SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    Form l0-Q


   [ X ]        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934

                        For the quarterly period ended December 31, 1999

                                           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. Employer Identification No.)
    incorporation or organization)

                                 245 Park Avenue
                            New York, New York 10167
                                 (212) 272-2000
               (Address, including Zip Code, and Telephone Number,
        including Area Code, of Registrant's Principal Executive Offices)


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  THEREFORE IS 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 Statements

                  Statements of Financial Condition at December 31, 1999
                    (Unaudited) and June 30, 1999.
                  Statements of Income (Unaudited) for the three-months ended
                     December  31, 1999 and  December  31, 1998 and for the six-
                     months ended December 31, 1999 and December 31, 1998.
                  Statements of Cash  Flows  (Unaudited)  for  the six-months
                     ended December 31, 1999 and December 31, 1998.
                  Notes to Financial Statements (Unaudited)


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

Part II.         OTHER INFORMATION

Item 1.          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>

                                                                             December 31,                   June 30,
                                                                                 1999                         1999
                                                                           -----------------            -----------------
                                                                             (Unaudited)
<S>                                                                        <C>                           <C>
Assets
     Receivable from affiliates                                                   $ 31,678                     $ 31,678
     Deferred costs                                                                 650,160                      526,715
                                                                           -----------------            -----------------

          Total Assets                                                            $ 681,838                    $ 558,393
                                                                           =================            =================

Liabilities
     Payable to Parent                                                            $ 645,692                    $ 523,586
                                                                           -----------------            -----------------
          Total Liabilities                                                         645,692                      523,586

Stockholder's Equity
     Common stock, $1,000 par value;
     100 shares authorized, 1 share issued and
     outstanding;                                                                     1,000                        1,000
     Retained earnings                                                               35,146                       33,807
                                                                           -----------------            -----------------
          Total Stockholder's Equity                                                 36,146                       34,807
                                                                           -----------------            -----------------
          Total Liabilities and Stockholder's Equity                              $ 681,838                    $ 558,393
                                                                           =================            =================



See Notes to Financial Statements.

</TABLE>
<PAGE>

<TABLE>

                                        BEAR STEARNS ASSET BACKED SECURITIES, INC.
                                                 STATEMENTS OF INCOME
                                                     (Unaudited)

<CAPTION>
                                                    Three-Months Ended                         Six-Months Ended
                                            -----------------------------------      --------------------------------------
<S>                                          <C>                 <C>                 <C>                      <C>
                                              December             December             December               December
                                                1999                 1998                 1999                   1998
                                            --------------       --------------      ---------------         --------------

Revenues
     Interest income                              $ 5,530                  $ -              $ 7,600                    $ -
                                            --------------       --------------      ---------------         --------------
          Total revenues                            5,530                    -                7,600                      -

Expenses
     Other expenses                                 2,637                2,093                5,239                  4,502
                                            --------------       --------------      ---------------         --------------
              Total expenses                        2,637                2,093                5,239                  4,502

Income (Loss) before income tax
     expense (benefit)                              2,893               (2,093)               2,361                 (4,502)
Income tax expense (benefit)                        1,253                 (912)               1,022                 (1,960)
                                            --------------       --------------      ---------------         --------------
Net income (loss)                                 $ 1,640             $ (1,181)             $ 1,339               $ (2,542)
                                            ==============       ==============      ===============         ==============


See Notes to Financial Statements.


</TABLE>
<PAGE>

<TABLE>

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

<CAPTION>
                                                                                      Six-Months Ended
                                                                           ---------------------------------------

                                                                            December 31,               December 31,
                                                                                1999                       1998
                                                                           --------------             ------------
<S>                                                                        <C>                        <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)                                                                $ 1,339                 $ (2,542)
(Increase) decrease in:
     Deferred costs                                                             (123,445)                 (26,993)
     Receivable from affiliates                                                        -                       18
                                                                           --------------             ------------
Cash used in operating activities                                               (122,106)                 (29,517)

CASH FLOWS FROM FINANCING ACTIVITIES
Increase in payable to Parent                                                    122,106                   29,517
                                                                           --------------             ------------
Cash provided by financing activities                                            122,106                   29,517

CASH AND CASH EQUIVALENTS,
   BEGINNING OF YEAR                                                                   -                        -
                                                                           --------------             ------------
CASH AND CASH EQUIVALENTS,
   END OF YEAR                                                                       $ -                      $ -
                                                                           ==============             ============


See Notes to Financial Statements.

</TABLE>
<PAGE>



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


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.

The financial  statements  are prepared in conformity  with  generally  accepted
accounting principles which require management to make estimates and assumptions
that affect the amounts  reported in the consolidated  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
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,  Principal Only
Securities, Interest Only Securities, Participants Securities, Senior Securities
or Subordinate Securities.

The  Company  had net income for the  three-months  ended  December  31, 1999 of
$1,640 and a net loss for the  three-months  ended December 31, 1998 was $1,181.
The Company had net income for the six-months  ended December 31, 1999 of $1,339
and a net loss for the six-months ended December 31, 1998 of $2,542.

Year 2000 Issue

The Year 2000  issue is the  result  of legacy  computer  programs  having  been
written using two digits rather than four digits to define the  applicable  year
and therefore without  consideration of the impact of the upcoming change in the
century. Such programs,  unless corrected,  may not have been able to accurately
process dates ending in the Year 2000 and thereafter.

Through  December 31, 1999,  the amounts  incurred by the Parent  related to the
assessment of, and efforts in connection with, the Year 2000 and the development
and execution of a  remediation  plan have  approximated  $77.0 million of which
approximately  $11.0 million in hardware and software has been capitalized.  The
Parent's total  projected Year 2000 project cost,  including the estimated costs
and time associated with the impact of third-party  Year 2000 issues,  are based
on currently available  information.  The total remaining Year 2000 project cost
is  estimated  at  approximately  $1.0  million,  which  will be funded  through
operating cash flows and primarily expensed as incurred.

Nothing has come to the Parent's attention, which would cause it to believe that
its Year 2000  compliance  effort  was not  successful.  While the  Parent  will
continue to monitor for Year 2000 related problems,  to date no significant Year
2000 issues have been encountered.

<PAGE>


Part II.     OTHER INFORMATION

Item 1.      Legal Proceedings

             No legal proceedings are pending.

Item 6.      Exhibits and Reports on Form 8-K

               (a)      Exhibits

                        (27) Financial Data Schedule

               (b)      Reports on Form 8-K

     During the quarter, the Company filed the following current reports on form
     8-K:

     (i) A Current  Report on Form 8-K dated on September  23, 1999 and filed on
     September  27,  1999  pertaining  to  filing a  prospectus  and  prospectus
     supplement  with the  Securities  and Exchange  Commission  relating to its
     Mortgage  Loan  Trust,   Series  RASC   1999-RS3,   Mortgage   Asset-Backed
     Pass-Through Certificates, Series 1999-RS3.

     (ii) A Current  Report on Form 8-K dated and filed on  September  27,  1999
     pertaining  to filing of  computational  materials in  connection  with the
     proposed  offering of Mortgage Loan Trust,  Series RASC 1999-RS3,  Mortgage
     Asset-Backed Pass-Through Certificates, Series 1999-RS3.

     (iii) A Current  Report on Form 8-K dated  September  27, 1999 and filed on
     October 14, 1999,  pertaining to filing of Pooling and Servicing  Agreement
     among the Company,  Residential  Funding Corporation and Bank One, National
     Association.

     (iv) A Current  Report on Form 8-K dated  and  filed on  October  15,  1999
     pertaining  to filing of  computational  materials in  connection  with the
     proposed  offering of Bear Stearns  Asset Backed  Securities,  Inc.,  Asset
     Backed Certificates, Series 1999-2.

     (v) A  Current  Report  on Form 8-K  dated  October  27,  1999 and filed on
     October 28, 1999,  pertaining to the filing of  computational  materials in
     connection  with the  proposed  offering  of GMACM Home  Equity  Loan Trust
     1999-2 Loan-Backed Term Notes, Series 1999-2.

     (vi) A  Current  Report  on Form 8-K  dated  April  25,  1999 and  filed on
     November 1, 1999,  pertaining  to the filing of United  National  Home Loan
     Owner Trust  1999-1  Monthly  Statement:  Payment  Date:  4/26/99,  Revised
     9/25/99.

<PAGE>

     (vii) A Current Report on Form 8-K dated May 25, 1999 and filed on November
     1, 1999,  pertaining to the filing of United National Home Loan Owner Trust
     1999-1 Monthly Statement: Payment Date: 5/25/99, Revised 9/25/99.


     (viii) A  Current  Report  on Form 8-K  dated  June 25,  1999 and  filed on
     November 1, 1999,  pertaining  to the filing of United  National  Home Loan
     Owner Trust  1999-1  Monthly  Statement:  Payment  Date:  6/25/99,  Revised
     9/25/99.

     (ix) A Current Report on Form 8-K dated July 25, 1999 and filed on November
     1, 1999,  pertaining to the filing of United National Home Loan Owner Trust
     1999-1 Monthly Statement: Payment Date: 7/26/99, Revised 9/25/99.

     (x) A  Current  Report  on Form 8-K  dated  August  25,  1999 and  filed on
     November 1, 1999,  pertaining  to the filing of United  National  Home Loan
     Owner Trust 1999-1 Monthly Statement: Payment Date: 8/25/99.

     (xi) A Current  Report on Form 8-K dated  September  25,  1999 and filed on
     November 1, 1999,  pertaining  to the filing of United  National  Home Loan
     Owner Trust 1999-1 Monthly Statement: Payment Date: 9/27/99.

     (xii) A  Current  Report on Form 8-K dated  October  25,  1999 and filed on
     November 1, 1999,  pertaining  to the filing of United  National  Home Loan
     Owner Trust 1999-1 Monthly Statement: Payment Date: 10/25/99.

     (xiii) A Current  Report on Form 8-K dated and filed on  November  23, 1999
     pertaining  to  filing a  prospectus  and  prospectus  supplement  with the
     Securities  and Exchange  Commission  relating to its Mortgage  Loan Trust,
     Series RASC  1999-RS4,  Mortgage  Asset-Backed  Pass-Through  Certificates,
     Series 1999-RS4.

     (xiv) A Current  Report on Form 8-K dated and filed on  November  24,  1999
     pertaining  to filing of  computational  materials in  connection  with the
     proposed  offering of Mortgage Loan Trust,  Series RASC 1999-RS4,  Mortgage
     Asset-Backed Pass-Through Certificates, Series 1999-RS4.

     (xv) A  Current  Report on Form 8-K dated  November  25,  1999 and filed on
     November 30, 1999,  pertaining  to the filing of United  National Home Loan
     Owner Trust 1999-1 Monthly Statement: Payment Date: 11/26/99.

     (xvi) A  Current  Report on Form 8-K  dated  December  2, 1999 and filed on
     December  3,  1999  pertaining  to  filing of  computational  materials  in
     connection  with the proposed  offering of the Irwin Home Equity Loan Trust
     1999-3 Home Equity Loan-Backed Term Notes, Series 1999-3.

<PAGE>

     (xvii) A Current  Report on Form 8-K dated  November  24, 1999 and filed on
     December 13, 1999,  pertaining to filing of Pooling and Servicing Agreement
     among the Company,  Residential Funding Corporation, and Bank One, National
     Association.

     (xviii) A Current  Report on Form 8-K dated  December  6, 1999 and filed on
     December  15,  1999  pertaining  to  filing  a  prospectus  and  prospectus
     supplement  with the  Securities  and Exchange  Commission  relating to the
     Irwin Home Equity Loan Trust  1999-3  Home Equity  Loan-Backed  Term Notes,
     Series 1999-3.

     (xix) A Current  Report on Form 8-K dated  December  6, 1999,  and filed on
     December  15, 1999,  pertaining  to the Form T-1  Statement of  Eligibility
     under the Trust Indenture Act of 1939, as amended.

     (xx) A  Current  Report on Form 8-K dated  December  25,  1999 and filed on
     December 30, 1999,  pertaining  to the filing of United  National Home Loan
     Owner Trust 1999-1 Monthly Statement: Payment Date: 12/27/99.

<PAGE>


                                    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, on
         the 14th day of February, 1999.


                                      Bear Stearns Asset Backed Securities, Inc.
                                                     (Registrant)

                                      By: /s/ Samuel L. Molinaro Jr.
                                          Samuel L. Molinaro Jr.
                                          Chief Financial Officer