UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                               ------------------

                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
         Exchange   Act  of  1934 for the fiscal year ended December 31, 2001

[  ]     Transition report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 for the transition period from   to


                      Commission File Number 333-56242-15

                   BEAR STEARNS ASSET BACKED SECURITIES INC
             (Exact name of registrant as specified in its charter)


       Delaware                                        13-3836437
 (State or other jurisdiction of               (IRS Employer Identification No.)
     incorporation)

245 Park Avenue
New York, New York                                         10167
(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code : (212) 272-4095

                        ABFS Mortgage Loan Trust 2001-2
               Mortgage Pass-Through Certificates, Series 2001-2
            (Title of each class of securities covered by this Form)

Securities registered pursuant to Section 12(b) of the Act:  None
Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

Documents incorporated by reference:  None





BEAR STEARNS ASSET BACKED SECURITIES INC.
ABFS Mortgage Loan Trust 2001-2
Mortgage Pass-Through Certificates, Series 2001-2
- -----------------------------------------------------------------------


PART I

Item 1.  Business

         Omitted.

Item 2.  Properties

         Omitted.

Item 3.  Legal Proceedings

The  Registrant is not aware of any material legal  proceeding  with respect to,
the Company, the Master Servicer or the Trustee, as related to the Trust.

Item 4.  Submission of Matters to a Vote of Security Holders

No  matter  was  submitted  to a vote  or  consent  of  Holders  of the  Offered
Certificates during the fiscal year covered by this report.


PART II

Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters

The Trust does not issue stock. There is currently no established secondary
market for the Certificates.


Item 6.  Selected Financial Data

         Omitted.

Item 7.  Management's Discussion and Analysis of Financial condition and
         Results of Operations

         Omitted.

Item 8.  Financial Statements and Supplementary Data

         Omitted.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure

There was no change of  accountants  or  disagreement  with  accountants  on any
matter of accounting principles or practices or financial disclosure.





PART III

Item 10. Directors and Executive Officers of the Registrant

         Omitted.

Item 11. Executive Compensation

         Omitted.

Item 12. Security Ownership of Certain Beneficial Owners and Management

         Omitted.


Item 13. Certain Relationships and Related Transactions

No reportable transactions have occurred.


PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a) The following documents are filed as part of this report:

    (1) Financial Statements:
         Omitted.

    (2)  Financial Statement Schedules:
         Omitted.

    (3)  Exhibits:

     Annual Statement as to Compliance,  filed as Exhibit 99.1 hereto.
     Annual Independent Public Accountants' Servicing Report
            filed as Exhibit 99.2 hereto.

(b)  Reports on Form 8-K: The  following  Current  Reports on Form 8-K were
     filed by the Registrant for the last quarter of 2001.

     Current Reports on Form 8-K dated October 25, 2001,  November 26, 2001, and
December  26, 2001 were filed for the  purpose of filing the  Monthly  Statement
sent to the Holders of the Offered  Certificates  for payments  made on the same
date. The items reported in such Current Report were Item 5 (Other Events).

(c)   Exhibits to this report are listed in Item (14)(a)(3) above.




Annual report  pursuant to Section 13 or 15(d) of the  Securities  Exchange
Act of 1934 for the fiscal year ended December 31, 2001

BEAR STEARNS ASSET BACKED SECURITIES INC.
ABFS Mortgage Loan Trust 2001-2
Mortgage Pass-Through Certificates, Series 2001-2
- -----------------------------------------------------------------------

SIGNATURE

Pursuant to the  requirements of Section 13 or 15(d) 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.

 I, Jennifer H McCourt, certify that:

 1.   I have reviewed this annual report on Form 10-K, and all reports on Form
      8-K containing distribution or servicing reports filed in respect of
      periods included in the year covered by this annual report, of Bear
      Stearns Asset Backed Securities Inc., ABFS Mortgage Loan Trust 2001-2
      Mortgage Pass-Through Certificates, Series 2001-2.

 2.   Based on my knowledge, the information in these reports, taken as a whole,
      does not contain any untrue statement of a material fact or omit to state
      a material fact necessary to make the statements made, in light of the
      circumstances under which such statements were made, not misleading as of
      the last day of the period covered by this annual report;

 3.   Based on my knowledge, the  servicing information required to be provided
      to the trustee by the servicer under the pooling and servicing agreement
      is included in these reports.


                                     JPMorgan Chase Bank
                                     not in its individual capacity but solely
                                     as Trustee and Collateral Agent under the
                                     Agreement referred to herein


Date: January 8, 2003                By: /s/  Jennifer H McCourt
                                     -------------------------------------
                                        Jennifer H McCourt
                                        Vice President





SUPPLEMENTAL  INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.





                                 EXHIBIT INDEX

Exhibit     Description

 99.1       Annual Statement as to Compliance
 99.2       Annual Independent Auditors' Report



                                  EXHIBIT 99.1

                         Annual Statement as to Compliance
                                ----------------

American Business Credit, Inc.
Bala Pointe Office Centre
111 Presidential Boulevard
Bala Cynwyd, PA  19004
(610) 668-2440
fax (610) 949-7001
1-800-537-1162

                                        September 28, 2002

VIA UPS                                 VIA UPS
Mr. Randy Kahn                          Mr. Errol Arne
Chase Manhattan Bank                    MBIA
450 West 33rd Street                    113 King Street
15th floor                              Armonk, NY  10504
New York, NY  10001

$355,000,000.00
Mortgage Loan Trust
Series 2001-2 Class A-1, Class A-2, Class A-3, Class A-4, Class A-IO, Class R
Bear Stearns Asset Backed Securities Inc.
Annual Compliance Certificate

     As discussed, on behalf of the Seller, the above-mentioned Certificate must
be delivered to the Certificate  Insurer within ninety (90) days after the close
of the fiscal year being June 02.

     Pursuant in Section 2.03 of the  Insurance and  Indemnity  Agreement  among
Financial  Security  Assurance Inc.,  Prudential  Securities  Secured  Financing
Corporation,  American Business Credit,  Inc.  HomeAmerican  Credit,  Inc. D/B/A
Upland Mortgage and ABFS 2001-2, Inc. dated as of June 1, 2001, undersigned does
hereby certify the following:

     1)  I  have  reviewed  the  Company's  performance  under  the  Transaction
Documents  to which it is a party  during  such  period has been made under such
officer's supervision and

     2) To the best of my knowledge  following  reasonable  inquiry,  no Trigger
Event, Default or Event of Default has occurred,  or if a Trigger Event, Default
or Event of Default has occurred,  specifying  the nature  thereof,  and, if the
Company  has a right to cure any such  Default or Event of  Default,  stating in
reasonable  detail the steps,  if any,  being  taken by the Company to cure such
Default or to  otherwise  comply with the terms of the  agreement  to which such
Default or Event of Default relates.

     IN WITNESS THEREOF, the undersigned has executed this Certificate as of the
28th day of September 2002.

                                        American Business Credit, Inc.

                                        BY:  /s/ Anna M. Bucceroni
                                             ------------------------------
                                             Anna M. Bucceroni
                                            Senior Vice President


(corporate seal)


<page>




                                  Exhibit 99.2
                       Annual Independent Auditors' Report
                            ------------------------



BDO Seldman, LLP
Accountants and Consultants
1700 Market Streete, 29th floor
Philadelphia, PA  19103-3962
Telephone: (215) 636-5500
fax: (215) 636-5501

Independent Auditors' Report


American Business Financial Services, Inc.
Bala Cynwyd, Pennsylvania

     We have examined  management's  assertion about American  Business  Credit,
Inc.'s  compliance  with  the  minimum  servicing  standards  identified  in the
Mortgage Bankers Association of America's Uniform single Attestation Program for
Mortgage  Bankers (USAP) as of and for the year ended December 31, 2001 included
in the accompanying management assertion. Management is responsible for American
Business Credit,  Inc.'s compliance with those minimum servicing standards.  Our
responsibility  is to  express an opinion  on  management's  asertion  about the
entity's compliance based on our examination.

     Our examination  was made in accordance  with standards  established by the
American  Institute of Certified Public Accountants and,  accordingly,  included
examining,  on a test basis,  evidence about American  Business  Credit,  Inc.'s
compliance  with the  minimum  servicing  standards  and  performing  such other
procedures as we considered necessary in the circumstances.  We believe that our
examination  provides a reasonable  basis for our opinion.  Our examination does
not provide a legal determination on American Business Credit, Inc.'s compliance
with the mimimum servicing standards.

     In our opinion,  management's asertion that American Business Credit, Inc.,
complied with the aforementioned  minimum servicing  standards as of and for the
year ended December 31, 2001 is fairly stated, in all material respects.

February 25, 2002

/s/ BDO Seldman, LLP
- ----------------------
BDO Seldman, LLP