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, 1999
                         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 of incorporation)                (I.R.S. Employer 
                                                             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 7, 1999
<PAGE>


          COLLATERALZED MORTGAGE SECURITIES CORPORATION AND SUBSIDIARY
                                      INDEX



                                                                            Page
                                                                          Number
                                                                          ------
PART I        FINANCIAL INFORMATION

       Item  1.  Financial Statements

                 Consolidated Statements of Financial Condition as of
                          March 31, 1999 and December 31, 1998                 3

                 Consolidated Statements of Operations for the 
                          Three Months Ended March 31, 1999 and 1998           4

                 Consolidated Statements of Cash Flows for the 
                          Three Months Ended March 31, 1999 and 1998           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


                                      Page 2
<PAGE>


          COLLATERALIZED MORTGAGE SECURITIES CORPORATION AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


<TABLE>
<CAPTION>
                                                    March 31,       December 31,
                                                      1999             1998
                                                    ---------       ------------
                                                   (unaudited)
                                                      (in thousands, except par
                                                        value and share data)
<S>                                                   <C>              <C>  
Assets:

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, 1999 and December 31,1998)           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, 1999  March 31, 1998
                                                  --------------  --------------
                                                          (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, 1999    March 31, 1998
                                                --------------    --------------
                                                         (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, 1998 Financial Statements contained
      in the Company's 1998 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, 1999 and March 31, 1998.

            For the three months ended March 31, 1999 and 1998, 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: 
                                                   -----------------------------
                                                
                                                        Thomas M. Zingalli
                                                     Controller and Principal
                                                        Accounting Officer
                                                   (Duly Authorized Officer and
                                                   Principal Accounting Officer)


Dated:  May 7, 1999


                                      Page 10
<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 7, 1999


                                      Page 10
<PAGE>


                                 INDEX TO EXHIBITS

Exhibit
Number      Description of Exhibit                                          Page

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.


                                      Page 11