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 December 31, 1996

                                                        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 December 31, 1996 (Unaudited) and
          June 30, 1996

          Statement  of  Operations  (Unaudited)  for the three  months  and six
          months December 31, 1996

          Statement of Cash Flows  (Unaudited) for the six months ended December
          31, 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.
                           STATEMENT OF FINANCIAL CONDITION

<CAPTION>

                                                                             December 31,      June 30,
                                                                                 1996            1996
                                                                             (Unaudited)

<S>                                                                        <C>                 <C>
Asset
 Receivable from Bear Stearns Securities Corp.                             $  31,705           $  31,705
 Deferred organization costs                                                 108,340             137,701
           Total Asset                                                     $ 140,045           $ 169,406


Liabilities and Stockholder's Equity

 Payable to Parent                                                         $ 106,380            $121,519
 Other Liabilities                                                            50,171              63,755
            Total Liabilities                                                156,551             185,274


Stockholder's Equity

Common Stock, $1.00 par value; 1,000 shares authorized:
 1,000 shares                                                                    1,000             1,000
Retained Earnings                                                            (17,506)            (16,868)
            Total Stockholder's Equity                                       (16,506)            (15,868)
            Total Liabilities and Stockholder's Equity                      $140,045            $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          Six Months Ended
                                                                 December 31,            December 31,
                                                                     1996                    1996

<S>                                                              <C>                          <C>
Expenses
     Other expenses                                              $  932                       $ 1,138
     Total expenses                                                 932                         1,138


Loss before benefit from income taxes                              (932)                       (1,138)

Benefit from income taxes                                          (407)                         (500)

Net loss                                                          $(525)                       $ (638)


See accompanying notes to financial statements.

</TABLE>

<PAGE>
<TABLE>

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

<CAPTION>

                                                                                 Six Months Ended
                                                                                     December 31,
                                                                                         1996

<S>                                                                                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                                               $   (638)
Increase/(decrease) in:

     Deferred organization cost                                                          29,361
     Other liabilities                                                                  (13,584)
              Cash provided by operating activities                                      15,139


CASH FLOWS FROM FINANCING ACTIVITIES
      Payable to Parent                                                                 (15,139)
              Cash used in financing activities                                         (15,139)


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.  As of December  31, 1995,  the Company had not  commenced
          operations.  Accordingly, the Company had no results of operations for
          the six months ended December 31, 1995.

          The Company's net loss for the six months ended  December 31, 1996 was
          $638.  The Company's net loss for the three months ended  December 31,
          1996 was $525.

<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  October  25,  1996,
                    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  November  25,  1996
                    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  December  25,  1996
                    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  October  25,  1996
                    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  November  25,  1996
                    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  December  25,  1996
                    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:    February 6, 1997              By:  /s/ William J. Montgoris
                                                William J. Montgoris
                                                Executive Vice President and
                                    Treasurer
                                               (Principal Financial Officer)