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 September 25, 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                                  13-383643
     (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.

<PAGE>

                                    BEAR STEARNS ASSET BACKED SECURITIES, INC.


                                                       INDEX





                                           Part I. FINANCIAL INFORMATION

Item 1.          Financial Statement
                 Statement of Financial Condition at September 25, 1998
                 (Unaudited) and June 30, 1998
                 Statement of Operations (Unaudited) for the three months
                 ended September 25, 1998 and September 26, 1997
                 Statement of Cash Flows (Unaudited) for the three months ended
                  September 25, 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 3.           Legal Proceedings

Item 6.           Exhibits and Reports on Form 8-K

                  Signature



<PAGE>


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

<TABLE>
<CAPTION>

                                                                       September 25,              June 30,
                                                                           1998                     1998
                                                                        (Unaudited)

<S>                                                                         <C>                      <C>
Assets
  Receivable from Bear Stearns Securities Corp.                          $     31,681           $      31,697
  Deferred organization costs                                                 771,784                 771,784
                                                                       --------------          --------------
         Total Assets                                                    $    803,465           $     803,481
                                                                             ========                ========

Liabilities and Stockholder Equity

  Payable to Parent                                                      $    766,501           $     765,156
  Other liabilities                                                               ---                      --
                                                                       --------------           -------------
         Total Liabilities                                                    766,501                 765,156
                                                                       --------------           -------------


Stockholder Equity

Common Stock, $1.00 par value;
  1,000 shares authorized:
  1,000 shares outstanding                                                      1,000                  1,000
Retained earnings                                                              35,964                 37,324
                                                                        --------------          -------------
         Total Stockholder Equity                                              36,964                 38,324
                                                                        --------------          -------------
         Total Liabilities and Stockholder Equity                         $   803,465          $     803,481
                                                                        ==============          =============




See accompanying notes to financial statements.



</TABLE>

<PAGE>


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




                                                           Three Months Ended              Three Months Ended
                                                              September 25,                 September 26,
                                                                   1998                          1997
 
<S>                                                                <C>                           <C>
Expenses
   Other expenses                                                $   2,409                      $   1,828
                                                                ----------                   ------------
   Total expenses                                                    2,409                          1,828
                                                                 ---------                   ------------


Loss before benefit from income taxes                               (2,409)                        (1,828)

Benefit from income taxes                                           (1,048)                          (795)
                                                                 ----------                    -----------


Net loss                                                         $  (1,361)                     $  (1,033)
                                                                    =======                        =======




See accompanying notes to financial statements.





</TABLE>

<PAGE>

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

<CAPTION>



                                                                             Three Months Ended
                                                                                   September 25,
                                                                                        1998

<S>                                                                                     <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                                            $     (1,361)

Increase in:
     Receivable from affiliates                                                              (16)

                                                   
                                                                                  ---------------
           Cash used in by operating activities                                           (1,345)
                                                                                  ---------------


CASH FLOWS FROM FINANCING ACTIVITIES
     Payable to Parent                                                                     1,345
                                                                                  ---------------
           Cash used in financing activities                                               1,345
                                                                                  ---------------


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

Cash and cash equivalents, end of period                                            $          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  Companys  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 net loss for the three months ended 
                  September 25, 1998 was $1,361. The Company net loss for 
                  the three months ended September 25, 1997 was $1,033.

<PAGE>


                  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.


<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:    November 6, 1998         By:   /s/ William J. Montgoris
                                        William J. Montgoris
                                        Executive Vice President and Treasurer
                                        (Principal Financial Officer)




<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:      November 6, 1998             By:
                                        William J. Montgoris
                                        Executive Vice President and Treasurer
                                        (Principal Financial Officer)