<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 June 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
      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 August 6, 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
                    June 30, 1999 and December 31, 1998                     3

                  Consolidated Statements of Operations for the Six
                    Months Ended June 30, 1999 and 1998                     4

                  Consolidated Statements of Cash Flows for the Six
                    Months Ended June 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, 9

SIGNATURE                                                                  10

INDEX TO EXHIBITS                                                          11



                                     Page 2
<PAGE>

          COLLATERALIZED MORTGAGE SECURITIES CORPORATION AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                                                        June 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:

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, 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>
                                                                      Six Months              Six Months
                                                                         Ended                   Ended
                                                                     June 30, 1999           June 30, 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>
                                                                      Six Months              Six Months
                                                                         Ended                   Ended
                                                                     June 30, 1999           June 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 six months ended June
           30, 1999 and June 30, 1998.

           For the six months ended June 30, 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
                                             ---------------------------------
                                                    Thomas M. Zingalli
                                                 Controller and Principal
                                                    Accounting Officer
                                               (Duly Authorized Officer and
                                               Principal Accounting Officer)


Dated:  August 6, 1999


                                    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