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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): May 27, 1999
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-9532 13-3836437
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(State or Other Jurisdiction (I.R.S. Employer
of Incorporation) (Commission File Number) Identification No.)
245 Park Avenue 10167
New York, New York ----------
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(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (212) 272-4095
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Item 5. Other Events.
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On May 27, 1999, a single series of notes, entitled Irwin Home Equity Loan
Trust 1999-2, Home Equity Loan-Backed Notes, Series 1999-2 (the "Notes"), was
issued pursuant to an indenture (the "Indenture") attached hereto as Exhibit 4.1
and dated as of April 30, 1999, between Irwin Home Equity Loan Trust 1999-2, as
issuer (the "Trust"), and Norwest Bank Minnesota, National Association, as
indenture trustee (the "Indenture Trustee"). The Notes consist of four classes
(each, a "Class") of Notes designated as the "Class A-1 Notes", the "Class A-2
Notes", the "Class A-3 Notes" and the "Class A-4 Notes". The Notes have the
benefit of an irrevocable and unconditional financial guaranty insurance policy
(the "Policy") attached hereto as Exhibit 99.1 issued by Ambac Assurance
Corporation (the "Enhancer") for the benefit of the holders of the Notes
pursuant to an insurance and indemnity agreement (the "Insurance and Indemnity
Agreement"), dated as of May 27, 1999, among the Enhancer, Irwin Funding Corp.,
as transferor (the "Transferor"), Bear Stearns Asset Backed Securities, Inc.
(the "Depositor"), Irwin Union Bank and Trust Company, as master servicer (the
"Master Servicer"), Irwin Home Equity Corporation, as originator, the Trust, as
issuer, and the Indenture Trustee. The Notes represent obligations of the Trust
established pursuant to a trust agreement (the "Trust Agreement"), dated as of
April 30, 1999, between the Depositor and Wilmington Trust Company, as owner
trustee (the "Owner Trustee"). The assets of the Trust include, without
limitation, two groups of closed-end, fixed rate home equity loans (the
"Mortgage Loans") secured by primarily second mortgages or deeds of trust on
residential properties. The Mortgage Loans were acquired by the Trust from the
Depositor pursuant to a sale and servicing agreement (the "Sale and Servicing
Agreement") attached hereto as exhibit 99.2 and dated as of April 30, 1999,
among the Depositor, the Transferor, the Master Servicer, the Trust, as issuer,
and the Indenture Trustee.
The Notes and the Mortgage Loans are more particularly described in the
Prospectus, dated December 4, 1998, and the Prospectus Supplement, dated May 6,
1999, as previously filed with the Securities and Exchange Commission pursuant
to Rule 424(b)(5).
Item 7. Financial Statements and Exhibits
(a) Financial Statements - Not Applicable.
(b) Pro Forma Financial Information - Not Applicable.
(c) Exhibits
4.1 Indenture, dated as of April 30, 1999,
between Irwin Home Equity Loan Trust 1999-2,
as issuer, and Norwest Bank Minnesota,
National Association, as indenture trustee.
99.1 Financial Guaranty Insurance Policy issued
by Ambac Assurance Corporation pursuant to
the Insurance and Indemnity Agreement, dated
as of May 27, 1999, among Ambac Assurance
Corporation, as enhancer, Irwin Funding
Corp., as transferor, Bear Stearns Asset
Backed Securities, Inc., as depositor, Irwin
Union Bank and Trust Company, as master
servicer, Irwin Home Equity Corporation, as
originator, Irwin Home Equity Loan Trust
1999-2, as issuer, and Norwest Bank
Minnesota, National Association, as
indenture trustee.
99.2 Sale and Servicing Agreement, dated as of
April 30, 1999, among Bear Stearns Asset
Backed Securities, Inc., as depositor, Irwin
Funding Corp., as transferor, Irwin Union
Bank and Trust Company, as master servicer,
Irwin Home Equity Loan Trust 1999-2, as
issuer, and Norwest Bank Minnesota, National
Association, as indenture trustee.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Jonathan Lieberman
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Name: Jonathan Lieberman
Title: Managing Director
Dated: June 11, 1999
Exhibit Index
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Exhibit Page
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4.1 Indenture, dated as of April 30, 1999, between Irwin
Home Equity Loan Trust 1999-2, as issuer, and Norwest
Bank Minnesota, National Association, as indenture
trustee.
99.1 Financial Guaranty Insurance Policy issued by
Ambac Assurance Corporation pursuant to the
Insurance and Indemnity Agreement, dated as of
May 27, 1999, among Ambac Assurance Corporation,
as enhancer, Irwin Funding Corp., as transferor,
Bear Stearns Asset Backed Securities, Inc., as depositor,
Irwin Union Bank and Trust Company, as master servicer,
Irwin Home Equity Corporation, as originator,
Irwin Home Equity Loan Trust 1999-2, as issuer,
and Norwest Bank Minnesota, National Association,
as indenture trustee.
99.2 Sale and Servicing Agreement, dated as of April 30, 1999,
among Bear Stearns Asset Backed Securities, Inc.,
as depositor, Irwin Funding Corp., as transferor,
Irwin Union Bank and Trust Company, as master servicer,
Irwin Home Equity Loan Trust 1999-2, as issuer,
and Norwest Bank Minnesota, National Association,
as indenture trustee.