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 27, 1998

                                       OR

         [ f ] 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 Statement
Statement of Financial Condition at March 27, 1998 (Unaudited) and June 30, 1997
Statement of Operations  (Unaudited)  for the three months and nine months ended
March 27, 1998  Statement  of Cash Flows  (Unaudited)  for the nine months ended
March 27, 1998 Notes to Financial Statements (Unaudited)

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

Part II. OTHER INFORMATION

Item 3. 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 27,                June 30,
                                                                           1998                     1997
                                                                        (Unaudited)

<S>                                                                         <C>                      <C>
Assets
  Receivable from Bear Stearns Securities Corp.                          $     31,705           $      31,705
  Deferred organization costs                                                 756,478                 349,522
                                                                            ---------             -----------
         Total Assets                                                    $    788,183           $     381,227
                                                                            =========             ===========

Liabilities and Stockholder's Equity

  Payable to Parent                                                      $    698,336           $     324,614
  Other liabilities                                                           115,311                  77,811
                                                                             --------                 -------
         Total Liabilities                                                    813,647                 402,425
                                                                             --------                 -------


Stockholder's Equity

Common Stock, $1.00 par value;
  1,000 shares authorized;
  1,000 shares outstanding                                                      1,000                   1,000
Accumulated Deficit                                                           (26,464)               (22,198)
                                                                            ----------             ----------
         Total Stockholder's Equity                                           (25,464)               (21,198)
                                                                            ----------             ----------
         Total Liabilities and Stockholder's Equity                      $    788,183           $     381,227
                                                                            ==========             ==========




See accompanying notes to financial statements.



</TABLE>


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

<CAPTION>




                                                           Three Months Ended              Nine Months Ended
                                                                March 27,                     March 27,
                                                                   1998                          1998

<S>                                                                <C>                           <C>
Expenses
   Other expenses                                                $   3,066                      $   7,554
                                                                  --------                     ----------
   Total expenses                                                    3,066                          7,554
                                                                  --------                     ----------


Loss before benefit from income taxes                               (3,066)                        (7,554)

Benefit from income taxes                                            1,335                          3,288
                                                                  ---------                      ---------


Net loss                                                         $  (1,731)                     $  (4,266)
                                                                   ========                        =======




See accompanying notes to financial statements.





</TABLE>


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

<CAPTION>



                                                                                 Nine Months Ended
                                                                                       March 27,
                                                                                         1998

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

(Increase) in:
     Deferred organization costs                                                         (406,955)

Increase in:
     Other liabilities                                                                     37,500
                                                                                  ---------------
           Cash provided by operating activities                                         (373,721)
                                                                                  ---------------


CASH FLOWS FROM FINANCING ACTIVITIES
     Payable to Parent                                                                    373,721
                                                                                    -------------
           Cash provided by financing activities                                          373,721
                                                                                    -------------


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

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


See accompanying notes to financial statements.




</TABLE>






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                           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 nine months ended March 27, 1998 was $4,266.
The Company's net loss for the three months ended March 27, 1998 was $1,731.

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                  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



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                                    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 4, 1998                       By: /s/ William J. Montgoris
                                                William J. Montgoris
                                    Executive Vice President and Treasurer
                                         (Principal Financial Officer)





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