-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FvHRdadQwOcCalzulWEJmm5+dDPNs493IllMIMEkx23EVN+Yy6w1vkUYIxlu9tmB fn5vfwxI6uBA+GXRRIbSFQ== 0000950149-99-000746.txt : 19990427 0000950149-99-000746.hdr.sgml : 19990427 ACCESSION NUMBER: 0000950149-99-000746 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990325 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEAR STEARNS ASSET BACKED SEC INC ASST BK CERT SER 1998-1 CENTRAL INDEX KEY: 0001065348 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 133836437 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-49015-01 FILM NUMBER: 99600794 BUSINESS ADDRESS: STREET 1: 245 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10167 BUSINESS PHONE: 2122724095 MAIL ADDRESS: STREET 1: 245 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10167 8-K 1 FORM 8-K DATED MARCH 25, 1999 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 March 25, 1999 Date of Report (Date of Earliest Event Reported) BEAR STEARNS ASSET BACKED SECURITIES, INC. (as Depositor under the Pooling and Servicing Agreement, dated June 1, 1998, providing for the Issuance of the American Residential Home Equity Loan Trust Asset-Backed Certificates, Series 1998-1) BEAR STEARNS ASSET BACKED SECURITIES, INC. ------------------------------------------------------------- (Exact Name of Registrant as Specified in Its Charter) Delaware 333-49015-01 13-3836437 ---------------------------- ------------ -------------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 245 Park Avenue, New York, New York 10167 ------------------------------------------------------------- (Address of Principal Executive Offices) (212) 272-4095 ------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) Not Applicable ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) 2 INFORMATION TO BE INCLUDED IN THE REPORT Item 5. OTHER EVENTS On June 1, 1998, Bear Stearns Asset Backed Securities, Inc. (the "Company") entered into a Pooling and Servicing Agreement dated as of June 1, 1998 (the "Pooling and Servicing Agreement"), by and among the Company, as depositor; American Residential Holdings, Inc., as seller (the "Seller"); Countrywide Home Loans, Inc., as master servicer (the "Master Servicer"); and Bankers Trust Company of California, N.A, as trustee (the "Trustee"), providing for the issuance of the American Residential Home Equity Loan Trust Asset-Backed Certificates, Series 1998-1 (the "Certificates"). The following exhibit which relates specifically to the Certificates is included with this Current Report: Item 7(c). Exhibits 10.1 Monthly Payment Date Statement distributed to Certificateholders, dated March 25, 1999. 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: April 23, 1999 BEAR STEARNS ASSET BACKED SECURITIES, INC. By: /s/ Jonathan Lieberman ------------------------------------- Jonathan Lieberman Vice President 4 EXHIBIT INDEX
Exhibit Number Page Number - -------------- ----------- 10.1 Monthly Payment Date Statement distributed to Certificateholders, dated March 25, 1999............................ 5
EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT 1 Seller: American Residential Holdings, Inc. Administrator: Karin Peterson Servicer: Countrywide Home Loans, Inc. Bankers Trust Company Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza Record Date: March 24, 1999 Irvine, CA 92614 Distribution Date: March 25, 1999 Factor Information: (800) 735-7777
EXHIBIT 10.1 REMIC IV
DISTRIBUTION IN DOLLARS - ---------------------------------------------------------------------------------------------------------------------------- PRIOR CURRENT ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE - --------- -------------- ------------- ---------- ------------ ------------ -------- -------- -------------- Class A 83,822,000.00 71,761,235.38 285,595.05 2,167,331.19 2,452,926.24 0.00 0.00 69,593,904.19 Class M-1 6,715,000.00 6,715,000.00 28,134.48 0.00 28,134.48 0.00 0.00 6,715,000.00 Class M-2 4,228,000.00 4,228,000.00 18,372.14 0.00 18,372.14 0.00 0.00 4,228,000.00 Class B 3,376,000.00 3,376,000.00 16,770.53 0.00 16,770.53 0.00 0.00 3,376,000.00 Class X 0.00 0.00 160,764.83 0.00 160,764.83 0.00 0.00 0.00 R 1,000.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ------------- ------------- ---------- ------------ ------------ ---- ---- ------------- Totals 98,142,000.01 86,080,235.38 509,637.03 2,167,331.19 2,676,968.22 0.00 0.00 83,912,904.19 ============= ============= ========== ============ ============ ==== ==== =============
FACTOR INFORMATION PER $1000 ORIGINAL FACE - ------------------------------------------------------------------------------------------- PRIOR CURRENT PASS-THROUGH RATES PRINCIPAL PRINCIPAL --------------------- CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT - --------- --------- ------------ -------- --------- --------- ------------ -------- --------- Class A 02926WAA4 856.114569 3.407161 25.856353 29.263514 830.258216 5.116880% 5.116880% Class M-1 02926WAB2 1,000.000000 4.189796 0.000000 4.189796 1,000.000000 5.386880% 5.386880% Class M-2 02926WAC0 1,000.000000 4.345350 0.000000 4.345350 1,000.000000 5.586880% 5.586880% Class B 02926WAD8 1,000.000000 4.967574 0.000000 4.967574 1,000.000000 6.386880% 6.386880% Class X AR98B1001 0.000000 1.638084 0.000000 1.638084 0.000000 0.000000% 0.000000% R AR98B1002 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
2 Seller: American Residential Holdings, Inc. Administrator: Karin Peterson Servicer: Countrywide Home Loans, Inc. Bankers Trust Company Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza Record Date: March 24, 1999 Irvine, CA 92614 Distribution Date: March 25, 1999 Factor Information: (800) 735-7777
REMIC III
DISTRIBUTION IN DOLLARS - --------------------------------------------------------------------------------------------------------------------------- PRIOR CURRENT ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE - ----- ------------- ------------- ---------- ------------ ------------ -------- -------- ------------- T3-1 83,822,000.00 75,512,367.27 360,210.50 2,245,627.04 2,605,837.54 0.00 0.00 70,266,740.23 T3-2 6,715,000.00 6,715,000.00 33,357.25 0.00 33,357.25 0.00 0.00 6,715,000.00 T3-3 4,228,000.00 4,228,000.00 21,002.90 0.00 21,002.90 0.00 0.00 4,228,000.00 T3-4 3,376,000.00 3,376,000.00 16,770.53 0.00 16,770.53 0.00 0.00 3,376,000.00 *T3-5 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *T3-6 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 *T3-7 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 T3-8 1,000.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ------------- ------------- ---------- ------------ ------------ ---- ---- ------------- Totals 98,142,000.01 86,831,367.27 431,341.18 2,245,627.04 2,676,968.22 0.00 0.00 84,585,740.23 ============= ============= ========== ============ ============ ==== ==== =============
FACTOR INFORMATION PER $1000 ORIGINAL FACE - -------------------------------------------------------------------------------------- PRIOR CURRENT PASS-THROUGH RATES PRINCIPAL PRINCIPAL -------------------- CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT - ----- --------- ------------ -------- --------- --------- ------------ --------- --------- T3-1 AR98B1301 865.075604 4.297326 26.790425 31.087752 838.285178 6.386880% 6.386880% T3-2 AR98B1302 1,000.000000 4.967573 0.000000 4.967573 1,000.000000 6.386880% 6.386880% T3-3 AR98B1303 1,000.000000 4.967573 0.000000 4.967573 1,000.000000 6.386880% 6.386880% T3-4 AR98B1304 1,000.000000 4.967574 0.000000 4.967574 1,000.000000 6.386880% 6.386880% *T3-5 AR98B1305 0.000000 0.000000 0.000000 0.000000 0.000000 3.080908% 1.921937% *T3-6 AR98B1306 0.000000 0.000000 0.000000 0.000000 0.000000 0.080307% 0.094623% *T3-7 AR98B1307 0.000000 0.000000 0.000000 0.000000 0.000000 3.000597% 1.827315% T3-8 AR98B1308 0.000000 0.000000 0.000000 0.000000 0.000000 6.386880% 0.000000% R-III AR98B1309 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
*Notional Balance 3 Seller: American Residential Holdings, Inc. Administrator: Karin Peterson Servicer: Countrywide Home Loans, Inc. Bankers Trust Company Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza Record Date: March 24, 1999 Irvine, CA 92614 Distribution Date: March 25, 1999 Factor Information: (800) 735-7777
REMIC II
DISTRIBUTION IN DOLLARS - ----------------------------------------------------------------------------------------------------------------------------- PRIOR CURRENT ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE - ----- ------------- ------------- ---------- ------------ ------------ -------- -------- ------------- T2-1 96,217,234.91 86,344,421.48 630,432.66 1,992,996.19 2,623,428.85 0.00 0.00 84,351,425.29 T2-2 981,808.52 869,986.68 4,321.72 22,009.70 26,331.42 0.00 0.00 847,976.98 T2-3 981,808.52 892,144.35 4,840.87 20,336.70 25,177.57 0.00 1,673.01 873,480.66 T2-4 0.00 0.00 2,030.38 0.00 2,030.38 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ------------- ------------- ---------- ------------ ------------ ---- -------- ------------- Totals 98,180,851.95 88,106,552.51 641,625.63 2,035,342.59 2,676,968.22 0.00 1,673.01 86,072,882.93 ============= ============= ========== ============ ============ ==== ======== =============
FACTOR INFORMATION PER $1000 ORIGINAL FACE - ------------------------------------------------------------------------------ PRIOR CURRENT PASS-THROUGH RATES PRINCIPAL PRINCIPAL ---------------------- CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT - ----- --------- ---------- -------- --------- --------- ---------- -------- --------- T2-1 AR98B1201 0.000000 6.552180 20.713505 27.265685 876.676880 9.387477% 8.214195% T2-2 AR98B1202 0.000000 4.401795 22.417508 26.819303 863.688757 6.386880% 6.386880% T2-3 AR98B1203 0.000000 4.930564 20.713509 25.644074 889.664983 9.387477% 8.214195% T2-4 AR98B1204 0.000000 0.020688 0.000000 0.020688 0.000000 3.000597% 1.827315% R-II AR98B1205 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
4 Seller: American Residential Holdings, Inc. Administrator: Karin Peterson Servicer: Countrywide Home Loans, Inc. Bankers Trust Company Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza Record Date: March 24, 1999 Irvine, CA 92614 Distribution Date: March 25, 1999 Factor Information: (800) 735-7777
REMIC I
DISTRIBUTION IN DOLLARS - --------------------------------------------------------------------------------------------------------------------------- PRIOR CURRENT ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE - ----- ------------- ------------- ---------- ------------ ------------ -------- -------- ------------- T1-1 96,217,234.91 86,344,421.48 630,432.66 1,992,996.19 2,623,428.85 0.00 0.00 84,351,425.29 T1-2 981,808.52 869,986.67 6,352.10 22,009.70 28,361.80 0.00 0.00 847,976.97 T1-3 981,808.52 892,144.35 4,840.87 20,336.69 25,177.56 0.00 1,673.01 873,480.67 R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ------------- ------------- ---------- ------------ ------------ ---- -------- ------------- Totals 98,180,851.95 88,106,552.51 641,625.63 2,035,342.59 2,676,968.22 0.00 1,673.01 86,072,882.93 ============= ============= ========== ============ ============ ==== ======== =============
FACTOR INFORMATION PER $1000 ORIGINAL FACE - ---------------------------------------------------------------------------------- PRIOR CURRENT PASS-THROUGH RATES PRINCIPAL PRINCIPAL ---------------------- CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT - ----- --------- --------- -------- --------- --------- ---------- --------- --------- T1-1 AR98B1101 0.000000 6.552180 20.713505 27.265685 876.676880 9.387477% 8.214195% T1-2 AR98B1102 0.000000 6.469795 22.417513 28.887308 863.688746 9.387477% 8.214195% T1-3 AR98B1103 0.000000 4.930564 20.713504 25.644069 889.664993 9.387477% 8.214195% R-I AR98B1104 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
5 Seller: American Residential Holdings, Inc. Administrator: Karin Peterson Servicer: Countrywide Home Loans, Inc. Bankers Trust Company Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza Record Date: March 24, 1999 Irvine, CA 92614 Distribution Date: March 25, 1999 Factor Information: (800) 735-7777
30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS ------------ ------------ ---------- ------------ DELINQUENT LOANS Principal Balance 2,270,316.70 1,034,377.40 516,355.94 252,651.63 Number of Loans 30 6 1 2 LOANS IN FORECLOSURE Principal Balance 0.00 0.00 0.00 2,470,843.43 Number of Loans 0 0 0 15 REO LOAN Principal Balance 0.00 0.00 0.00 0.00 Number of Loans 0 0 0 0
GENERAL MORTGAGE LOAN INFORMATION Beginning Aggregate Mortgage Loan Balance 88,106,552.51 Principal Balance of Liquidated Loans 0.00 Ending Aggregate Mortgage Loan Balance 86,072,882.93 Net Rate 9.38748%
6 Seller: American Residential Holdings, Inc. Administrator: Karin Peterson Servicer: Countrywide Home Loans, Inc. Bankers Trust Company Lead Underwriter: Bear Stearns Asset Backed Securities, Inc. 3 Park Plaza Record Date: March 24, 1999 Irvine, CA 92614 Distribution Date: March 25, 1999 Factor Information: (800) 735-7777
Servicing Fee 16,407.19 Interest Advanced 356,554.12 Principal Advanced 28,166.98 Has Trigger Event Occurred NO Cumulative Applied Realized Loss 0.00 Current Realized Loss 0.00
INTEREST INTEREST CARRYOVER SHORTFALL AMOUNT --------- --------- Class A 0.00 0.00 Class M-1 0.00 0.00 Class M-2 0.00 0.00 Class B 0.00 0.00 Class X 0.00 0.00 R 0.00 0.00 ---- ---- Total 0.00 0.00 ==== ====
EXTRA PREPAYMENT SCHEDULED PRINCIPAL PRINCIPAL PRINCIPAL DISTRIBUTION DISTRIBUTED DISTRIBUTED AMOUNT ------------ ----------- ------------ Class A 1,983,577.07 50,092.51 133,661.61 Class M-1 0.00 0.00 0.00 Class M-2 0.00 0.00 0.00 Class B 0.00 0.00 0.00 Class X 0.00 0.00 0.00 R 0.00 0.00 0.00 ------------ --------- ---------- Total 1,983,577.07 50,092.51 133,661.61 ============ ========= ==========
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