SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form l0-K

              [            X ] ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(d) OF
                           THE  SECURITIES  EXCHANGE ACT OF 1934 [Fee  Required]
                           For the fiscal year ended June 30, 1997

                                                              or

              [            ] TRANSITION  REPORT  PURSUANT TO SECTION 13 OR 15(d)
                           OF THE  SECURITIES  EXCHANGE  ACT  OF  1934  [No  Fee
                           Required] For the transition period from to

                         Commission file number 33-93574

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

              Delaware                                 13-3836437
(State or other jurisdiction of           (I.R.S. Employer Identification No.)
incorporation or organization)

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

                                          (212) 272-2000
                         (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of
the Act:

                                                Name of each exchange on
              Title of each class               which registered

                     None                               -

Securities  registered  pursuant to Section 12(g) of
the Act:

                                      None
                                (Title of class)


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  twelve 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

Indicate  the  number of  shares  outstanding  of each of the  registrant's
classes of common stock, as of September 1, 1997.

             1000 shares of Common Stock, par value $1.00 per share


THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION J(1)(a) AND
(b) OF FORM 10-K AND  THEREFORE IS FILING THIS FORM WITH THE REDUCED  DISCLOSURE
FORMAT CONTEMPLATED THEREBY.





                                                        -1-
<PAGE>
ITEM 1 - BUSINESS

Bear Stearns Asset Backed Securities, Inc. (the "Company") was organized by, and
is a direct wholly-owned  limited purpose finance subsidiary of The Bear Stearns
Companies  Inc. (the  "Parent").  The Company was  incorporated  in the State of
Delaware on June 2, 1995.

The  Company was formed  solely for the  purpose of issuing  directly or through
trusts  established  by it, in  series,  debt  securities  that are  secured  or
collateralized  by one or more pools of Compound  Interest  Securities,  Planned
Amortization Class ("PAC") Securities, Variable Interest Securities, Zero Coupon
Securities,  Principal Only Securities,  Interest Only Securities,  Participants
Securities, Senior Securities or Subordinate Securities.

ITEM 2 -       PROPERTIES

               The Company owns no physical properties.

ITEM 3 -       LEGAL PROCEEDINGS

               No legal proceedings are pending.

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

               Pursuant to General  Instruction J of Form 10-K, the  information
               required by Item 4 is omitted.


                                     PART II

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

               There is no  established  public  trading  market  for the common
               equity of the Company.  All of the issued and outstanding  shares
               of such common equity are owned by the Parent.


ITEM 6 -       SELECTED FINANCIAL DATA

               Pursuant to General  Instruction J of Form 10-K, the  information
               required by Item 6 is omitted.


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

               The  Company's   principal  business  activity  is  the  issuing,
               directly  or through  trust  established  by it, in series,  debt
               securities  that are  secured  or  collateralized  by one or more
               pools of Compound Interest Securities, Planned Amortization Class
               ("PAC") Securities, Variable Interest Securities,  Principal Only
               Securities,  Interest Only Securities,  Participants  Securities,
               Senior Securities or Subordinate Securities.
                                                        -2-
<PAGE>
                               PART II (continued)


ITEM 7 -       MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
               CONDITION AND RESULTS OF OPERATIONS    (Continued)

               The Company incurred net loss for the fiscal years ended June 30,
               1997 and 1996 in the amount of $5,330 and $16,868,  respectively.
               During the fiscal  year ended June 30,  1996 the  Company was the
               depositor  for  certificates  issued by Champion Home Equity Loan
               Trust 1996-1 and 1996-2.


ITEM 8 -       FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

               The  financial  statements  required by this Item and included in
               this Report are listed in the index appearing on page F-1.


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

                       Pursuant  to  General  Instruction  J of Form  10-K,  the
                       information required by Item 10 is omitted.

ITEM 11 -      EXECUTIVE COMPENSATION

                       Pursuant  to  General  Instruction  J of Form  10-K,  the
                       information required by Item 11 is omitted.

ITEM 12 -      SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

                       Pursuant  to  General  Instruction  J of Form  10-K,  the
                       information required by Item 12 is omitted.

ITEM 13 -      CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

                       Pursuant  to  General  Instruction  J of Form  10-K,  the
                       information required by Item 13 is omitted.




                                                        -3-
<PAGE>
                                     PART IV


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

               (a)  1. and 2.  Financial Statements and Schedules

               The financial  statements and schedules required by this Item and
               included in this Report are listed in the index appearing on page
               F-1.


                                     PART IV

               (b)     Reports on Form 8-K

                      No reports  or Form 8-K have been filed  during the fiscal
                      year ended June 30, 1997.



                                                      -4-



<PAGE>


                                   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
         the 22nd day of September, 1997.


                                    Bear Stearns Asset Backed Securities, Inc.
                                                 (Registrant)


                                    By: /s/ William J. Montgoris
                                    William J. Montgoris
                                    Executive Vice President and Treasurer
                                    (Principal Financial Officer)



         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  registrant  and in the  capacities  indicated  on the  22nd day of
         September, 1997.


                 Signatures                             Title



         /s/ Patricia Jehle                      President and Chief Operating
           Patricia Jehle                        Officer; Director



         /s/ Warren Spector
           Warren J. Spector                              Director















                                                        -5-
<PAGE>







<PAGE>
                   BEAR STEARNS ASSET BACKED SECURITIES, INC.

                          INDEX TO FINANCIAL STATEMENTS





                                                                       Page


Independent Auditors' Report                                            F-2

Statements of Financial Condition as of June 30, 1997 and 1996          F-3

Statements of  Operation for the fiscal years ended
 June 30, 1997 and 1996                                                 F-4

Statements of Changes in Stockholder's Equity for the fiscal
 years ended June 30, 1997 and 1996                                     F-5

Statements of Cash Flows for the fiscal years ended
 June 30, 1997 and 1996                                                 F-6


Notes to Financial Statements                                           F-7




Financial  Statement  Schedules are omitted because they are inapplicable or the
information is included in the financial statements or notes thereto.


Page F-1

<PAGE>

INDEPENDENT AUDITORS' REPORT



The Board of Directors and Stockholder,
Bear Stearns Asset Backed Securities Inc.:

We have  audited the  accompanying  statement  of  financial  condition  of Bear
Stearns  Asset Backed  Securities  Inc.(the "Company")(a  wholly-owned 
subsidiary of The Bear Stearns Companies Inc.) as of June 30, 1997 and 1996,
and the related statements of income,  cash flows, and changes in  stockholder's
equity for the years then ended.  These  financial  statements  are the 
responsibility  of the  Company's management.  Our  responsibility  is to
express  an  opinion on these  financial statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects, the financial position of Bear Stearns Asset Backed Securities Inc. at
June 30, 1997 and 1996, and the results of their operations and their cash flows
for the years  then  ended in  conformity  with  generally  accepted  accounting
principles.



September 2, 1997

<TABLE>
<PAGE>

                               BEAR STEARNS ASSET BACKED SECURITIES, INC.
                                    STATEMENTS OF FINANCIAL CONDITION




                                                                            June 30,           June 30,
                                                                              1997              1996
                                                 ASSETS
<S>                                                                         <C>               <C>
Assets
     Receivable from affiliates                                             $    31,705        $   31,705
     Deferred costs                                                             349,522           137,701
            Total Assets                                                    $   381,227        $  169,406
                                                                                =======           =======

                                  LIABILITIES AND STOCKHOLDER'S EQUITY


Liabilities
     Payable to Parent                                                       $  324,614        $  121,519
      Other liabilities                                                          77,811            63,755
           Total Liabilities                                                 $  402,425        $  185,274


Stockholder's Equity
     Common stock, $1.00 par value;
          1,000 shares authorized;
          1,000 shares outstanding
                                                                                  1,000             1,000
     Accumulated deficit                                                        (22,198)          (16,868)
               Total Stockholder's Equity                                       (21,198)          (15,868)
               Total Liabilities and Stockholder's Equity                    $  381,227        $  169,406
                                                                                =======           =======



See notes to financial statements.

</TABLE>






<TABLE>                                                         
                                                            Page F-3
<PAGE>

                          BEAR STEARNS ASSET BACKED SECURITIES, INC.
                                   STATEMENTS OF OPERATIONS




                                                                    June 30,          June 30,
                                                                      1997             1996
<S>                                                               <C>                <C>
Revenues
     Principal transactions                                       $                  $ (30,000)
                                                                                       (30,000)
               Total revenues


Expenses
     Other expenses                                                    9,505
                                                                                            678

               Total expenses                                          9,505
                                                                                            678


Loss before benefit from income taxes                                 (9,505)           (30,678)

Benefit from income taxes                                             (4,175)           (13,810)
 
Net  loss                                                          $  (5,330)         $ (16,868)
                                                                       =====             ======




See notes to financial statements.


</TABLE>











<TABLE>                                                         
                                                            Page F-4
<PAGE>

                          BEAR STEARNS ASSET BACKED SECURITIES, INC.
                        STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY






                                                      Common Stock              Accumulated
                                                      $1 Par Value                Deficit
<S>                                                          <C>                   <C>
Balance, June 30, 1995                                       $   1,000             $
                                                                 

Net loss                                                                            (16,868)

Balance, June 30, 1996                                           1,000              (16,868)
                                                                 

Net loss
                                                                                     (5,330)

Balance, June 30, 1997                                        $  1,000             $(22,198)
                                                                 =====              ========               




See notes to financial statements

 
</TABLE>

<TABLE>
                                                          Page F-5
<PAGE>

                               BEAR STEARNS ASSET BACKED SECURITIES, INC.
                                        STATEMENTS OF CASH FLOWS




                                                                          June 30,            June 30,
                                                                            1997               1996

<S>                                                                      <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                                 $    (5,330)        $  (16,868)
(Increases) in:                                                             (211,821)
   Deferred costs                                                                              (137,701)
   Receivable from affiliates                                                                   (31,705)

Increase in:
   Other liabilities                                                          14,056             63,755
         Cash used in operating activities                                   (203,095)         (122,519)


CASH FLOWS FROM FINANCING ACTIVITIES
Payable to Parent                                                             203,095           121,519
   Capital Contributions from Parent                                                              1,000

          Cash provided by financing activities                               203,095           122,519

   CASH AND CASH EQUIVALENTS,
    END OF YEAR                                                           $                   $





See notes to financial statements.

</TABLE>

                                                               Page F-6
<PAGE>

                   BEAR STEARNS ASSET BACKED SECURITIES, INC.
                          NOTES TO FINANCIAL STATEMENTS



Note 1.        Organization

Bear Stearns Asset Backed Securities, Inc. (the "Company") was organized by, and
is a direct wholly-owned  limited purpose finance subsidiary of The Bear Stearns
Companies  Inc. (the  "Parent").  The Company was  incorporated  in the State of
Delaware on June 2, 1995.

The  Company was formed  solely for the  purpose of issuing  directly or through
trusts  established  by it, in  series,  debt  securities  that are  secured  or
collateralized  by one or more pools of Compound  Interest  Securities,  Planned
Amortization Class ("PAC") Securities, Variable Interest Securities, Zero Coupon
Securities,  Principal Only Securities,  Interest Only Securities,  Participants
Securities, Senior Securities or Subordinate Securities.


Note 2.        Summary of Significant Accounting Policies

               The Company's policy is to record the securitization and issuance
               of  collateralized  debt  and  the  related  sale  of  all of its
               remaining beneficial ownership interest in the residual cash flow
               attributable to each series of  collateralized  debt as a sale of
               assets. The resultant gain or loss reflects the net proceeds from
               the  collateralized  debt issuance and the sale of the beneficial
               ownership interest less the cost of the underlying collateral and
               is   reflected  as  principal   transaction   revenues   Deferred
               organization   costs   associated   with  the   issuance  of  the
               collateralized debt are prepaid issue expenses which are included
               as a  component  of  the  gain  or  loss  upon  the  sale  of the
               collateralized debt.

               The Company's  policy is to sell all of its beneficial  ownership
               interest in each  collateralized  debt series issued  directly or
               through one or more trusts established by it. Accordingly, as the
               Company no longer retains an economic  interest in the underlying
               collateral,   the   assets  and   liabilities   related  to  each
               collateralized  debt series are not  reflected  on the  Company's
               Statement of Financial Condition.

               The  financial   statements  are  prepared  in  conformity   with
               generally accepted accounting principles which require management
               to make estimates and assumptions  that affect the amounts in the
               financial statements and accompanying notes. Actual results could
               differ from those estimates.

               The Company is included in the  consolidated  federal  income tax
               return  of the  Parent.  Income  tax  expense  is  computed  on a
               separate company basis.

               For  purposes of  reporting  cash flows,  the Company has defined
               cash  equivalents as liquid  investments not held for sale in the
               ordinary course of business.





                                                            Page F-7
<PAGE>

                   BEAR STEARNS ASSET BACKED SECURITIES, INC.
                          NOTES TO FINANCIAL STATEMENTS




Note 3.        Income Taxes

               The difference  between the Company's  effective tax rate and the
               statutory  federal  income  tax rate is the  effect  of state and
               local income taxes.


Note 4.        Related Party Transactions

               Substantially all of the Company's  operating  expenses,  such as
               office space and general and administrative  expenses,  are borne
               by an affiliate.



                                                              Page F-8