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 February 25, 2000

                                       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  (Unaudited) at February 25, 2000
                and November 26, 1999.
             Statements of Operations (Unaudited)for the three-months ended
                February  25, 2000 and  February  26, 1999.
             Statements of Cash Flows (Unaudited)for the three-months ended
                February 25, 2000 and February 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


<PAGE>

<TABLE>


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

<CAPTION>                                                               February 25,                 November 26,
                                                                            2000                         1999
                                                                      -----------------            -----------------
<S>                                                                   <C>                           <C>
Assets
     Receivable from affiliates                                               $ 31,678                     $ 31,678
     Deferred costs                                                            578,918                      761,265
                                                                     -----------------            -----------------
           Total Assets                                                      $ 610,596                    $ 792,943
                                                                     =================            =================

Liabilities
     Payable to affiliate                                                    $ 577,231                    $ 757,661
                                                                     -----------------            -----------------
          Total Liabilities                                                    577,231                      757,661

Stockholder's Equity
     Common stock, $1,000 par value;
     100 shares authorized, 1 share issued and
     outstanding;                                                                1,000                        1,000
     Retained earnings                                                          32,365                       34,282
                                                                     -----------------            -----------------
          Total Stockholder's Equity                                            33,365                       35,282
                                                                     -----------------            -----------------
          Total Liabilities and Stockholder's Equity                         $ 610,596                    $ 792,943
                                                                     =================            =================



See Notes to Financial Statements.

</TABLE>
<PAGE>

<TABLE>

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


<CAPTION>                                                                 Three-Months Ended
                                                                 ---------------------------------------

                                                                   February 25,           February 26,
                                                                       2000                   1999
                                                                 ----------------       ----------------
<S>                                                              <C>                      <C>
Expenses
     Other                                                              $  3,378               $  2,982
                                                                 ----------------       ----------------
              Total expenses                                               3,378                  2,982
                                                                 ----------------       ----------------


Loss before income tax benefit                                            (3,378)                (2,982)
Income tax benefit                                                        (1,461)                (1,297)
                                                                 ----------------       ----------------

Net loss                                                                $ (1,917)              $ (1,685)
                                                                 ================       ================



See Notes to Financial Statements.



</TABLE>

<PAGE>

<TABLE>


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


<CAPTION>                                                                      Three-Months Ended
                                                                    ----------------------------------------
                                                                    February 25,               February 26,
                                                                        2000                       1999
                                                                    --------------             -------------
<S>                                                                 <C>                        <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                               $ (1,917)                 $ (1,685)
Decrease in Deferred costs                                              182,347                   150,010
                                                                    --------------             -------------
Cash provided by operating activities                                   180,430                   148,325

CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in payable to affiliate                                       (180,430)                 (148,325)
                                                                    --------------             -------------
Cash used in financing activities                                      (180,430)                 (148,325)

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 and Basis of Presentation


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.

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. The Company has also elected to change its fiscal year end to
November 30, effective with the year beginning November 27, 1999. This Quarterly
Report on Form 10-Q presents the unaudited  results of the Company's  operations
for the first fiscal  quarter  ended  February 25, 2000 and for the  three-month
period covering November 28, 1998 through February 26, 1999.

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 a net loss of $1,917  and $1,685  for the  three-months  ended
February 25, 2000 and February 26, 1999, respectively.

<PAGE>


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  February 25, 2000,  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  $78.2 million of which
approximately  $11.0 million in hardware and software has been capitalized.  The
total remaining Year 2000 project cost as of February 25, 2000 was not material.

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 8K:

                    (i) 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.

                    (ii) 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.

                    (iii) 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.

                    (iv) 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.

                    (v) 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.

                    (vi) 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.

                    (vii) A  Current  Report  on Form  8-K  dated  and  filed on
                    January  25,  2000  pertaining  to filing  of  computational
                    materials in  connection  with the proposed  offering of the
                    Home Equity Loan Trust 2000-1.


<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 6th day of April, 2000.


                                   Bear Stearns Asset Backed Securities, Inc.
                                               (Registrant)


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