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, 1997

                                                        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
         (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

          Statements of Financial  Condition at March 27, 1997  (Unaudited)  and
          June 30, 1996

          Statement  of  Operations  (Unaudited)  for the three  months and nine
          months ended March 27, 1997 and March 29, 1996

          Statement  of Cash Flows  (Unaudited)  for the nine months ended March
          27, 1997 and March 29, 1996

          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>

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


<CAPTION>
                                                                            March 27,           June 30,
                                                                              1997               1996
                                                                          (Unaudited)
 
<S>                                                                        <C>                  <C>
Assets
 Receivable from Bear Stearns Securities Corp.                             $  31,705            $ 31,705
 Deferred organization costs                                                 108,421             137,701
                                                                           ---------            --------
           Total Assets                                                    $ 140,126            $169,406
                                                                           =========            ========

Liabilities and Stockholder's Equity

 Payable to Parent                                                         $ 110,651            $121,519
 Other liabilities                                                            48,530              63,755
                                                                           ---------            --------
            Total Liabilities                                                159,181             185,274
                                                                           =========            ========


Stockholder's Equity

Common Stock, $1.00 par value;
 1,000 shares authorized:                                                                       
 1,000 shares                                                                  1,000               1,000
Retained Earnings                                                            (20,055)            (16,868)
                                                                            ---------           ---------
            Total Stockholder's Equity                                       (19,055)            (15,868)
                                                                            ---------           ---------
            Total Liabilities and Stockholder's Equity                      $140,126            $169,406
                                                                            =========           =========




See accompanying notes to financial statements.
</TABLE>



<PAGE>

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

<CAPTION>



                                                        Three Months Ended                        Nine Months Ended
                                                    March 27,          March 29,              March 27,           March 29,
                                                      1997               1996                  1997                1996
 
<S>                                                 <C>              <C>                   <C>                   <C>
Revenues                                            $    -           $(30,000)             $    -                $(30,000)
                                                    ----------     ------------            -----------          ------------
     Principal transactions                              -            (30,000)                  -                 (30,000)
                                                    ----------     ------------            -----------          ------------
     Total revenues

Expenses
     Other expenses                                    4,545              210                5,683                    210
                                                    ----------     ------------            ----------            -----------
     Total expenses                                    4,545              210                5,683                    210
                                                    ----------     ------------            ----------            -----------


Loss before benefit from income taxes                 (4,545)         (30,210)              (5,683)               (30,210)

Benefit from income taxes                             (1,996)         (13,781)              (2,496)               (13,781)
                                                   -----------     -----------             ----------           ------------


Net loss                                             $(2,549)        $(16,429)             $(3,187)              $(16,429)
                                                   ===========     ===========             ==========           ============




See accompanying notes to financial statements.

</TABLE>





<PAGE>

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

<CAPTION>



                                                                                    Nine Months Ended
                                                                             March 27,              March 29,
                                                                                1997                  1996

<S>                                                                         <C>                    <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                                    $    (3,187)           $  (16,429)
Increases/(decreases) in:                                                   

     Deferred organization costs                                                (29,280)             (206,552)
     Receivable from affiliates                                                                       (31,704)
     Other liabilities                                                          (15,225)               25,909
                                                                             -------------         -----------
               Cash provided by (used in) operating activities                   10,868              (228,776)
                                                                             -------------         -----------


CASH FLOWS FROM FINANCING ACTIVITIES
      Payable to Parent                                                         (10,868)              227,776
      Capital contributions from Parent                                                                 1,000
                                                                             -------------        ------------
              Cash (used in) provided by financing activities                   (10,868)              228,776
                                                                             -------------        ------------


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

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


See accompanying notes to financial statements.



</TABLE>



<PAGE>
 
                                    BEAR STEARNS ASSET BACKED SECURITIES, INC.
                                           NOTE 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 ("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 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  trust  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,  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, 1997 and March
     29, 1996 was $3,187 and 16,429,  respectively.  The  Company's net loss for
     the three  months  ended  March 27,  1997 and March 29, 1996 was $2,549 and
     16,429, respectively.


<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:

                    The Company filed the following  current reports on Form 8-K
                    during the last quarter of the period covering this report.

                    A  Current  Report  on Form  8-K  dated  January  25,  1997,
                    pertaining    to    information    on     Distribution    to
                    Certificateholders  in  connection  with the  Champion  Home
                    Equity Loan Trust 1996-1.

                    A  Current  Report  on Form  8-K  dated  February  25,  1997
                    pertaining    to    information    on     Distribution    to
                    Certificateholders  in  connection  with the  Champion  Home
                    Equity Loan Trust 1996-1.

                    A Current Report of Form 8-K dated March 25, 1997 pertaining
                    to  Information on  Distribution  to  Certificateholders  in
                    connection with the Champion Home Equity Loan Trust 1996-1.

                    A  Current  Report  of  Form  8-K  dated  January  25,  1997
                    pertaining    to    Information    on     Distribution    to
                    Certificateholders  in  connection  with the  Champion  Home
                    Equity Loan Trust 1996-2.

                    A  Current  Report  of Form  8-K  dated  February  25,  1997
                    pertaining    to    information    on     Distribution    to
                    Certificateholders  in  connection  with the  Champion  Home
                    Equity Loan Trust 1996-2.

                    A Current Report of Form 8-K dated March 25, 1997 pertaining
                    to  information on  Distribution  to  Certificateholders  in
                    connection with the Champion Home Equity Loan Trust 1996-2.

<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:    May 9, 1997         By:   /s/ William J. Montgoris
                                       William J. Montgoris
                                       Executive Vice President and Treasurer
                                       (Principal Financial Officer)