ITEM 1 - BUSINESS
Not Applicable.
ITEM 2
ITEM 2 - PROPERTIES
Bear Stearns Asset-Backed Securities, Inc. (the "Depositor") will furnish information regarding the Mortgaged Properties by reference to the Annual Compliance Certificates to be filed herein under Item 14.
ITEM 3
ITEM 3 - LEGAL PROCEEDINGS
The Depositor is not aware of any material pending legal proceedings involving either the Asset-Backed Certificates, Series 1998-1 (the "Trust); the Trustee; the Depositor; or the Servicer which relates to the Trust.
ITEM 4
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS
To the best knowledge of the Depositor, there is no established public trading market for the Certificates.
All of the Class A Certificates, Class M Certificates, Class B Certificates, Class X Certificates and Class R Certificates issued by the Trust are held by the Depository Trust Company ("DTC") which in turn maintains records of holders of beneficial interests in such Certificates. Based on information obtained by the Trust from DTC, as of December 31, 1998, there were six holders of Class A-1 Certificates, and one holder of each of the Class M-1 Certificates, Class M-2 Certificates, Class B Certificates, Class X Certificates and Class R Certificates.
ITEM 6
ITEM 6 - SELECTED FINANCIAL DATA
Not Applicable.
ITEM 7
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Not Applicable.
ITEM 8
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Not Applicable.
ITEM 9
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting or financial disclosures between the Depositor and its accountants.
PART III
ITEM 10
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not Applicable.
ITEM 11
ITEM 11 - EXECUTIVE COMPENSATION
Not Applicable.
ITEM 12
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth (i) the name and address of each entity owning more than 5% of the outstanding principal amount of each Class of Certificates of the Trust; (ii) the principal amount of the Class of Certificates owned by each and (iii) the percent that the principal amount of the Class of Certificates owned by such entity represents of the outstanding principal amount of such Class of Certificates. The information set forth in the table for the Certificates is based upon information obtained by the Trust from DTC and represents ownership of beneficial interest in the Certificates held by DTC. The Depositor is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Certificates.
Class A-1
Class M-1
Class M-2
Class B
Class X
Class R-1
Class R-2
ITEM 13
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None.
PART IV
ITEM 14
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:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
Exhibit No. Description ------- -----------
99.1* Statement of Compliance of the Master Servicer.
99.2* Annual Report of Independent Accountant with respect to the Master Servicer's overall servicing operations.
- -------------- *The document is not due to be delivered until June 30, 1999. Such document will be filed with the Securities and Exchange Commission by amendment upon receipt by the Registrant.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Depositor has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
By: AMERICAN RESIDENTIAL EAGLE INC., As Depositor
By: /s/ Mark A. Conger -------------------------------------- Name: Mark A. Conger Title: Executive Vice President, Chief Financial Officer
Date: May 5, 1999.
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Depositor and in the capacities and on the dates indicated:
INDEX TO EXHIBITS Item 14(C)
Exhibit No. Description - ----------- -----------
99.1* Statement of Compliance of the Master Servicer.
99.2* Annual Report of Independent Accountant with respect to the Master Servicer's overall servicing operations.
- -------------- *The document is not due to be delivered until June 30, 1999. Such document will be filed with the Securities and Exchange Commission by amendment upon receipt by the Registrant.