certificates resulting in the build up of
overcollateralization ("O/C"). By paying down the
principal balance of the Certificates faster than
the principal amortization of the respective loan
group, an O/C amount equal to the excess of the
aggregate principal balance of the collateral
over the principal balance of the related
Certificates is created. Excess cash flows will
be directed to build each O/C amount until the
respective Mortgage Loan Group reaches its
required O/C target. Upon this event, the
acceleration feature will cease, unless it is
once again necessary to maintain the required O/C
level.
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 5
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
All O/C levels are preliminary and subject to change:
<TABLE>
<CAPTION>
- ------------------------- ------------------------ ----------------------
INITIAL TARGET
OFFERED CERTIFICATES OVERCALLATERALIZATION OVERCOLLATERALIZATION
- -------------------------------------------------------------------------
<S> <C> <C>
Class AF 3.70% 6.00%
- -------------------------------------------------------------------------
Class AV 0.50% 5.00%
- -------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
CROSS-COLLATERALIZATION: Excess spread from each of the two collateral
groups, if not needed to credit enhance its own
group, will be available to credit enhance the
other group.
FSA INSURANCE POLICY: FSA (the "Certificate Insurer") will
unconditionally and irrevocably guarantee the
timely payment of interest and ultimate payment
of principal on the Certificates (i.e. after any
losses reduce the overcollateralization in both
loan groups to zero, FSA will cover the excess,
if any, of the Certificate principal balance over
the aggregate collateral balance of both loan
groups). The Insured Payments do not cover
Realized Losses except to the extent that an
Overcollateralization Deficit exists. Insured
Payments do not cover the Servicer's failure to
make Delinquency Advances except to the extent
that an Overcollateralization Deficit would
otherwise result therefrom. The Insurance Policy
is not cancelable for any reason.
FIXED RATE AFC: All fixed rate coupons are subject to the
fixed-rate available funds cap ("Fixed Rate
AFC"). The Fixed-Rate AFC is a rate equal to the
weighted average gross coupon rate for the
Fixed-Rate Group collateral less the servicing
fee (50 bps) and the trustee fee (1 bp).
ADJUSTABLE RATE AFC: All adjustable rate coupons are subject to the
adjustable-rate available funds cap ("Adjustable
Rate AFC"). The Adjustable-Rate AFC is a rate
equal to the weighted average gross coupon rate
for the Adjustable-Rate Group collateral less the
servicing fee (50 bps), the trustee fee (1 bp)
and 50 bps.
INTEREST ACCRUAL: For the Fixed-Rate Certificates, interest will
accrue from the 1st day of the preceding month
until the 30th day of that month. For the
Adjustable-Rate Certificates, interest will
accrue for the first accrual period from the
Closing Date and, thereafter, from the preceding
Payment Date until the business day preceding the
current Payment Date.
PAYMENT DELAY: Fixed-Rate Certificates: 24 days
Adjustable-Rate Certificates: 0 days
CLEAN-UP CALL: The Master Servicer has the option to exercise a
call when the aggregate Stated Principal Balance
of the mortgage loans is less than or equal to
10% of the Aggregate Stated Principal Balance of
the mortgage loans as of the Cut-Off Date. The
call will be exercised at par plus accrued
interest.
COUPON STEP UP: FIXED RATE CERTIFICATES:
If the 10% Clean-Up Call is not exercised, the
Class AF coupon shall increase by 50 bps.
ADJUSTABLE RATE CERTIFICATES:
If the 10% Clean-Up Call is not exercised, the
Class AV margin will double.
SHORTFALL REIMBURSEMENT: If on any Payment Date the Pass-Through Rate on the
Adjustable-Rate Certificates is limited by the
Adjustable-Rate AFC, the amount of such interest
that would have been distributed if the
Pass-Through Rate had not been so limited over
the amount of interest at the Adjustable-Rate AFC
and the aggregate of such shortfalls from
previous Payment Dates together with accrued
interest at the Pass-Through Rate will be carried
forward to the next Payment Date until paid. No
interest carryforward will be paid once the
related Certificate principal balance has been
reduced to zero.
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 6
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
CASHFLOW PRIORITY
<TABLE>
FIXED-RATE CERTIFICATES:
<S> <C> <C>
1) Repayment of any unrecoverable, unreimbursed
Servicer Advances;
2) Payment of Servicing Fees and Trustee Fees for
the Fixed-Rate Group;
3) From Fixed-Rate Group interest funds, monthly
interest including any interest carryforward to
the Fixed-Rate Certificates;
4) From Fixed-Rate Group principal funds, monthly
principal to the Fixed-Rate Certificates;
5) To pay the Credit Enhancer the accrued and unpaid
premium for the Policy;
6) To reimburse the Credit Enhancer for any prior draws
on the Policy;
7) Excess cashflow to the Fixed-Rate Certificates to
build overcollateralization to the related required
overcollateralization amount;
8) Excess cashflow to pay amounts under item 7 under
"Adjustable-Rate Certificates" below;
9) Excess cashflow to pay the Credit Enhancer for any
other amounts owed; and
10) Any excess cashflow reverts to the holder of the
Class R Certificates.
ADJUSTABLE-RATE CERTIFICATES:
1) Repayment of any unrecoverable, unreimbursed Servicer Advances;
2) Payment of Servicing Fees and Trustee Fees for the Adjustable-Rate Group;
3) From Adjustable-Rate Group interest funds, monthly interest including
any interest carryforward to the Adjustable-Rate Certificates;
4) From Adjustable-Rate Group principal funds, monthly principal to the
Adjustable-Rate Certificates;
5) To pay the Credit Enhancer the accrued and unpaid premium for the Policy;
6) To reimburse the Credit Enhancer for any prior draws on the Policy;
7) Excess cashflow to the Adjustable-Rate Certificates to build
overcollateralization to the related required overcollateralization amount;
8) Excess cashflow to pay amounts under item 7 under "Fixed-Rate Certificates"
above;
9) Excess cashflow to the Adjustable-Rate Certificates to pay the Adjustable-Rate
Certificate Carryover, if any;
10) Excess cashflow to pay the Credit Enhancer for any other amounts owed; and
11) Any excess cashflow reverts to the holder of the Class R Certificates.
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 7
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
SENSITIVITY TABLES(1)
<TABLE>
<CAPTION>
Class AF (to call)
- ---------------------------------------------------------------------------------------
CPR- Adjustable-Rate Group 0% 20% 25% 30% 35% 40%
PPC - Fixed-Rate Group 0% 50% 75% 100% 125% 150%
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.67 5.42 3.75 2.80 2.19 1.77
Modified Duration (years) 8.00 3.89 2.92 2.30 1.86 1.54
First Principal Payment 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00
Last Principal Payment 3/25/27 6/25/13 8/25/09 5/25/07 10/25/05 10/25/04
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 326 161 115 88 69 57
Illustrative Yield @ Par 7.58% 7.51% 7.47% 7.42% 7.37% 7.31%
- ---------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class AV (to call)
- ---------------------------------------------------------------------------------------
CPR- Adjustable-Rate Group 0% 20% 25% 30% 35% 40%
PPC - Fixed-Rate Group 0% 50% 75% 100% 125% 150%
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.37 3.90 3.02 2.42 1.99 1.68
Modified Duration (years) 10.63 3.08 2.50 2.07 1.75 1.50
First Principal Payment 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00
Last Principal Payment 3/25/27 6/25/13 8/25/09 5/25/07 10/25/05 10/25/04
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 326 161 115 88 69 57
Illustrative Yield @ Par 6.30% 6.30% 6.30% 6.30% 6.30% 6.30%
- ---------------------------------------------------------------------------------------
</TABLE>
(1) 100% PPC equals 4%-25% CPR ramp over 12 months.
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 8
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
SENSITIVITY TABLES(1)
<TABLE>
<CAPTION>
Class AF (to maturity)
- ---------------------------------------------------------------------------------------
CPR-Adjustable-Rate Group 0% 20% 25% 30% 35% 40%
PPC - Fixed-Rate Group 0% 50% 75% 100% 125% 150%
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.73 5.69 4.06 3.07 2.41 1.93
Modified Duration (years) 8.01 3.97 3.06 2.44 1.99 1.65
First Principal Payment 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00
Last Principal Payment 12/25/28 1/25/25 4/25/19 12/25/14 4/25/13 11/25/10
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 347 300 231 179 159 130
Illustrative Yield @ Par 7.58% 7.52% 7.50% 7.46% 7.42% 7.37%
- ---------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class AV (to maturity)
- ---------------------------------------------------------------------------------------
CPR- Adjustable-Rate Group 0% 20% 25% 30% 35% 40%
PPC - Fixed-Rate Group 0% 50% 75% 100% 125% 150%
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.53 4.01 3.16 2.57 2.14 1.81
Modified Duration (years) 10.66 3.12 2.57 2.16 1.84 1.58
First Principal Payment 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00
Last Principal Payment 3/25/29 9/25/21 8/25/17 7/25/14 2/25/12 4/25/10
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 350 260 211 174 145 123
Illustrative Yield @ Par 6.30% 6.31% 6.31% 6.31% 6.32% 6.32%
- ---------------------------------------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 9
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
(1) 100% PPC equals 4%-25% CPR ramp over 12 months.
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
COLLATERAL SUMMARY
(Fixed-Rate Group)
Fixed-Rate Group
----------------
Cut-Off Date January 1, 2000
Total Outstanding Balance: $204,072,509.05
Number of Loans: 2,961
Average Remaining Balance: $ 68,920.13 ($940.46-$577,834.39)
Loan Type: 100.00% fixed-rate loans
Wtd. Avg. Gross Coupon: 10.169% (6.000%-17.900%)
Wtd. Avg. Stated Original Term: 257 months (60 months-360 months)
Wtd. Avg. Stated Remaining Term: 244 months (42 months-359 months)
Lien Position: 93.60% first,
6.40% second.
Wtd. Avg. CLTV Ratio: 75.92% (4.74% - 107.14%)
Property Type: 87.16% single family,
8.35% 2-4 family,
1.48% duplex,
1.46% man. housing,
1.01% townhouse
0.31% condo,
0.12% mixed use,
0.11% multi-family.
Owner Occupancy: 93.02% owner occupied,
6.98% non-owner occupied.
Loan Purpose: 60.42% cash out refi,
23.43% rate/term refi,
16.10% purchase,
0.05% other.
Geographic Distribution: CA (10.04%), NY (10.03%), PA (8.81%),
(all states >= 5.00%) FL (7.40%), MI (6.17%), IL (5.79%)
Delinquency Status 95.68% current, 3.29% 30 days,
1.03% 60 days
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 10
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
(1) 100% PPC equals 4%-25% CPR ramp over 12 months.
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
COLLATERAL SUMMARY
(Adjustable-Rate Group)
Adjustable-Rate Group
Cut-Off Date ` January 1, 2000
Total Outstanding Balance: $65,359,914.88
Number of Loans: 688
Average Remaining Balance: $94,999.88 ($11,955.47-$666,111.88)
Loan Type: 28.18% 6-month LIBOR,
55.04% 2/28 LIBOR,
16.53% 3/27 LIBOR,
0.25% 5/25 LIBOR.
Wtd. Avg. Gross Coupon: 10.202% (7.000%-16.000%)
Wtd. Avg. Gross Margin 6.820%
Wtd. Avg. Max Loan Rate 16.720%
Wtd. Avg. Stated Original Term: 359 months (180 months-360 months)
Wtd. Avg. Stated Remaining Term: 346 months (165 months-358 months)
Lien Position: 100.00% first
Wtd. Avg. LTV Ratio: 75.78% (30.46%-109.80%)
Property Type: 90.51% single family,
6.61% 2-4 family,
1.00% duplex,
0.88% man. housing,
0.43% condo,
0.35% multi-family,
0.22% townhouse.
Owner Occupancy: 90.48% owner occupied,
9.52% non-owner occupied.
Loan Purpose: 58.80% cash out refi,
24.99% rate/term refi,
16.21% purchase.
Geographic Distribution: CA (20.98%), IL (8.23%), OH (6.88%),
(all states >= 5.00%) FL (5.90%).
Delinquency Status 92.88% current, 6.21% 30 days,
0.91% 60 days
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 11
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED-RATE LOAN GROUP - CURRENT MORTGAGE LOAN PRINCIPAL BALANCES
<TABLE>
<CAPTION>
RANGE OF CURRENT MORTGAGE NUMBER OF AGGREGATE PERCENT OF
LOAN PRINCIPAL BALANCES MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------
0.01 - 25,000.00 452 $7,650,497.32 3.75%
- ----------------------------------------------------------------------------------------
25,000.01 - 50,000.00 936 35,266,814.74 17.28
- ----------------------------------------------------------------------------------------
50,000.01 - 75,000.00 669 41,073,923.77 20.13
- ----------------------------------------------------------------------------------------
75,000.01 - 100,000.00 362 31,458,064.55 15.42
- ----------------------------------------------------------------------------------------
100,000.01 - 125,000.00 201 22,390,830.73 10.97
- ----------------------------------------------------------------------------------------
125,000.01 - 150,000.00 115 15,664,883.09 7.68
- ----------------------------------------------------------------------------------------
150,000.01 - 175,000.00 70 11,369,370.22 5.57
- ----------------------------------------------------------------------------------------
175,000.01 - 200,000.00 43 8,030,872.98 3.94
- ----------------------------------------------------------------------------------------
200,000.01 - 225,000.00 31 6,589,230.80 3.23
- ----------------------------------------------------------------------------------------
225,000.01 - 250,000.00 20 4,746,301.62 2.33
- ----------------------------------------------------------------------------------------
250,000.01 - 275,000.00 15 3,967,766.10 1.94
- ----------------------------------------------------------------------------------------
275,000.01 - 300,000.00 13 3,753,707.01 1.84
- ----------------------------------------------------------------------------------------
300,000.01 - 325,000.00 14 4,375,296.52 2.14
- ----------------------------------------------------------------------------------------
325,000.01 - 350,000.00 7 2,359,590.96 1.16
- ----------------------------------------------------------------------------------------
350,000.01 - 375,000.00 4 1,445,923.26 0.71
- ----------------------------------------------------------------------------------------
375,000.01 - 400,000.00 3 1,169,560.95 0.57
- ----------------------------------------------------------------------------------------
400,000.01 - 425,000.00 1 424,081.41 0.21
- ----------------------------------------------------------------------------------------
425,000.01 - 450,000.00 3 1,300,677.14 0.64
- ----------------------------------------------------------------------------------------
450,000.01 + 2 1,035,115.88 0.51
- ----------------------------------------------------------------------------------------
2,961 $204,072,509.05 100.00%
----------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 12
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED-RATE LOAN GROUP - MORTGAGE RATES
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
RANGE OF MORTGAGE RATES MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
5.501 - 6.000 4 $233,580.62 0.11%
- ---------------------------------------------------------------------------------------
6.001 - 6.500 10 1,716,043.08 0.84
- ---------------------------------------------------------------------------------------
6.501 - 7.000 19 2,325,951.45 1.14
- ---------------------------------------------------------------------------------------
7.001 - 7.500 23 2,693,318.92 1.32
- ---------------------------------------------------------------------------------------
7.501 - 8.000 60 8,728,130.37 4.28
- ---------------------------------------------------------------------------------------
8.001 - 8.500 103 11,309,310.48 5.54
- ---------------------------------------------------------------------------------------
8.501 - 9.000 266 24,126,314.04 11.82
- ---------------------------------------------------------------------------------------
9.001 - 9.500 265 19,558,477.71 9.58
- ---------------------------------------------------------------------------------------
9.501 - 10.000 482 37,613,863.97 18.43
- ---------------------------------------------------------------------------------------
10.001 - 10.500 294 20,941,565.58 10.26
- ---------------------------------------------------------------------------------------
10.501 - 11.000 412 24,945,248.97 12.22
- ---------------------------------------------------------------------------------------
11.001 - 11.500 233 13,112,565.09 6.43
- ---------------------------------------------------------------------------------------
11.501 - 12.000 265 14,059,262.84 6.89
- ---------------------------------------------------------------------------------------
12.001 - 12.500 147 6,575,411.40 3.22
- ---------------------------------------------------------------------------------------
12.501 - 13.000 154 7,517,177.93 3.68
- ---------------------------------------------------------------------------------------
13.001 - 13.500 73 3,958,333.74 1.94
- ---------------------------------------------------------------------------------------
13.501 - 14.000 68 2,695,574.32 1.32
- ---------------------------------------------------------------------------------------
14.001 - 14.500 24 735,401.03 0.36
- ---------------------------------------------------------------------------------------
14.501 - 15.000 32 550,342.01 0.27
- ---------------------------------------------------------------------------------------
15.001 - 15.500 12 307,910.46 0.15
- ---------------------------------------------------------------------------------------
15.501 - 16.000 10 268,583.76 0.13
- ---------------------------------------------------------------------------------------
16.001 - 16.500 1 14,449.13 0.01
- ---------------------------------------------------------------------------------------
16.501 - 17.000 3 74,299.87 0.04
- ---------------------------------------------------------------------------------------
17.501 - 18.000 1 11,392.28 0.01
- ---------------------------------------------------------------------------------------
2,961 $204,072,509.05 100.00%
---------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 13
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED-RATE LOAN GROUP - REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
REMAINING TERM (MONTHS) MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
0 - 48 1 $46,728.84 0.02%
- ---------------------------------------------------------------------------------------
49 - 60 5 147,587.61 0.07
- ---------------------------------------------------------------------------------------
61 - 120 120 3,142,702.55 1.54
- ---------------------------------------------------------------------------------------
121 - 180 1,529 99,912,365.72 48.96
- ---------------------------------------------------------------------------------------
181 - 240 297 16,591,620.99 8.13
- ---------------------------------------------------------------------------------------
241 - 300 56 4,002,355.21 1.96
- ---------------------------------------------------------------------------------------
301 - 360 953 80,229,148.13 39.31
- ---------------------------------------------------------------------------------------
2,961 $204,072,509.05 100.00%
---------------------------------------------------------
</TABLE>
FIXED-RATE LOAN GROUP - LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
RANGE OF NUMBER OF AGGREGATE PERCENT OF
LOAN-TO-VALUE RATIOS MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
0 - 10.00 2 $72,252.16 0.04%
- ---------------------------------------------------------------------------------------
10.01 - 20.00 8 212,769.31 0.10
- ---------------------------------------------------------------------------------------
20.01 - 25.00 15 342,501.94 0.17
- ---------------------------------------------------------------------------------------
25.01 - 30.00 12 299,522.29 0.15
- ---------------------------------------------------------------------------------------
30.01 - 40.00 4 1,353,673.43 0.66
- ---------------------------------------------------------------------------------------
40.01 - 50.00 134 5,712,548.62 2.80
- ---------------------------------------------------------------------------------------
50.01 - 60.00 212 9,534,992.04 4.67
- ---------------------------------------------------------------------------------------
60.01 - 70.00 633 34,871,072.41 17.09
- ---------------------------------------------------------------------------------------
70.01 - 80.00 1,343 101,372,508.19 49.67
- ---------------------------------------------------------------------------------------
80.01 - 90.00 503 45,282,516.02 22.19
- ---------------------------------------------------------------------------------------
90.01 - 100.00 53 4,748,864.91 2.33
- ---------------------------------------------------------------------------------------
100.01 - 110.00 2 269,287.73 0.13
- ---------------------------------------------------------------------------------------
2,961 $204,072,509.05 100.00%
---------------------------------------------------------
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 14
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED-RATE LOAN GROUP - CREDIT SCORES (PER IMC GUIDELNES)
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
CREDIT SCORE MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
N/A 1 $63,799.16 0.03%
- ---------------------------------------------------------------------------------------
A 1,329 104,359,472.52 51.14
- ---------------------------------------------------------------------------------------
B 769 52,377,043.72 25.67
- ---------------------------------------------------------------------------------------
C 702 39,683,344.84 19.45
- ---------------------------------------------------------------------------------------
D 160 7,588,848.81 3.72
- ---------------------------------------------------------------------------------------
2,961 $204,072,509.05 100.00%
---------------------------------------------------------
</TABLE>
FIXED-RATE LOAN GROUP - LOAN PURPOSE
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
LOAN PURPOSE MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
Cashout 1,944 $123,290,015.29 60.41%
- ---------------------------------------------------------------------------------------
N/A 1 63,799.16 0.03
- ---------------------------------------------------------------------------------------
New Construction 1 47,042.25 0.02
- ---------------------------------------------------------------------------------------
Purchase 380 32,849,447.24 16.10
- ---------------------------------------------------------------------------------------
Rate/Term 635 47,822,205.11 23.43
- ---------------------------------------------------------------------------------------
2,961 $204,072,509.05 100.00%
---------------------------------------------------------
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 15
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED-RATE LOAN GROUP - PROPERTY TYPE
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
PROPERTY TYPE MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
N/A 1 $63,799.16 0.03%
- ---------------------------------------------------------------------------------------
2-4 Family 216 17,039,425.57 8.35
- ---------------------------------------------------------------------------------------
Condo 9 632,071.75 0.31
- ---------------------------------------------------------------------------------------
Duplex 49 3,017,533.27 1.48
- ---------------------------------------------------------------------------------------
Multi-Family 2 226,342.69 0.11
- ---------------------------------------------------------------------------------------
Manuf. Housing 57 2,979,033.65 1.46
- ---------------------------------------------------------------------------------------
Mixed Use 3 234,867.37 0.12
- ---------------------------------------------------------------------------------------
SF Attached 101 4,380,452.67 2.15
- ---------------------------------------------------------------------------------------
SF Detached 2,486 173,444,109.54 84.99
- ---------------------------------------------------------------------------------------
Townhouse 37 2,054,873.38 1.01
- ---------------------------------------------------------------------------------------
2,961 $204,072,509.05 100.00%
---------------------------------------------------------
</TABLE>
FIXED-RATE LOAN GROUP - OCCUPANCY TYPE
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
OCCUPANCY TYPE MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------
Second Home 19 $1,319,411.47 0.65%
- ----------------------------------------------------------------------------------------
Investment 257 12,924,526.28 6.33
- ----------------------------------------------------------------------------------------
Owner 2,685 189,828,571.30 93.02
- ----------------------------------------------------------------------------------------
2,961 $204,072,509.05 100.00%
----------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 16
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED-RATE LOAN GROUP - STATE DISTRIBUTION
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
STATE MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
AK 2 $110,205.85 0.05%
- ---------------------------------------------------------------------------------------
AR 28 1,076,329.19 0.53
- ---------------------------------------------------------------------------------------
AZ 16 1,148,176.30 0.56
- ---------------------------------------------------------------------------------------
CA 142 20,491,328.18 10.04
- ---------------------------------------------------------------------------------------
CO 39 2,883,349.54 1.41
- ---------------------------------------------------------------------------------------
CT 32 2,930,552.64 1.44
- ---------------------------------------------------------------------------------------
DC 2 105,563.38 0.05
- ---------------------------------------------------------------------------------------
DE 29 1,611,255.38 0.79
- ---------------------------------------------------------------------------------------
FL 229 15,107,440.15 7.40
- ---------------------------------------------------------------------------------------
GA 74 4,427,329.33 2.17
- ---------------------------------------------------------------------------------------
HI 1 167,459.41 0.08
- ---------------------------------------------------------------------------------------
IA 19 927,582.22 0.45
- ---------------------------------------------------------------------------------------
ID 4 336,417.70 0.16
- ---------------------------------------------------------------------------------------
IL 158 11,824,945.01 5.79
- ---------------------------------------------------------------------------------------
IN 120 5,542,947.07 2.72
- ---------------------------------------------------------------------------------------
KS 21 1,006,995.67 0.49
- ---------------------------------------------------------------------------------------
KY 20 1,258,295.91 0.62
- ---------------------------------------------------------------------------------------
LA 44 2,316,257.49 1.14
- ---------------------------------------------------------------------------------------
MA 69 6,414,943.03 3.14
- ---------------------------------------------------------------------------------------
MD 113 8,580,283.31 4.20
- ---------------------------------------------------------------------------------------
ME 9 390,598.05 0.19
- ---------------------------------------------------------------------------------------
MI 222 12,590,304.78 6.17
- ---------------------------------------------------------------------------------------
MN 16 1,085,974.82 0.53
- ---------------------------------------------------------------------------------------
MO 50 2,310,292.56 1.13
- ---------------------------------------------------------------------------------------
MS 18 877,447.07 0.43
- ---------------------------------------------------------------------------------------
MT 1 73,875.60 0.04
- ---------------------------------------------------------------------------------------
NC 151 9,028,760.92 4.42
- ---------------------------------------------------------------------------------------
ND 2 143,332.23 0.07
- ---------------------------------------------------------------------------------------
NE 20 1,045,841.44 0.51
- ---------------------------------------------------------------------------------------
NH 10 713,476.58 0.35
- ---------------------------------------------------------------------------------------
NJ 69 6,523,278.77 3.20
- ---------------------------------------------------------------------------------------
NM 11 669,883.41 0.33
- ---------------------------------------------------------------------------------------
NV 8 1,044,586.44 0.51
- ---------------------------------------------------------------------------------------
NY 254 20,466,836.25 10.03
- ---------------------------------------------------------------------------------------
OH 156 8,867,723.33 4.35
- ---------------------------------------------------------------------------------------
OK 24 1,377,803.89 0.68
- ---------------------------------------------------------------------------------------
OR 18 2,063,654.12 1.01
- ---------------------------------------------------------------------------------------
PA 354 17,981,146.37 8.81
- ---------------------------------------------------------------------------------------
RI 14 1,025,738.80 0.50
- ---------------------------------------------------------------------------------------
SC 71 4,341,740.30 2.13
- ---------------------------------------------------------------------------------------
TN 69 4,533,891.37 2.22
- ---------------------------------------------------------------------------------------
TX 79 5,543,944.31 2.72
- ---------------------------------------------------------------------------------------
UT 22 2,314,570.27 1.13
- ---------------------------------------------------------------------------------------
VA 81 5,028,753.66 2.46
- ---------------------------------------------------------------------------------------
VT 5 246,887.99 0.12
- ---------------------------------------------------------------------------------------
WA 30 3,980,475.37 1.95
- ---------------------------------------------------------------------------------------
WI 17 554,258.78 0.27
- ---------------------------------------------------------------------------------------
WV 12 798,849.76 0.39
- ---------------------------------------------------------------------------------------
WY 6 180,925.05 0.09
- ---------------------------------------------------------------------------------------
2,961 $204,072,509.05 100.00%
---------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 17
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED-RATE LOAN GROUP - LIEN POSITION
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
LIEN POSITION MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
First 2,574 $191,002,471.43 93.60%
- ---------------------------------------------------------------------------------------
Second 387 13,070,037.62 6.40
- ---------------------------------------------------------------------------------------
2,961 $204,072,509.05 100.00%
---------------------------------------------------------
</TABLE>
ADJUSTABLE-RATE LOAN GROUP - MORTGAGE LOAN PRINCIPAL BALANCE
<TABLE>
<CAPTION>
RANGE OF MORTGAGE LOAN NUMBER OF AGGREGATE PERCENT OF
PRINCIPAL BALANCES MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
0.01 - 25,000.00 33 $652,432.74 1.00%
- ---------------------------------------------------------------------------------------
25,000.01 - 50,000.00 158 6,218,471.89 9.51
- ---------------------------------------------------------------------------------------
50,000.01 - 75,000.00 175 10,852,718.04 16.60
- ---------------------------------------------------------------------------------------
75,000.01 - 100,000.00 100 8,733,747.27 13.36
- ---------------------------------------------------------------------------------------
100,000.01 - 125,000.00 84 9,382,873.04 14.36
- ---------------------------------------------------------------------------------------
125,000.01 - 150,000.00 36 5,012,626.61 7.67
- ---------------------------------------------------------------------------------------
150,000.01 - 175,000.00 24 3,838,419.85 5.87
- ---------------------------------------------------------------------------------------
175,000.01 - 200,000.00 20 3,702,482.75 5.66
- ---------------------------------------------------------------------------------------
200,000.01 - 225,000.00 21 4,437,687.86 6.79
- ---------------------------------------------------------------------------------------
225,000.01 - 250,000.00 6 1,445,216.59 2.21
- ---------------------------------------------------------------------------------------
250,000.01 - 275,000.00 9 2,346,626.10 3.59
- ---------------------------------------------------------------------------------------
275,000.01 - 300,000.00 2 582,370.38 0.89
- ---------------------------------------------------------------------------------------
300,000.01 - 325,000.00 2 624,787.17 0.96
- ---------------------------------------------------------------------------------------
325,000.01 - 350,000.00 4 1,372,990.49 2.10
- ---------------------------------------------------------------------------------------
350,000.01 - 375,000.00 4 1,422,176.00 2.18
- ---------------------------------------------------------------------------------------
375,000.01 - 400,000.00 4 1,568,497.56 2.40
- ---------------------------------------------------------------------------------------
450,000.01 + 6 3,165,790.53 4.84
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
---------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 18
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE-RATE LOAN GROUP - MORTGAGE RATES
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
RANGE OF MORTGAGE RATES MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
6.501 - 7.000 1 $393,255.30 0.60%
- ---------------------------------------------------------------------------------------
7.001 - 7.500 7 1,161,424.84 1.78
- ---------------------------------------------------------------------------------------
7.501 - 8.000 19 3,499,290.46 5.35
- ---------------------------------------------------------------------------------------
8.001 - 8.500 30 3,122,627.17 4.78
- ---------------------------------------------------------------------------------------
8.501 - 9.000 43 6,540,863.93 10.01
- ---------------------------------------------------------------------------------------
9.001 - 9.500 78 9,778,900.07 14.96
- ---------------------------------------------------------------------------------------
9.501 - 10.000 110 10,488,125.64 16.05
- ---------------------------------------------------------------------------------------
10.001 - 10.500 67 6,013,121.28 9.20
- ---------------------------------------------------------------------------------------
10.501 - 11.000 81 8,404,575.43 12.86
- ---------------------------------------------------------------------------------------
11.001 - 11.500 59 4,377,677.65 6.70
- ---------------------------------------------------------------------------------------
11.501 - 12.000 52 3,454,228.12 5.28
- ---------------------------------------------------------------------------------------
12.001 - 12.500 31 2,417,308.48 3.70
- ---------------------------------------------------------------------------------------
12.501 - 13.000 34 2,212,685.84 3.39
- ---------------------------------------------------------------------------------------
13.001 - 13.500 29 1,479,145.38 2.26
- ---------------------------------------------------------------------------------------
13.501 - 14.000 17 844,623.14 1.29
- ---------------------------------------------------------------------------------------
14.001 - 14.500 14 614,534.54 0.94
- ---------------------------------------------------------------------------------------
14.501 - 15.000 10 320,775.56 0.49
- ---------------------------------------------------------------------------------------
15.001 - 15.500 3 107,868.24 0.17
- ---------------------------------------------------------------------------------------
15.501 - 16.000 3 128,883.81 0.20
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
---------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 19
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE-RATE LOAN GROUP - REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
REMAINING TERM (MONTHS) MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
121 - 180 2 $84,495.71 0.13%
- ---------------------------------------------------------------------------------------
181 - 240 1 54,241.32 0.08
- ---------------------------------------------------------------------------------------
301 - 360 685 65,221,177.84 99.79
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
-------------------------------------------------------
</TABLE>
ADJUSTABLE-RATE LOAN GROUP - LOAN-TO-VALUE RATIO
<TABLE>
<CAPTION>
RANGE OF NUMBER OF AGGREGATE PERCENT OF
LOAN-TO-VALUE RATIOS MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
30.01 - 40.00 8 $426,522.87 0.65%
- ---------------------------------------------------------------------------------------
40.01 - 50.00 19 829,232.90 1.27
- ---------------------------------------------------------------------------------------
50.01 - 60.00 51 2,714,284.79 4.15
- ---------------------------------------------------------------------------------------
60.01 - 70.00 172 13,988,091.63 21.40
- ---------------------------------------------------------------------------------------
70.01 - 80.00 330 34,429,871.41 52.68
- ---------------------------------------------------------------------------------------
80.01 - 90.00 98 11,834,341.53 18.11
- ---------------------------------------------------------------------------------------
90.01 - 100.00 7 661,861.01 1.01
- ---------------------------------------------------------------------------------------
100.01 - 110.00 3 475,708.73 0.73
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
-------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 20
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE-RATE LOAN GROUP - CREDIT SCORES (PER IMC GUIDELINES)
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
RANGE OF CREDIT SCORE MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
A 183 $21,709,627.45 33.22%
- ---------------------------------------------------------------------------------------
B 157 16,844,373.59 25.77
- ---------------------------------------------------------------------------------------
C 242 17,879,490.81 27.36
- ---------------------------------------------------------------------------------------
D 106 8,926,423.02 13.66
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
-------------------------------------------------------
</TABLE>
ADJUSTABLE-RATE LOAN GROUP - LOAN PURPOSE
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
LOAN PURPOSE MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
Cashout 416 $38,436,913.53 58.81%
- ---------------------------------------------------------------------------------------
Purchase 112 10,592,123.78 16.21
- ---------------------------------------------------------------------------------------
Rate/Term 160 16,330,877.57 24.99
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
-------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 21
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE-RATE LOAN GROUP - PROPERTY TYPE
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
PROPERTY TYPE MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
2-4 Family 37 $4,321,778.68 6.61%
- ---------------------------------------------------------------------------------------
Condo 4 279,870.55 0.43
- ---------------------------------------------------------------------------------------
Duplex 10 656,357.91 1.00
- ---------------------------------------------------------------------------------------
Multi-Family 3 229,860.60 0.35
- ---------------------------------------------------------------------------------------
Manuf. Housing 8 577,944.81 0.88
- ---------------------------------------------------------------------------------------
SF Attached 4 338,486.02 0.52
- ---------------------------------------------------------------------------------------
SF Detached 619 58,812,447.08 89.98
- ---------------------------------------------------------------------------------------
Townhouse 3 143,169.23 0.22
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
-------------------------------------------------------
</TABLE>
ADJUSTABLE-RATE LOAN GROUP - OCCUPANCY TYPE
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
OCCUPANCY TYPE MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
2nd Home 4 $226,252.92 0.35%
- ---------------------------------------------------------------------------------------
Investment 76 5,993,380.51 9.17
- ---------------------------------------------------------------------------------------
Owner 608 59,140,281.45 90.48
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
-------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 22
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE-RATE LOAN GROUP - STATE DISTRIBUTION
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
STATE MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
AZ 8 $658,624.63 1.01%
- ---------------------------------------------------------------------------------------
CA 77 13,709,300.75 20.98
- ---------------------------------------------------------------------------------------
CO 19 1,781,440.38 2.73
- ---------------------------------------------------------------------------------------
CT 9 859,024.90 1.31
- ---------------------------------------------------------------------------------------
FL 37 3,855,394.77 5.90
- ---------------------------------------------------------------------------------------
GA 18 1,815,339.82 2.78
- ---------------------------------------------------------------------------------------
IA 6 337,734.39 0.52
- ---------------------------------------------------------------------------------------
ID 4 277,449.20 0.42
- ---------------------------------------------------------------------------------------
IL 56 5,382,377.32 8.23
- ---------------------------------------------------------------------------------------
IN 32 1,789,228.49 2.74
- ---------------------------------------------------------------------------------------
KS 10 347,251.53 0.53
- ---------------------------------------------------------------------------------------
KY 5 227,524.03 0.35
- ---------------------------------------------------------------------------------------
LA 2 503,525.35 0.77
- ---------------------------------------------------------------------------------------
MA 14 2,126,830.07 3.25
- ---------------------------------------------------------------------------------------
MD 14 1,286,409.90 1.97
- ---------------------------------------------------------------------------------------
ME 1 56,738.02 0.09
- ---------------------------------------------------------------------------------------
MI 62 3,149,538.09 4.82
- ---------------------------------------------------------------------------------------
MN 20 1,551,770.67 2.37
- ---------------------------------------------------------------------------------------
MO 2 84,759.79 0.13
- ---------------------------------------------------------------------------------------
MS 1 35,880.56 0.05
- ---------------------------------------------------------------------------------------
NC 23 1,575,642.09 2.41
- ---------------------------------------------------------------------------------------
NE 1 49,806.45 0.08
- ---------------------------------------------------------------------------------------
NJ 14 1,541,012.85 2.36
- ---------------------------------------------------------------------------------------
NM 5 439,326.43 0.67
- ---------------------------------------------------------------------------------------
NV 9 1,014,626.78 1.55
- ---------------------------------------------------------------------------------------
NY 39 3,177,819.34 4.86
- ---------------------------------------------------------------------------------------
OH 66 4,495,794.92 6.88
- ---------------------------------------------------------------------------------------
OK 4 196,696.93 0.30
- ---------------------------------------------------------------------------------------
OR 12 1,942,152.55 2.97
- ---------------------------------------------------------------------------------------
PA 30 2,752,923.17 4.21
- ---------------------------------------------------------------------------------------
RI 2 191,204.59 0.29
- ---------------------------------------------------------------------------------------
SC 6 737,975.28 1.13
- ---------------------------------------------------------------------------------------
TN 5 250,680.74 0.38
- ---------------------------------------------------------------------------------------
TX 16 1,649,425.53 2.52
- ---------------------------------------------------------------------------------------
UT 18 1,843,895.18 2.82
- ---------------------------------------------------------------------------------------
VA 8 592,399.98 0.91
- ---------------------------------------------------------------------------------------
WA 16 2,073,167.61 3.17
- ---------------------------------------------------------------------------------------
WI 9 530,367.52 0.81
- ---------------------------------------------------------------------------------------
WV 6 247,408.97 0.38
- ---------------------------------------------------------------------------------------
WY 2 221,445.30 0.34
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
-------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 23
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE-RATE LOAN GROUP - LIEN POSITION
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
LIEN POSITION MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
First 688 $65,359,914.88 100.00%
- ----------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
--------------------------------------------------------
</TABLE>
ADJUSTABLE-RATE LOAN GROUP - FIXED RATE PERIOD
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
FIXED RATE PERIOD (MONTHS) MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
0 245 $18,418,898.91 28.18%
- ---------------------------------------------------------------------------------------
23 1 80,341.60 0.12
- ---------------------------------------------------------------------------------------
24 339 35,450,260.27 54.24
- ---------------------------------------------------------------------------------------
25 4 444,826.70 0.68
- ---------------------------------------------------------------------------------------
36 98 10,805,217.97 16.53
- ---------------------------------------------------------------------------------------
60 1 160,369.43 0.25
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
-------------------------------------------------------
</TABLE>
ADJUSTABLE-RATE LOAN GROUP - GROSS MARGIN
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
RANGE OF GROSS MARGINS MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
0.001 - 4.000 11 $1,103,191.82 1.69%
- ---------------------------------------------------------------------------------------
4.001 - 5.000 15 1,243,146.39 1.90
- ---------------------------------------------------------------------------------------
5.001 - 6.000 140 16,303,873.14 24.94
- ---------------------------------------------------------------------------------------
6.001 - 7.000 247 27,238,143.75 41.67
- ---------------------------------------------------------------------------------------
7.001 - 8.000 124 9,733,526.39 14.89
- ---------------------------------------------------------------------------------------
8.001 - 9.000 92 5,278,928.73 8.08
- ---------------------------------------------------------------------------------------
9.001 - 10.000 32 1,906,614.71 2.92
- ---------------------------------------------------------------------------------------
10.001 - 11.000 12 1,419,816.88 2.17
- ---------------------------------------------------------------------------------------
11.001 - 12.000 11 625,214.25 0.96
- ---------------------------------------------------------------------------------------
12.001 - 13.000 3 388,126.50 0.59
- ---------------------------------------------------------------------------------------
13.001 + 1 119,332.31 0.18
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
-------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 24
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE-RATE LOAN GROUP - MINIMUM MORTGAGE RATES
<TABLE>
<CAPTION>
RANGE OF NUMBER OF AGGREGATE PERCENT OF
MINIMUM MORTGAGE RATES MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
1.000 - 5.000 6 $318,199.79 0.49%
- ---------------------------------------------------------------------------------------
5.001 - 6.000 17 1,548,609.96 2.37
- ---------------------------------------------------------------------------------------
6.001 - 7.000 30 3,383,909.32 5.18
- ---------------------------------------------------------------------------------------
7.001 - 8.000 51 7,628,947.01 11.67
- ---------------------------------------------------------------------------------------
8.001 - 9.000 93 10,785,595.77 16.50
- ---------------------------------------------------------------------------------------
9.001 - 10.000 179 18,776,126.42 28.73
- ---------------------------------------------------------------------------------------
10.001 - 11.000 130 11,792,875.87 18.04
- ---------------------------------------------------------------------------------------
11.001 - 12.000 105 7,124,676.24 10.90
- ---------------------------------------------------------------------------------------
12.001 - 13.000 44 2,609,458.71 3.99
- ---------------------------------------------------------------------------------------
13.001 - 14.000 24 1,085,064.01 1.66
- ---------------------------------------------------------------------------------------
14.001 - 15.000 9 306,451.78 0.47
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
-------------------------------------------------------
</TABLE>
ADJUSTABLE-RATE LOAN GROUP - MAXIMUM MORTGAGE RATES
<TABLE>
<CAPTION>
RANGE OF NUMBER OF AGGREGATE PERCENT OF
MAXIMUM MORTGAGE RATES MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
12.001 - 13.000 1 $59,536.75 0.09%
- ---------------------------------------------------------------------------------------
13.001 - 14.000 6 1,112,385.40 1.70
- ---------------------------------------------------------------------------------------
14.001 - 15.000 44 7,329,341.95 11.21
- ---------------------------------------------------------------------------------------
15.001 - 16.000 111 12,954,895.58 19.82
- ---------------------------------------------------------------------------------------
16.001 - 17.000 212 21,437,716.90 32.80
- ---------------------------------------------------------------------------------------
17.001 - 18.000 132 11,689,804.39 17.89
- ---------------------------------------------------------------------------------------
18.001 - 19.000 102 6,830,382.40 10.45
- ---------------------------------------------------------------------------------------
19.001 - 20.000 52 2,805,594.51 4.29
- ---------------------------------------------------------------------------------------
20.001 - 21.000 23 997,425.94 1.53
- ---------------------------------------------------------------------------------------
21.001 - 22.000 5 142,831.06 0.22
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
-------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 25
<PAGE>
BSABS HOME EQUITY LOAN TRUST 2000-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE-RATE LOAN GROUP - NEXT ADJUSTMENT DATE
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PERCENT OF
NEXT ADJUSTMENT DATE MORTGAGE LOANS PRINCIPAL BALANCE LOAN GROUP
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
January 2000 1 $12,944.70 0.02%
- ---------------------------------------------------------------------------------------
February 2000 20 1,451,675.01 2.22
- ---------------------------------------------------------------------------------------
March 2000 16 1,325,067.93 2.03
- ---------------------------------------------------------------------------------------
April 2000 20 1,449,250.96 2.22
- ---------------------------------------------------------------------------------------
May 2000 32 2,308,353.75 3.53
- ---------------------------------------------------------------------------------------
June 2000 63 4,284,402.96 6.56
- ---------------------------------------------------------------------------------------
July 2000 93 7,587,203.60 11.61
- ---------------------------------------------------------------------------------------
August 2000 51 3,862,616.01 5.91
- ---------------------------------------------------------------------------------------
September 2000 32 3,225,744.48 4.94
- ---------------------------------------------------------------------------------------
October 2000 15 1,803,688.88 2.76
- ---------------------------------------------------------------------------------------
November 2000 26 2,638,504.27 4.04
- ---------------------------------------------------------------------------------------
December 2000 19 2,879,281.76 4.41
- ---------------------------------------------------------------------------------------
January 2001 15 1,394,449.29 2.13
- ---------------------------------------------------------------------------------------
February 2001 15 1,680,896.58 2.57
- ---------------------------------------------------------------------------------------
March 2001 17 2,527,014.05 3.87
- ---------------------------------------------------------------------------------------
April 2001 15 1,600,695.14 2.45
- ---------------------------------------------------------------------------------------
May 2001 18 2,017,737.52 3.09
- ---------------------------------------------------------------------------------------
June 2001 22 2,920,305.36 4.47
- ---------------------------------------------------------------------------------------
July 2001 44 4,948,723.62 7.57
- ---------------------------------------------------------------------------------------
August 2001 51 5,235,211.53 8.01
- ---------------------------------------------------------------------------------------
September 2001 56 5,027,298.52 7.69
- ---------------------------------------------------------------------------------------
October 2001 12 1,028,114.24 1.57
- ---------------------------------------------------------------------------------------
November 2001 8 1,124,358.19 1.72
- ---------------------------------------------------------------------------------------
January 2002 2 261,889.92 0.40
- ---------------------------------------------------------------------------------------
February 2002 5 614,278.87 0.94
- ---------------------------------------------------------------------------------------
March 2002 2 167,688.10 0.26
- ---------------------------------------------------------------------------------------
April 2002 2 137,768.66 0.21
- ---------------------------------------------------------------------------------------
May 2002 1 140,312.66 0.21
- ---------------------------------------------------------------------------------------
June 2002 4 267,874.79 0.41
- ---------------------------------------------------------------------------------------
July 2002 4 768,833.10 1.18
- ---------------------------------------------------------------------------------------
August 2002 3 262,801.95 0.40
- ---------------------------------------------------------------------------------------
September 2002 2 125,745.32 0.19
- ---------------------------------------------------------------------------------------
October 2002 1 118,813.73 0.18
- ---------------------------------------------------------------------------------------
June 2003 1 160,369.43 0.25
- ---------------------------------------------------------------------------------------
688 $65,359,914.88 100.00%
-------------------------------------------------------
</TABLE>
[BEAR STEARNS LOGO]
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 26
