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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): November 17, 1999
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-83541 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 (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 272-4095
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Item 5. Other Events.
Filing of Certain Materials
Pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended,
concurrently with, or subsequent to, the filing of this Current Report on Form
8-K (the "Form 8-K"), Bear Stearns Asset Backed Securities, Inc. (the
"Company") is filing a prospectus and a prospectus supplement with the
Securities and Exchange Commission (the "Commission") relating to its GMACM
Home Equity Loan Trust 1999-2, Home Equity Loan-Backed Term Notes, Series
1999-2 (the "Notes").
Incorporation of Certain Documents by Reference
The consolidated financial statements of MBIA Insurance Corporation and
subsidiaries as of December 31, 1998 and December 31, 1997, and for each of
the years in the three-year period ended December 31, 1998, included in the
Annual Report on Form 10-Q of MBIA Inc. (which was filed with the Securities
and Exchange Commission on March 30, 1999) and the unaudited consolidated
financial statements of MBIA Insurance Corporation and subsidiaries as of June
30, 1999, and for the periods ended June 30, 1999 and June 30, 1998, included
in the Quarterly Report on Form 10-Q of MBIA for the period ended June 30,
1999 (which was filed with the Securities and Exchange Commission on August
13, 1999) are hereby incorporated by reference in (i) this Current Report on
Form 8-K; (ii) the prospectus; and (iii) the prospectus supplement for GMACM
Home Equity Loan Trust 1999-2, Home Equity Loan-Backed Term Notes, Series
1999-2, and shall be deemed to be part hereof and thereof.
In connection with the issuance of the Notes, the Company is filing
herewith the consent of PricewaterhouseCoopers LLP("PWC") to the use of their
name and the incorporation by reference of their report in the Prospectus
relating to the issuance of the Notes. The consent of PWC is attached hereto
as Exhibit 23.1
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* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the prospectus dated August 5, 1999 and the
prospectus supplement dated November 3, 1999 (collectively, the "Prospectus"),
of Bear Stearns Asset Backed Securities, Inc., relating to its GMACM Home
Equity Loan Trust 1999-2, Home Equity Loan-Backed Term Notes, Series 1999-2.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of PricewaterhouseCoopers LLP
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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Jonathan Lieberman
Authorized Signatory
Dated: November 17, 1999
Exhibit Index
Exhibit Page
23.1 Consent of PricewaterhouseCoopers LLP
EXHIBIT 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference to the Prospectus Supplement of
GMAC Mortgage Corporation, relating to GMACM Home Equity Loan Trust 1999-2, of
our report dated February 2, 1999, on our audits of the consolidated financial
statements of MBIA Insurance Corporation 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
New York, New York
November 17, 1999