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 June 30, 1997
                         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)


Registrant's telephone number,                            212-325-1811
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 August 8, 1997


<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
                            June 30, 1997 and December 31, 1996              3

               Consolidated Statements of Operations for the Six Months
                            Ended June 30, 1997 and 1996                     4

               Consolidated Statements of Cash Flows for the Six Months
                            Ended June 30, 1997 and 1996                     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>
                                                                June 30,          December 31,
                                                                  1997                1996
                                                                --------          ------------
                                                               (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 June 30, 1997 and December 31,1996)                       13                  13
                                                                 -----               -----

        Total Liabilities and Stockholder's Equity               $  13               $  13
                                                                 =====               =====
</TABLE>





                See Notes to Consolidated Financial Statements.

                                     Page 3


<PAGE>

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

<TABLE>
<CAPTION>
                                                            Six Months             Six Months
                                                              Ended                  Ended
                                                          June 30, 1997         June 30, 1996
                                                          -------------         -------------
                                                                     (in thousands)


<S>                                                        <C>                     <C>      
Revenues:
     Commitment fee and miscellaneous income               $      --               $      --
                                                           ---------               ---------
                                                                  --                      --
                                                           ---------               ---------
Expenses:
     General and administrative expenses                          --                      --
                                                           ---------               ---------
                                                                  --                      --
                                                           ---------               ---------

Loss from operations before income tax
     benefit                                                      --                      --
                                                           ---------               ---------
Income tax benefit                                                --                      --
                                                           ---------               ---------

Net loss                                                   $      --               $      --
                                                           =========               =========
</TABLE>








                See Notes to Consolidated Financial Statements.

                                     Page 4

<PAGE>

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


<TABLE>
<CAPTION>
                                                                     Six Months           Six Months
                                                                       Ended                Ended
                                                                    June 30, 1997       June 30, 1996
                                                                    -------------       -------------
                                                                              (in thousands)


<S>                                                                  <C>                   <C>     
Cash Flows From Operating Activities:
-------------------------------------

Net loss                                                             $    --               $    -- 
Adjustments to reconcile net loss
        to net cash provided by (used for)
        operating activities:
Increase (decrease) in accrued expenses                                   --                    -- 
Decrease in receivable from Credit Suisse First Boston
        Management Corporation                                            --                 1,200
                                                                     -------               -------
Net Cash Provided by Operating Activities                                 --                 1,200
                                                                     -------               -------


Cash Flows From Financing Activities:
-------------------------------------

Net proceeds from (payments for):
        Dividends paid                                                    --                (1,200)
                                                                     -------               -------
Net Cash Used for Financing Activities                                    --                (1,200)
                                                                     -------               -------
Net increase (decrease) in cash                                           --                    -- 
Cash at beginning of period                                               12                    12
                                                                     -------               -------
Cash at end of period                                                $    12               $    12
                                                                     =======               =======
</TABLE>







                See 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, 1996 Financial Statements contained in
     the Company's 1996 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 six months ended June
           30, 1997 and June 30, 1996.

           For the six months ended June 30, 1997 and 1996, the Company had no
           substantive transactions.

           General and administrative expenses include management fees,
           professional fees and other expenses.

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


Dated:  August 8, 1997






                                     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.                    ****
</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 11