<PAGE>

                       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 September 30, 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               (I.R.S. Employer Identification No.)
   of incorporation)

11 MADISON AVENUE, NEW YORK, NEW YORK                               10010
--------------------------------------      ------------------------------------
  (Address of principal executive offices)                       (Zip Code)

         212-325-1811
--------------------------------------
Registrant's telephone 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 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 November 8, 1999


<PAGE>


          COLLATERALIZED MORTGAGE SECURITIES CORPORATION AND SUBSIDIARY
                                      INDEX


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

         Item     1.  Financial Statements

                      Consolidated Statements of Financial Condition as of
                               September 30, 1999 and December 31, 1998                             3

                      Consolidated Statements of Operations for the Nine Months
                               Ended September 30, 1999 and 1998                                    4

                      Consolidated Statements of Cash Flows for the Nine Months
                               Ended September 30, 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

SIGNATURE                                                                                          10

INDEX TO EXHIBITS                                                                                  11

</TABLE>




                                     Page 2


<PAGE>

          COLLATERALIZED MORTGAGE SECURITIES CORPORATION AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


<TABLE>
<CAPTION>
                                                      September 30,    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:

              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 September 30, 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>
                                                                     Nine Months                   Nine Months
                                                                        Ended                         Ended
                                                                  September 30, 1999           September 30, 1998
                                                                -----------------------      ------------------------
                                                                                   (in thousands)

<S>                                                               <C>                    <C>
Revenues:                                                         $                -     $               -
                                                                    -----------------      ----------------
                                                                                   -                     -
                                                                    -----------------      ----------------
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>
                                                                      Nine Months                  Nine Months
                                                                         Ended                        Ended
                                                                  September 30, 1999            September 30, 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 nine months ended
           September 30, 1999 and September 30, 1998.

           For the nine months ended September 30, 1999 and 1998, the Company
           had no transactions.

           During the nine months ended September 30, 1999, ABSC sold
           approximately $1 billion, aggregate principal amounts, of asset
           backed obligations collateralized by pools of retail automobile
           and home equity loans. ABSC purchased the loans simultaneously
           with the issuance of the asset backed obligations.

           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).

                      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 8
<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
                                                  -----------------------------
                                                     Thomas M. Zingalli
                                                   Controller and Principal
                                                      Accounting Officer
                                                  (Duly Authorized Officer and
                                                   Principal Accounting Officer)


Dated:  November 8, 1999




                                     Page 9

<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.                                ****
</TABLE>


*        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 10