SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    Form l0-Q


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

               For the quarterly period ended _________________

                                       or

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

            For the transition period from July 1, 1999 to November 26, 1999
                                           ------------    -----------------


                         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 November 26, 1999
                    (Unaudited) and June 30, 1999
                  Statements   of   Operations   (Unaudited)   for  the
                     five-months ended November 26, 1999 and November 27, 1998.
                  Statements of Cash Flows (Unaudited) for the five-months ended
                     November 26, 1999 and November 27, 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>
                                                                             November 26,                   June 30,
                                                                                 1999                         1999
                                                                           -----------------            -----------------
                                                                             (Unaudited)
<S>                                                                        <C>                           <C>
Assets
     Receivable from affiliates                                                   $  31,678                    $  31,678
     Deferred costs                                                                 761,265                      526,715
                                                                           -----------------            -----------------
          Total Assets                                                            $ 792,943                    $ 558,393
                                                                           =================            =================


Liabilities
     Payable to affiliate                                                         $ 757,661                    $ 523,586
                                                                           -----------------            -----------------
          Total Liabilities                                                         757,661                      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                                                               34,282                       33,807
                                                                           -----------------            -----------------
          Total Stockholder's Equity                                                 35,282                       34,807
                                                                           -----------------            -----------------
          Total Liabilities and Stockholder's Equity                              $ 792,943                    $ 558,393
                                                                           =================            =================


See Notes to Financial Statements.

</TABLE>
<PAGE>




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


                                             Five-Months Ended
                                 ---------------------------------------


                                     November 26,           November 27,
                                         1999                   1998
                                  ----------------       ----------------

Revenues
     Interest income                   $ 5,217              $     -
                                  ----------------       ----------------
         Total revenues                  5,217                    -
                                  ----------------       ----------------

Expenses
     Other                               4,380                 3,705
                                  ----------------       ----------------
         Total expenses                  4,380                 3,705
                                  ----------------       ----------------

Income (Loss) before income tax
     expense (benefit)                     837                (3,705)
Income tax expense (benefit)               362                (1,613)
                                  ----------------       ----------------

Net income (loss)                        $ 475              $ (2,092)
                                  ================       ================


See Notes to Financial Statements.


<PAGE>




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


                                                   Five-Months Ended
                                        ---------------------------------------

                                          November 26,           November 27,
                                             1999                    1998
                                        --------------           ------------

CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)                        $      475                $   (2,092)
(Increase) decrease in:
     Deferred costs                        (234,550)                 (132,751)
     Receivable from affiliates                   -                        17
                                        --------------             ------------
Cash used in operating activities          (234,075)                 (134,826)

CASH FLOWS FROM FINANCING ACTIVITIES
Increase in payable to affiliate            234,075                   134,826
                                        --------------             -----------
Cash provided by financing activities       234,075                   134,826

CASH AND CASH EQUIVALENTS,
   BEGINNING OF YEAR                              -                         -
                                        --------------             ------------

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


See Notes to Financial Statements.


<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  Securities,   Variable  Interest  Securities,  Zero  Coupon
Securities,  Principal Only Securities,  Interest Only Securities,  Participants
Securities, Senior Securities or Subordinate Securities.

On January 18,  2000,  the  Parent's  Board of  Directors  elected to change its
fiscal  year-end to November 30 from June 30,  effective with the year beginning
November 27, 1999,  as announced in its Form 8-K filed on January 21, 2000.  The
five-month period ended November 26, 1999 is the Company's  "Transition Period."
This Transition Report on Form 10-Q presents results of the Company's operations
for the five-month periods ended November 26, 1999 and November 27, 1998.

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  five-months  ended November 26, 1999 of $475
and a net loss for the five-months ended November 27, 1998 of $2,092.

Year 2000 Issue

The Year 2000  issue was 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  November 26, 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  $74.0 million of which
approximately  $11.0 million in hardware and software has been capitalized.  The
Parent's  total  remaining  Year 2000  project  cost as of November  26, 1999 is
estimated at approximately $4.0 million.

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 five-month period, the Company filed the following current reports on
form 8-K:

(i) A Current Report on Form 8-K dated July 21, 1999 and filed on July 26, 1999,
pertaining  to the filing of  computational  materials  in  connection  with the
proposed offering of Bear Stearns Asset Backed  Securities,  Inc.,  Asset-Backed
Certificates, Series 1999-1.

(ii) A Current  Report on Form 8-K dated and filed on July 30, 1999,  pertaining
to the  filing of an  opinion  with  counsel  in  connection  with the  proposed
offering  of  Bear  Stearns   Asset  Backed   Securities,   Inc.,   Asset-Backed
Certificates, Series 1999-1.

(iii) A Current  Report on Form 8-K dated July 30,  1999 and filed on August 16,
1999, pertaining to filing of Pooling and Servicing Agreement among the Company,
Countrywide Home Loans, Inc. and the Bank of New York.

(iv) A  Current  Report  on Form 8-K dated  and  filed on  September  23,  1999,
pertaining  to the filing of  computational  materials  in  connection  with the
proposed offering of GMACM Loan Trust 1999-HLTV1  Loan-Backed Term Notes, Series
1999-HLTV1.

(v) A Current Report on Form 8-K dated September 23, 1999 and filed on September
24, 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.

(vi) A  Current  Report  on Form 8-K  dated  September  23,  1999  and  filed on
September 24, 1999  pertaining to filing a prospectus and prospectus  supplement
with the  Securities and Exchange  Commission  relating to its GMACM Loan Trust,
1999-HLTV1, GMACM Loan-Backed Term Notes, Series 1999-HLTV1.

(vii) A  Current  Report  on Form 8-K  dated  September  23,  1999 and  filed on
September 24, 1999,  pertaining to the Form T-1 Statement of  Eligibility  under
the Trust Indenture Act of 1939, as amended.

(viii) 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.

(ix) 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.

(x) 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.

<PAGE>

(xi) 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.

(xii) 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.

(xiii) 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.

(xiv) 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.

(xv) 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.

(xvi) 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.

(xvii) 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.

(xviii) 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.

(xix) 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.

(xx) 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.

(xxi) 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.

<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 3rd day of March, 2000.


                                     Bear Stearns Asset Backed Securities, Inc.
                                                   (Registrant)


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