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, 1997

                                       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                    13-3836437
         (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
                    Statement of Financial Condition at December 31, 1997
                   (Unaudited) and June 30, 1997 Statement of Operations
                   (Unaudited) for the three months and
                    Six months ended December 31, 1997
                    Statement of Cash Flows (Unaudited) for the six months ended
                    December 31, 1997
                    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>


<PAGE>

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


<CAPTION>
                                                                       December 31,               June 30,
                                                                           1997                     1997
                                                                        (Unaudited)

<S>                                                                      <C>                    <C>
Assets
 Receivable from Bear Stearns Securities Corp.                           $     31,705           $      31,705
 Deferred organization costs                                                  349,522                 349,522
                                                                       --------------          --------------
           Total Assets                                                  $    381,227           $     381,227
                                                                             ========                ========

Liabilities and Stockholder's Equity

 Payable to Parent                                                       $     39,410           $     324,614
 Other liabilities                                                            365,551                  77,811
                                                                       --------------           -------------
            Total Liabilities                                                 404,961                 402,425
                                                                       --------------           -------------


Stockholder's Equity

Common Stock, $1.00 par value;
 1,000 shares authorized:                                                       1,000                   1,000
 1,000 shares outstanding
Accumulated Deficit                                                           (24,734)               (22,198)
                                                                        --------------          -------------
            Total Stockholder's Equity                                        (23,734)               (21,198)
                                                                        --------------          -------------
            Total Liabilities and Stockholder's Equity                   $    381,227           $     381,227
                                                                              ========               ========




See accompanying notes to financial statements.



</TABLE>


<PAGE>


<PAGE>

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

<CAPTION>




                                                           Three Months Ended               Six Months Ended
                                                               December 31,                  December 31,
                                                                   1997                          1997

<S>                                                              <C>                            <C>
Expenses
     Other expenses                                              $   1,828                      $   4,489
                                                                ----------                   ------------
     Total expenses                                                  1,828                          4,489
                                                                 ---------                   ------------


Loss before benefit from income taxes                               (1,828)                        (4,489)

Benefit from income taxes                                              795                          1,953
                                                                 ----------                    -----------


Net loss                                                         $  (1,033)                     $  (2,536)
                                                                    =======                        =======




See accompanying notes to financial statements.





</TABLE>







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

<CAPTION>



                                                                             Six Months Ended
                                                                                    December 31,
                                                                                        1997

<S>                                                                                <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                                            $      (2,536)
Increase in:

     Other liabilities                                                                    287,740
                                                                                  ---------------
           Cash provided by operating activities                                          285,204
                                                                                  ---------------


CASH FLOWS FROM FINANCING ACTIVITIES
     Payable to Parent                                                                   (285,204)
                                                                                  ---------------
           Cash used in financing activities                                             (285,204)
                                                                                  ---------------


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  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's net loss for the six months ended  December 31, 1997 was
          $2,536. The Company's net loss for one three months ended December 31,
          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:    February 13, 1998           By:   /s/ William J. Montgoris
                                           William J. Montgoris
                                      Executive Vice President and Treasurer
                                          (Principal Financial Officer)











                                    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 13, 1998                          By:
                                                William J. Montgoris
                                    Executive Vice President and Treasurer
                                     (Principal Financial Officer)