SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 10-Q

          -------------------------------------------------------------

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


                        For Quarter Ended March 31, 1998
                         Commission File Number 33-42666


                 COLLATERALIZED MORTGAGE SECURITIES CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)



                Maryland                                         13-3251782    
----------------------------------------                    -------------------
      (State or other jurisdiction                            (I.R.S. Employer 
           of incorporation)                                Identification No.)
                                                                               
                                                                               
 11 Madison Avenue, New York, New York                              10010      
----------------------------------------                    -------------------
(Address of principal executive offices)                         (Zip Code)    
                                                                               
                                                                               
Registrant's telephone number, including area code              212-325-1811   
                                                            -------------------


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 12 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 ___


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:


                          10,000 shares of common stock
                         outstanding as of May 11, 1998

<PAGE>


          COLLATERALZED MORTGAGE SECURITIES CORPORATION AND SUBSIDIARY
                                      INDEX

<TABLE>
<CAPTION>
                                                                           Page
                                                                          Number
                                                                          ------
<S>         <C>                                                            <C> 
PART I      FINANCIAL INFORMATION

   Item     1.  Financial Statements

                Consolidated Statements of Financial Condition as of
                         March 31, 1998 and December 31, 1997                 3

                Consolidated Statements of Operations for the Three 
                         Months Ended March 31, 1998 and 1997                 4

                Consolidated Statements of Cash Flows for the Three 
                         Months Ended March 31, 1998 and 1997                 5

                Notes to Consolidated Financial Statements                    6

   Item     2.  Management's Discussion and Analysis of Financial
                             Condition and Results of Operations              7

PART II     OTHER INFORMATION

   Item     1.  Legal Proceedings                                             8

   Item     2.  Changes in Securities                                         8

   Item     3.  Defaults Upon Senior Securities                               8

   Item     4.  Submission of Matters to a Vote of Security Holders           8

   Item     5.  Other Information                                             8

   Item     6.  Exhibits and Reports on Form 8-K                           8, 9

SIGNATURE                                                                    10

INDEX TO EXHIBITS                                                            11
</TABLE>


                                     Page 2
<PAGE>


          COLLATERALIZED MORTGAGE SECURITIES CORPORATION AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


<TABLE>
<CAPTION>
                                                      March 31,     December 31,
                                                        1998           1997
                                                      --------      ------------
                                                             (unaudited)       
                                                      (in thousands, except par
                                                        value and share data)  
Assets:
<S>                                                    <C>            <C>   
Cash                                                   $   12         $   12
Receivable from Credit Suisse First Boston                         
  Management Corporation                                    1              1
                                                       ------         ------
                                                                   
                                                                   
        Total Assets                                   $   13         $   13
                                                       ======         ======
                                                                   
                                                                   
Liabilities and Stockholder's Equity:                              
                                                                   
Accrued expenses                                       $   --         $   --
                                                       ------         ------
                                                                   
        Total Liabilities                                  --             --
                                                       ------         ------
                                                                   
Stockholder's Equity:                                              
                                                                   
Common stock and paid in capital, $0.1 par value                   
(authorized 15,000,000 shares; issued 10,000                       
shares at March 31, 1998 and December 31, 1997)            13             13
                                                       ------         ------
                                                                   
        Total Liabilities and Stockholder's Equity     $   13         $   13
                                                       ======         ======
                                                                    
</TABLE>


          See Accompanying Notes to Consolidated Financial Statements.


                                     Page 3
<PAGE>


          COLLATERALIZED MORTGAGE SECURITIES CORPORATION AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unaudited)

<TABLE>
<CAPTION>
                                                   Three Months    Three Months
                                                      Ended          Ended
                                                  March 31, 1998  March 31, 1997
                                                  --------------  --------------
                                                         (in thousands)
<S>                                                    <C>            <C>   
Revenues:
     Commitment fee and miscellaneous income           $   --         $   --
                                                       ------         ------
                                                           --             --
                                                       ------         ------
Expenses:                                                            
     General and administrative expenses                   --             --
                                                       ------         ------
                                                           --             --
                                                       ------         ------
                                                                     
Income from operations before income tax                             
     expense                                               --             --
                                                       ------         ------
Income tax expense                                         --             --
                                                       ------         ------
                                                                     
Net income                                             $   --         $   --
                                                       ======         ======
</TABLE>


          See Accompanying Notes to Consolidated Financial Statements.


                                     Page 4
<PAGE>


          COLLATERALIZED MORTGAGE SECURITIES CORPORATION AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)

<TABLE>
<CAPTION>
                                                   Three Months    Three Months
                                                       Ended          Ended
                                                  March 31, 1998  March 31, 1997
                                                  --------------  --------------
                                                         (in thousands)
<S>                                                    <C>            <C>   
Cash Flows From Operating Activities:
-------------------------------------

Net income                                             $   --         $   --
Adjustments to reconcile net income
    to net cash provided by (used for)
    operating activities:                                  --             --
                                                       ------         ------
Net Cash Provided by Operating Activities                  --             --
                                                       ------         ------


Net increase in cash                                       --             --
Cash at beginning of period                                12             12
                                                       ------         ------
Cash at end of period                                  $   12         $   12
                                                       ======         ======
</TABLE>


          See Accompanying Notes to Consolidated Financial Statements.


                                     Page 5
<PAGE>


          COLLATERALIZED MORTGAGE SECURITIES CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)



1.   Description of Business

     Collateralized Mortgage Securities Corporation (the "Company") and its
     wholly owned subsidiary Asset Backed Securities Corporation ("ABSC") are
     wholly owned subsidiaries of Credit Suisse First Boston Management
     Corporation ("FBSC"), which is a wholly owned subsidiary of Credit Suisse
     First Boston, Inc., a privately owned holding company.

     The foregoing financial statements are unaudited; however, in the opinion
     of management, all adjustments (comprising only normal recurring accruals)
     necessary for a fair presentation of the financial statements have been
     included. A summary of the significant accounting policies is set forth in
     Note 3 to the Company's December 31, 1997 Financial Statements contained in
     the Company's 1997 Form 10-K.


                                     Page 6
<PAGE>


Item 2.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations

          The principal activities of the Company and ABSC include (i) issuing
          and selling collateralized mortgage obligations and asset backed
          obligations (the "Bonds") and acquiring, owning, holding and pledging
          mortgage-backed securities and receivables, (ii) conveying or
          transferring all or any portion of the Companies' rights, title or
          interest in the Bonds to various entities including trusts and (iii)
          creating, acquiring, owning and selling residual interests in such
          entities.

          Results of Operations

          The Company and ABSC recorded no gains or (losses) on the sale of
          Bonds or beneficial interests in trusts for the three months ended
          March 31, 1998 and March 31, 1997.

          For the three months ended March 31, 1998 and 1997, the Company had no
          transactions.

          Liquidity and Capital Resources

          The Company and ABSC utilize FBSC to facilitate the settlement of all
          transactions and maintain all excess cash with FBSC. Such cash is
          available from FBSC on demand and does not earn interest. All gains
          and losses are recognized by FBSC on each transaction.


                                     Page 7
<PAGE>


                           PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

          None.

Item 2.   Changes in Securities

          Not applicable

Item 3.   Defaults Upon Senior Securities

          Not applicable.

Item 4.   Submission of Matters to a Vote of Security Holders

          None.

Item 5.   Other Information

          None

Item 6.   Exhibits and Reports on Form 8-K

          (a)  Exhibits:

               Indentures (incorporated by reference to Exhibit 1 of Company's
               Form 8-K dated February 14, 1992 for Series 1992-1) dated as of
               January 1, 1987 as amended by Amendment No. 1 dated as of April
               30, 1987 and Amendment No. 2 dated as of October 15, 1987, as
               amended and restated as of August 1, 1988, between the Company
               and State Street Bank and Trust Company, as Trustee.

               Articles of Incorporation of the Company as amended as of January
               7, 1986 (incorporated by reference to Exhibit 3.1 of the
               Company's Form S-3 Registration Statement dated January 31,
               1985).

               By-laws of the Company as amended and restated as of January 7,
               1986 (incorporated by reference to Exhibit 3.2 of the Company's
               Form S-3 Registration Statement dated January 31, 1985).

               Restated Certificate of Incorporation of Asset Backed Securities
               Corporation (incorporated by reference to Exhibit 3.1 of the
               Company's Form S-3 Registration Statement (No. 0-14811).


                                     Page 8
<PAGE>


Item 6.        Exhibits and Reports on Form 8-K (continued)

               By-laws of Asset Backed Securities Corporation (incorporated by
               reference to Exhibit 3.2 of the Company's Form S-3 Registration
               Statement (No. 33-7382)).

               Indenture, dated as of October 30, 1986, between Asset Backed
               Securities Corporation and State Street Bank and Trust Company,
               the Trustee (incorporated by reference to Exhibit 1 of the
               Current Report on Form 8-K dated October 30, 1986).

               (b)  Reports on Form 8-K

                    None.


                                     Page 9
<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.



                                                Collateralized Mortgage         
                                                Securities Corporation
                                                
                                                
                                                
                                                By: /s/ THOMAS M. ZINGALLI
                                                   -----------------------------
                                                        Thomas M. Zingalli
                                                     Controller and Principal
                                                        Accounting Officer
                                                   (Duly Authorized Officer and
                                                   Principal Accounting Officer)


Dated:  May 11, 1998


                                    Page 10
<PAGE>


                                INDEX TO EXHIBITS

<TABLE>
<CAPTION>
Exhibit
Number    Description of Exhibit                                            Page
-------   ----------------------                                            ----

<S>       <C>                                                               <C>
1         Indenture dated as of January 1, 1987 as amended by Amendment
          No. 1 dated as of April 30, 1987 and Amendment No. 2 dated as
          of October 15, 1987, as amended and restated as of August 1,
          1988, between the Company and State Street Bank and Trust
          Company, as Trustee.                                              ****

1         Indenture, dated as of October 30, 1986, between Asset Backed
          Securities Corporation and State Street Bank and Trust
          Company, as Trustee.                                                **

3.1       Articles of incorporation of the Company as amended as of
          January 7, 1986.                                                     *

3.1       Restated Certificate of Incorporation of Asset Backed
          Securities Corporation.                                            ***

3.2       By-Laws of the Company as amended and restated as of January
          7, 1986.                                                             *

3.2       By-Laws of Asset Backed Securities Corporation.                   ****


*         Incorporated by reference to the same Exhibits in Registration
          Statement No. 0-13156 on Form 10 filed with the Securities and
          Exchange Commission on January 31, 1985.

**        Incorporated by reference to the same Exhibit in the Current Report 
          on Form 8-K filed with the Securities and Exchange Commission on
          November 14, 1986.

***       Incorporated by reference to the same Exhibit in the Registration
          Statement No. 0-014811 of the Company's Form S-3 filed with the
          Securities and Exchange Commission on July 21, 1986.

****      Incorporated by reference to the same Exhibit in the Registration
          Statement No. 33-7382 of the Company's Form S-3 filed with the
          Securities and Exchange Commission on November 12, 1986.
</TABLE>


                                    Page 11