SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 10-Q


[ X ]  QUARTERLY  REPORT  PURSUANT  TO  SECTION  13 OR 15(d)  OF THE  SECURITIES
EXCHANGE ACT OF 1934 For the quarterly period ended September 26, 1997

                                       OR

[ ] 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 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.   EmployerIdentification No.) 
incorporation or organization)


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


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

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


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


<PAGE>

                   BEAR STEARNS ASSET BACKED SECURITIES, INC.


                                      INDEX





Part I. FINANCIAL INFORMATION

Item 1.           Financial Statement
                           
                  Statements  of Financial  Condition at September  26,
                  1997  (Unaudited)  and June  30,  1997 

                  Statement  of Operations (Unaudited) for the three months 
                  ended and September 26, 1997 and September 27, 1996 
 
                  Statement of Cash Flows (Unaudited) for the three months 
                  ended September 26, 1997 and September 27, 1996 

                  Notes to Financial Statements (Unaudited)

Item 2.           Management's Discussion and Analysis of Financial Condition 
                  and Results of Operations


Part II. OTHER INFORMATION

Item 3.           Legal Proceedings

Item 6.           Exhibits and Reports on Form 8-K

                  SignaturE

<PAGE>

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


<CAPTION>
                                                                             September 26,      June 30,
                                                                                  1997            1997
                                                                              (Unaudited)

<S>                                                                        <C>                 <C>
Assets
 Receivable from Bear Stearns Securities Corp.                             $  31,705           $  31,705
 Deferred organization costs                                                 349,522             349,522
                                                                           ----------          ---------
           Total Assets                                                    $ 381,227           $ 381,227
                                                                             =======             =======

Liabilities and Stockholder's Equity

 Payable to Parent                                                         $ 215,420           $ 324,614
 Other liabilities                                                           188,039              77,811
                                                                           ------------        ------------
            Total Liabilities                                                403,459             402,425
                                                                           ------------        ------------


Stockholder's Equity

Common Stock, $1.00 par value;
 1,000 shares authorized:                                                      1,000              1,000
 1,000 shares outstanding
Accumulated Deficit                                                          (23,232)           (22,198)
                                                                            ------------       ----------
            Total Stockholder's Equity                                       (22,232)           (21,198)
                                                                            ------------       ----------
            Total Liabilities and Stockholder's Equity                     $ 381,227           $ 381,227
                                                                             =======             =======




See accompanying notes to financial statements.



</TABLE>



<PAGE>

<TABLE>
                                        BEAR STEARNS ASSET BACKED SECURITIES, INC.
                                                 STATEMENTS OF OPERATIONS
                                                        (Unaudited)

<CAPTION>



                                                                             Three Months Ended
                                                                      September 26,        September 27,
                                                                          1997                 1996

<S>                                                                      <C>              <C>
Expenses
     Other expenses                                                      $   1,829        $      206
                                                                         ----------        -----------
     Total expenses                                                          1,829               206
                                                                         ----------        ------------


Loss before benefit from income taxes                                       (1,829)             (206)

Benefit from income taxes                                                     (795)              (93)
                                                                        -----------       -------------


Net loss                                                                 $  (1,034)         $   (113)
                                                                             ======            =======




See accompanying notes to financial statements.





</TABLE>




<PAGE>

<TABLE>
                                        BEAR STEARNS ASSET BACKED SECURITIES, INC.
                                                 STATEMENTS OF CASH FLOWS
                                                        (Unaudited)

<CAPTION>



                                                                                 Three Months Ended
                                                                             September 26,        September 27,
                                                                                  1997                1996

<S>                                                                        <C>                     <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                                   $    (1,034)            $      (113)
Increase/(decrease) in:

     Other liabilities                                                         110,228                 (32,776)
                                                                             -------------         ------------
               Cash provided by (used in) operating activities                 109,194                 (32,889)
                                                                             -------------         ------------


CASH FLOWS FROM FINANCING ACTIVITIES
      Payable to Parent                                                       (109,194)                 32,889
                                                                             -------------        -------------
              Cash (used in) provided by financing activities                 (109,194)                 32,889
                                                                             -------------        -------------


Cash and cash equivalents, beginning of period                                       -                       -
                                                                             -------------        ------------

Cash and cash equivalents, end of period                                    $        -            $          -
                                                                               ========                =======


See accompanying notes to financial statements.




</TABLE>






<PAGE>

                   BEAR STEARNS ASSET BACKED SECURITIES, INC.
                          NOTE TO FINANCIAL STATEMENTS
                                   (UNAUDITED)





Note 1.           Organization

Bear  Stearns  Asset  Backed   Securities,   Inc.  (the  "Company"),   a  direct
wholly-owned  limited  purpose  subsidiary  of The Bear Stearns  Companies  Inc.
("Bear Stearns"), was organized 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  Securities,   Variable  Interest  Securities,  Zero  Coupon
Securities,  Principal Only Securities,  Interest Only Securities,  Participants
Securities, Senior Securities or Subordinate Securities.

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.

Item 2. 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  Securities,  Variable Interest  Securities,  Principal Only
Securities, Interest Only Securities, Participants Securities, Senior Securities
or Subordinate Securities.

The  Company's  net loss for the  three  months  ended  September  26,  1997 and
September 27, 1996 were $1,034 and $113, respectively.


<PAGE>


                  Part II.    OTHER INFORMATION


Item 3.           Legal Proceedings

                  No legal proceedings are pending.

Item 6.           Exhibits and Reports on Form 8-K

                  (a)      Exhibits

                             None

                  (b)      Reports on Form 8-K:

No reports on Form 8-K have been filed during the period covered by this report.







<PAGE>


                                    SIGNATURE


Pursuant  to the  requirements  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.



                           Bear Stearns Asset Backed Securities, Inc.
                                            (Registrant)




Date:    November 5, 1997  By:   /s/ William J. Montgoris
                                     William J. Montgoris
                                     Executive Vice President and Treasurer
                                     (Principal Financial Officer)


<PAGE>


                                    SIGNATURE






Pursuant  to the  requirements  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.



                         Bear Stearns Asset Backed Securities, Inc.
                                       (Registrant)




Date:    November 5, 1997  By:
                                   William J. Montgoris
                                   Executive Vice President and Treasurer
                                   (Principal Financial Officer)