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 March 26, 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
  (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.
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                                    BEAR STEARNS ASSET BACKED SECURITIES, INC.


                                                       INDEX





                               Part I. FINANCIAL INFORMATION

Item 1.      Financial Statements
                Statement of Financial Condition at March 26, 1999
                    (Unaudited) and June 30, 1998
                Statement of Operations (Unaudited) for the three months
                    ended March 26, 1999 and for the nine months ended
                    March 26, 1999
                Statement of Cash Flows (Unaudited) for the nine months ended
                    March 26, 1999
                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



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


<CAPTION>
                                           March 26,               June 30,
                                             1999                     1998
                                         (Unaudited)

<S>                                    <C>                      <C>
Assets
  Receivable from Bear Stearns 
         Securities Corp.              $     31,678           $      31,697
  Deferred costs                            712,446                 771,784
                                       --------------          --------------
     Total Assets                      $    744,124           $     803,481
                                       ==============          ==============

Liabilities and Stockholders Equity

  Payable to Parent                    $    710,026           $     765,157
                                       --------------           -------------
     Total Liabilities                      710,026                 765,157
                                       --------------           -------------


Stockholders Equity

Common Stock, $1.00 par value;
  1,000 shares authorized:
  1,000 shares outstanding                    1,000                   1,000
Retained earnings                            33,098                  37,324                 
                                       --------------          -------------
     Total Stockholders Equity               34,098                  38,324
                                       --------------          -------------
     Total Liabilities and 
          Stockholders Equity         $     744,124           $     803,481
                                       ==============          =============




See accompanying notes to financial statements.



</TABLE>

<PAGE>

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

<CAPTION>




                                                           Three Months Ended              Nine Months Ended
                                                                March 26,                      March 26,
                                                                   1999                          1999
 
<S>                                                                <C>                           <C>
Expenses
   Other expenses                                                $   2,981                      $   7,484
                                                                ----------                   ------------
   Total expenses                                                    2,981                          7,484
                                                                 ---------                   ------------


Loss before benefit from income taxes                               (2,981)                        (7,484)

Benefit from income taxes                                            1,297                          3,258
                                                                 ----------                    -----------


Net loss                                                         $  (1,684)                     $  (4,226)
                                                                 ==========                    ===========





See accompanying notes to financial statements.





</TABLE>

<PAGE>

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

<CAPTION>



                                                                 Nine Months Ended       Nine Months Ended
                                                                    March 26,                March 27,
                                                                       1999                    1998

<S>                                                               <C>                          <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                        $   (4,226)                  $   (4,266)

Increase in:
     Receivable from affiliates                                           19                     (406,955)
      Deferred Costs                                                  59,338                            -
      Other Liabilities                                                    -                       37,500
                                                                ---------------              ---------------
      Cash provided by (used in) operating activities                 55,131                     (373,721)
                                                                ---------------              ---------------


CASH FLOWS FROM FINANCING ACTIVITIES
     (Decrease) increase in payable to Parent                        (55,131)                     373,721 
                                                                ---------------              ---------------
      Cash (used in) provided by financing activities                (55,131)                     373,721 
                                                                ---------------              ---------------


Cash and cash equivalents, beginning of period                             0                            0
                                                                ---------------              ---------------

Cash and cash equivalents, end of period                          $        0               $            0
                                                                ===============              ===============





See accompanying 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"),  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 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's net loss for the three months ended March 26, 1999 was $1,684.
The Company's net loss for the nine months ended March 26, 1998 was $4,226.

 
     Year 2000 Issue
 
     The Year 2000 issue is the result of legacy computer programs being 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 may not be able to accurately process dates ending in the
year 2000 and  thereafter.  The Company  determined  that it needed to modify or
replace portions of its software and hardware so that its computer systems would
properly utilize dates beyond December 31, 1999.

     Over four years ago,  the  Company  established  a task force to review and
develop an action plan to address the Year 2000 issue. The Companys action plan
addresses both  information  technology and  non-information  technology  system
compliance  issues.  Since then, the ongoing assessment and monitoring phase has
continued and includes assessment of the degree of compliance of its significant
vendors,  facility operators,  custodial banks and fiduciary agents to determine
the extent to which the Company is vulnerable to those third parties failure to
remediate their own Year 2000 issues.  The Company has contacted all significant
external  vendors in an effort to confirm their  readiness for the Year 2000 and
is in the process of testing  compatibility  with such  converted  systems.  The
Company also participates actively in industry-wide tests.

     The Company has and will  continue to test the  software  and  hardware for
Year 2000 modifications. To date, the amounts incurred related to the assessment
of, and  efforts  in  connection  with,  the Year 2000 and the  development  and
execution of a remediation plan have approximated  $45.8 million.  The Companys
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 $14.2 million, which will be funded through operating
cash flows and primarily expensed as incurred.

     The Company  presently  believes that the activities that it is undertaking
in the Year 2000 project  should  satisfactorily  resolve  Year 2000  compliance
exposures  within its own  systems  worldwide.  The  Company  has  substantially
completed the reprogramming and replacement phase of the project.  Testing is in
progress  and is expected to be  completed  in fiscal year 1999 with  additional
testing, as deemed  appropriate,  through the end of the calendar year. However,
if such  modifications  and  conversions  are not  operationally  effective on a
timely basis, the Year 2000 issue could have a material impact on the operations
of the  Company.  Additionally,  there can be no  assurance  that the systems of
other companies on which the Companys systems rely will be timely converted, or
that  a  failure  to  convert  by  another  company,  or a  conversion  that  is
incompatible  with the  Companys  systems,  would not have a  material  adverse
effect on the  Company.  The Company has  developed  an action plan and a formal
contingency  plan  designed to  safeguard  the  interests of the Company and its
customers.  The Company believes that these plans significantly reduces the risk
of a Year 2000 issue serious enough to cause a business disruption.  With regard
to Year 2000  compliance of other external  entities,  the Company is monitoring
developments  closely.  Should it appear that a major  utility,  such as a stock
exchange,  would not be ready,  the  Company  will work with other  firms in the
industry to plan an appropriate course of action.




<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

                             None

                  (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 December 30, 1998 and filed on 
January  15,  1999,  pertaining  to the  filing of  Pooling  and  Servicing
Agreement of Home Equity Loan Asset-Backed Certificates, Series 1998-0F54.

(ii)    A Current Report on Form 8-K dated January 26, 1999 and filed on
January 28, 1999, pertaining to the filing of computational materials in
connection with the proposed offering of the Irwin Home Equity Corporation Home
Equity Asset Backed Certificates, Series 1999-1.

(iii)   A Current  Report on Form 8-K dated  February  18,  1999 and filed on
February 22, 1999, pertaining to filing a prospectus and a prospectus supplement
relating to its Irwin Equity Asset Backed Certificates, Series 1999-1.

(iv)    A Current Report on Form 8-K dated March 10, 1999 and filed on March 10,
1999, pertaining to the filing of Computational Materials in connection with the
proposed offering of the United National Bank Home Loan Asset-Backed Notes,
Series 1999-1.

(v)     A Current Report on form 8-K dated February 25, 1999 and filed on 
March 12, 1999, pertaining to the filing of Pooling and Servicing Agreement
of the American  Residential Home Equity Loan Trust  Asset-Backed  Certificates,
Series 1998-1.






<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:    May 12, 1999         By:   /s/ William J. Montgoris
                                          William J. Montgoris
                                          Executive Vice President and Treasurer
                                         (Principal Financial Officer)



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