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 September 24, 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 September 24, 1999
                    (Unaudited) and June 30, 1999
                  Statements of Income (Unaudited) for the three months ended
                    September 24,1999 and September 25, 1998
                  Statements of Cash Flows (Unaudited) for the three months
                    ended September 24, 1999 and September 25, 1998
                  Notes to Statements of Financial Condition (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>




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



                                                   September 24        June 30,
                                                       1999              1999
                                                    -----------        --------
                                                    (Unaudited)
Assets
   Receivable from affiliates                        $ 31,678          $ 31,678
   Deferred costs                                     951,095           526,715
                                                      -------           -------
       Total Assets                                  $982,773          $558,393
                                                      =======           =======

Liabilities
   Payable to Parent                                 $948,267          $523,586
                                                      -------           -------
       Total Liabilities                              948,267           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                                  33,506            33,807
                                                       ------            ------
       Total Stockholder's Equity                      34,506            34,807
                                                       ------            ------
       Total Liabilities and Stockholder's Equity    $982,773          $558,393
                                                      =======           =======


See Notes to Financial Statements.

<PAGE>



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


                                                Three Months Ended
                                        September 24,          September 25,
                                             1999                  1998
                                        ------------           ------------
Revenues
   Principal Transactions                   $ 2,070             $     -
                                              -----               -----
        Total revenues                        2,070                   -

Expenses
   Other expenses                             2,602               2,409
                                              -----               -----
        Total expenses                        2,602               2,409

Loss before income tax benefit                 (532)             (2,409)
Income tax benefit                             (231)             (1,048)
                                              -----               -----

Net loss                                     $ (301)            $(1,361)
                                              =====               =====




See Notes to Financial Statements.


<PAGE>




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

                                                    Three Months Ended
                                          September 24,           September 25,
                                              1999                     1998
                                          ------------            ------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                    $    (301)             $  (1,361)

(Increase) decrease in:
   Deferred costs                            (424,380)                   -
   Receivable from affiliates                    -                        16
                                             --------                  -----
Cash used in operating activities            (424,681)                (1,345)


CASH FLOWS FROM FINANCING ACTIVITIES
Increase in payable to Parent                 424,681                  1,345
                                              -------                  -----
Cash provided by financing activities         424,681                  1,345

CASH AND CASH EQUIVALENTS,
   BEGINNING OF YEAR                                0                      0
                                              -------                -------
CASH AND CASH EQUIVALENTS,
   END OF YEAR                              $       0              $       0
                                              =======                =======


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 ("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  incurred a net loss for the three months ended  September  24, 1999
and September 25, 1998 of $301 and $1,361, respectively.


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 be able to accurately process
dates ending in the Year 2000 and thereafter.

Over four years ago, the Parent  established  a task force to review and develop
an action  plan to  address  the Year  2000  issue.  The  Parent's  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 Parent is vulnerable to those third parties'  failure to
remediate  their own Year 2000 issues.  The Parent has contacted all significant
external  vendors in an effort to confirm their  readiness for the Year 2000 and
tested compatibility with such systems. The Parent also participates actively in
various industry-wide tests.

<PAGE>


Through  September 24, 1999, 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  $70.5 million of which  approximately
$10.6 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 $4.5 million,  which will be funded through operating
cash flows and primarily expensed as incurred.

The Parent presently  believes that the activities it is undertaking in the Year
2000 project should satisfactorily resolve Year 2000 compliance exposures within
its own  systems  worldwide.  The Parent has  completed  the  reprogramming  and
replacement phase of the project.  Additional  testing will continue through the
end of the calendar year as deemed  appropriate.  There can be no assurance that
the systems of other companies on which the Parent's systems rely will be timely
converted, or that a failure to convert by another company, or a conversion that
is incompatible  with the Parent's  systems,  would not have a material  adverse
effect on the  Parent.  The Parent  has  developed  an action  plan and a formal
contingency  plan  designed to  safeguard  the  interests  of the Parent and its
customers. The Parent believes that these plans significantly reduce 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  Parent is  monitoring
developments  closely.  Should it appear that a major  utility,  such as a stock
exchange,  would not be ready,  the  Parent  will work with  other  firms in the
industry to plan an appropriate course of action.

<PAGE>



Part II.   OTHER INFORMATION

Item 1.    Legal Proceedings

           None

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 July 21,  1999 and filed
                on July 26,  1999,  pertaining  to the  filing of  computational
                materials  in  connection  with the  proposed  offering  of Home
                Equity Loan Trust Certificates, Series 1999-1.

                (ii) A Current  Report on Form 8-K dated July 30, 1999 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  September 23, 1999 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.


<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 8th day of November, 1999.


                                     Bear Stearns Asset Backed Securities, Inc.
                                                  (Registrant)


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