SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   FORM 10-K

                 Annual Report Pursuant to Section 13 or 15(d)
                    of the Securities Exchange Act of 1934


For the fiscal year ended                          Commission file number
    December 31, 1997                                       333-26051-03



                     AmerUs Home Equity Loan Trust 1997-1
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       (Name of Trust Fund issuing AmerUs Home Equity Loan Asset-Backed
                         Certificates, Series 1997-1)


                  Bear Stearns Asset Backed Securities, Inc.
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            (Exact name of Registrant as specified in its charter)



           Delaware                                   13-3836437
---------------------------------                  --------------------
  (State or other jurisdiction                       (IRS employer
of incorporation or organization)                   identification no.)


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


     Registrant's telephone number, including area code:   (904) 272-4095
                                                           --------------
     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. [ ]

Aggregate market value of the voting stock held by non-affiliates of the
Registrant:  None.

Number of shares of common stock of the Registrant outstanding as of December
31, 1997: Not applicable.




                      DOCUMENTS INCORPORATED BY REFERENCE


Documents in Part IV incorporated herein by reference are as follows:

1.       Monthly statement sent to Certificateholders with the November 1997
         distribution incorporated herein by reference as an exhibit to the
         Registrant's Current Report on Form 8-K filed with the Securities and
         Exchange Commission on December 16, 1997.

2.       Monthly statement sent to Certificateholders with the December 1997
         distribution incorporated herein by reference as an exhibit to the
         Registrant's Current Report on Form 8-K filed with the Securities and
         Exchange Commission on December 19, 1997.




                                    PART I


ITEM 1.      BUSINESS

             Not applicable.


ITEM 2.      PROPERTIES

             Not applicable.


ITEM 3.      LEGAL PROCEEDINGS

             There are no material pending legal proceedings with respect
             to AmerUs Life Insurance Company (the "Seller" and
             "Servicer") or the Registrant, or to the best of our
             knowledge, the Trust Fund or The Bank of New York (the
             "Trustee"), with respect to the Trust Fund, other than
             ordinary routine litigation, if any, incidental to the
             duties of the Trust Fund or of the Trustee, the Servicer or
             the Registrant under the Pooling and Servicing Agreement
             relating to the Certificates.


ITEM 4.      SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

             None.



                               PART II


ITEM 5.      MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
             MATTERS

             (a)      There is no established public trading market for
                      the Certificates representing undivided interests
                      in the pool established by the Registrant of high
                      balance, adjustable rate, one- to four-family
                      mortgage loans.

             (b)      At December 31, 1997, the number of holders of
                      record of the Certificates were as follows:


                                                            Number of
                      AmerUs Home Equity Loan Asset         Record Holders
                      Backed Certificates,
                      Series 1997-1, Class A                     13

             (c)      Not applicable.


ITEM 6.      SELECTED FINANCIAL DATA

             Not applicable.


ITEM 7.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
             RESULTS OF OPERATIONS

             Not applicable.


ITEM 8.      FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

             Not applicable.


ITEM 9.      CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
             FINANCIAL DISCLOSURE

             None.


                                   PART III


ITEM 10.     DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

             Not applicable.


ITEM 11.     EXECUTIVE COMPENSATION

             Not applicable.


ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

            (a)      Not applicable.

            (b)      Not applicable.

            (c)      Not applicable.


ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

            (a)      Not applicable.



                            PART IV


ITEM 14.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

            (a)      (1)    Not applicable.

                     (2)    Not applicable.

                     (3)    The required exhibits are as follows:

                            Monthly statement sent to
                            Certificateholders with the November 1997
                            distribution incorporated herein by
                            reference as an exhibit to the
                            Registrant's Current Report on Form 8-K
                            filed with the Securities and Exchange
                            Commission on December 16, 1997.

                            Monthly statement sent to
                            Certificateholders with the December 1997
                            distribution incorporated herein by
                            reference as an exhibit to the
                            Registrant's Current Report on Form 8-K
                            filed with the Securities and Exchange
                            Commission on December 19, 1997.

                            Independent Accountants' Report on Management's
                            Assertion About Compliance with Uniform Single
                            Attestation Program Requirements for the
                            year ended December 31, 1997.

                            Officer's Certificate regarding Annual
                            Statement as to Compliance of the Servicer
                            for the year ended December 31, 1997.

            (b)      The following reports on Form 8-K were filed during
                     the last quarter of the period covered by this
                     report:

                     Date Filed                         Event Reported

                   December 16, 1997.             Monthly statement sent to
                                                  Certificateholders with the
                                                  November 1997 distribution.

                   December 19, 1997.             Monthly statement sent to
                                                  Certificateholders with the
                                                  December 1997 distribution.

            (c)     Exhibits required to be filed by the Registrant
                    pursuant to Item 601 of Regulation S-K are listed
                    in the Exhibit Index immediately following the
                    signature page hereof.

            (d)     Not applicable.


     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

No annual report, proxy statement, form of proxy or other soliciting material
has been sent to Certificateholders.


                                  SIGNATURES


      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 on March 31, 1998.


                                BEAR STEARNS ASSET BACKED
                                SECURITIES, INC., as Registrant
                                and on behalf of the Trust Fund


                                By: /s/ Jonathan Lieberman
                                    ______________________________
                                    Name:  Jonathan Lieberman
                                    Title: Vice President


                                 EXHIBIT INDEX

Exhibit No.                                                      Page


   19.1     Report Furnished to Security-Holders
            (Filed on December 16,  1997 as part
            of the Registrant's current report on
            Form 8-K)............................................. *

   19.2     Report Furnished to Security-Holders
            (Filed on December 19, 1997 as part of
            the Registrant's current report on
            Form 8-K)............................................. *

   99.1     Independent Accountants' Report on
            Management's Assertion About Compliance
            with Uniform Single Attestation
            Program Requirements of AmerUs Bank
            (as sub-servicer for the Servicer) for
            the year ended December 31, 1997...................... 9

   99.2     Officer's Certificate regarding Annual
            Statement as to Compliance of the
            Servicer for the year ended
            December 31, 1997......................................10



                                 Exhibit 99.1


                      INDEPENDENT ACCOUNTANT'S REPORT ON
                 MANAGEMENT'S ASSERTION ABOUT COMPLIANCE WITH
                UNIFORM SINGLE ATTESTATION PROGRAM REQUIREMENTS

                         INDEPENDENT AUDITOR'S REPORT
                         ----------------------------


The Board of Directors
AmerUs Bank:


We have examined management's assertion about AmerUs Bank'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, 1997, included in the accompanying
management assertion. Management is responsible for AmerUs Bank's compliance
with those minimum servicing standards. Our responsibility is to express an
opinion on management's assertion 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 AmerUs Bank'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 provided
a legal determination on AmerUs Bank's compliance with the minimum servicing
standards.

In our opinion, management's assertion that AmerUs Bank complied with the
aforementioned minimum servicing standards as of and for the year ended
December 31, 1997, is fairly stated, in all material respects.


                                           /s/ KPMG Peat Marwick LLP

January 23, 1998





                                 Exhibit 99.2

                             OFFICER'S CERTIFICATE
                       ANNUAL STATEMENT AS TO COMPLIANCE
                           FOR THE YEAR ENDING 1997


RE:      POOLING AND SERVICING AGREEMENT dated as of October 1, 1997, among
         BEAR STEARNS ASSET BACKED SECURITIES, INC., as depositor, AMERUS LIFE
         INSURANCE COMPANY, as Servicer, and THE BANK OF NEW YORK, as trustee.


         Pursuant to the above Agreement, the Servicer hereby states:

         (a)      A review of the activities of the Servicer during the period
                  October 1, 1997 to December 31, 1997 and of its performance
                  under the Agreement has been made under the supervision of
                  the undersigned officer, and

         (b)      To the best of such officer's knowledge, based on such
                  review, the Servicer has fulfilled all its material
                  obligations under the Agreement throughout such year.

         Dated March 24, 1998




                                        AmerUs Life Insurance Company



                                        By:  /s/ Steven L. Schipper
                                            ----------------------------
                                                 Steven L. Schipper
                                            Director, Structured Finance