<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 33-17232


                       ASSET BACKED SECURITIES CORPORATION
                       -----------------------------------
             (Exact name of registrant as specified in its charter)



          DELAWARE                                 13-3354848
--------------------------------         ------------------------------------
(State or other jurisdiction of          (I.R.S. Employer Identification No.)
         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:

                          1,000 shares of common stock
                       outstanding as of November 8, 1999


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                       ASSET BACKED SECURITIES CORPORATION
                                      INDEX


                                                                                                        Page
                                                                                                   NUMBER
<S>                                                                                                 <C>
PART I            FINANCIAL INFORMATION

         Item     1.  Financial Statements

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

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

                      Statements of Cash Flows for the Nine Months Ended
                                   September 30, 1999 and 1998                                      5

                      Notes to 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                                                                                           9

INDEX TO EXHIBITS                                                                                  11
</TABLE>


                                     Page 2


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<TABLE>
<CAPTION>

                     ASSET BACKED SECURITIES CORPORATION
                      STATEMENTS OF FINANCIAL CONDITION




                                                              September 30,    December 31,
                                                                 1999              1998
                                                             -------------    ------------
                                                              (unaudited)
                                                         (in thousands, except par value and share data)

<S>                                                           <C>               <C>
Assets:

Cash                                                          $      1          $      1
Receivable from Credit Suisse First Boston
 Management  Corporation                                            18                18
                                                              --------          --------


          Total Assets                                        $     19          $     19
                                                              ========          ========


Liabilities and Stockholder's Equity:

          Total Liabilities                                   $     --          $     --
                                                              --------          --------

Stockholder's Equity:

Common stock and paid in capital,
$1 par value (authorized 10,000 shares;
1,000 issued and outstanding at
September 30, 1999 and December 31,1998)                            19                19
                                                              --------          --------

          Total Liabilities and Stockholder's Equity          $     19          $     19
                                                              ========          ========
</TABLE>


                 See Accompanying Notes to Financial Statements.

                                     Page 3


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<TABLE>
<CAPTION>

                       ASSET BACKED SECURITIES CORPORATION
                            STATEMENTS OF OPERATIONS
                                   (unaudited)

                                                     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 Financial Statements.

                                     Page 4


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<TABLE>
<CAPTION>

                       ASSET BACKED SECURITIES CORPORATION
                            STATEMENTS OF CASH FLOWS
                                   (unaudited)


                                            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                               1                   1
                                            ---------------    ----------------
Cash at end of period                      $              1   $               1
                                            ===============    ================
</TABLE>


                 See Accompanying Notes to Financial Statements

                                     Page 5


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                       ASSET BACKED SECURITIES CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
                                   (UNAUDITED)

1.   DESCRIPTION OF BUSINESS



     Asset Backed Securities Corporation (the "Company"), is a wholly owned
     subsidiary of Collateralized Mortgage Securities Corporation, which is a
     wholly owned subsidiary of Credit Suisse First Boston Management
     Corporation ("FBSC"). FBSC 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 2 to the Company's December 31, 1998 Financial Statements contained in
     the Company's 1998 Form 10-K.




                                     Page 6


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Item 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
             RESULTS OF OPERATIONS


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

             RESULTS OF OPERATIONS

             For the nine months ended September 30, 1999 and 1998, the Company
             generated no profit or loss.

             LIQUIDITY AND CAPITAL RESOURCES

             On March 25, 1999, Asset Backed Securities Corporation sold
             $127,400,000, aggregate principal amount, of asset backed
             obligations collateralized by a pool of non-prime retail automobile
             loans purchased from Triad Financial Corporation. The principal and
             interest on the asset backed obligations has been insured by
             Financial Security Assurance Inc. The retail automobile loans are
             secured by new and used automobiles and light-duty trucks and are
             serviced by Triad Financial Corporation. Asset Backed Securities
             Corporation purchased the retail automobile loans simultaneously
             with the issuance of the asset backed obligations.

             On July 21, 1999, Asset Backed Securities Corporation sold
             $929,115,465, aggregate principal amount, of asset backed
             obligations collateralized by a pool of sub-prime home equity
             loans purchased from Long Beach Mortgage Company and WMC Mortgage
             Corporation. It also created "NIMs" trusts on the same date
             pursuant to three deposit trust agreements and transferred
             certain retained interests in the loans to those trusts. The
             principal and interest on $873,250,000 of the asset backed
             obligations have been insured by MBIA Insurance Corporation. The
             home equity loans are secured by first lien deeds of trust or
             mortgages on one to four family residential properties and are
             serviced by Long Beach Mortgage Company. Asset Backed Securities
             Corporation purchased the home equity loans simultaneously with
             the issuance of the asset backed obligations.

             The Company utilizes FBSC to facilitate the settlement of all
             cash transactions and maintains all excess cash with FBSC. Such
             cash is available from FBSC on demand and does not earn interest.

                                     Page 7


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                           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:

                      Restated Certificate of Incorporation of Asset Backed
                      Securities Corporation (incorporated by reference to
                      Exhibit 3.1 of the Company's Current Report on Form 8-K
                      filed with the Securities and Exchange Commission on March
                      19, 1987).

                      By-Laws of Asset Backed Securities Corporation
                      (incorporated by reference to Exhibit 3.2 of the Company's
                      Current Report on Form 8-K filed with the Securities and
                      Exchange Commission on March 19, 1987).

                      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 2 of the Company's Current Report on Form 8-K
                      filed with the Securities and Exchange Commission on March
                      19, 1987).

                  (b) REPORTS ON FORM 8-K:

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<CAPTION>

                              ITEMS REPORTED                        FINANCIAL STATEMENTS FILED          DATE OF FILING
                              --------------                        --------------------------          --------------
<S>              <C>                                                    <C>                               <C>
Items 5&7.       Other Events and
                 Financial Statements and Exhibits                      Not Applicable                    July 2, 1999


Items 5&7.       Other Events and
                      Financial Statements and Exhibits                 Not Applicable                   July 19, 1999


Items 5&7.       Other Events and
                      Financial Statements and Exhibits                 Not Applicable                   July 20, 1999

</TABLE>


                                     Page 8


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                                    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.



                                                Asset Backed
                                                Securities Corporation



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


Dated:  November 8, 1999



                                     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.



                                                Asset Backed
                                                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 10

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<TABLE>
<CAPTION>

                                INDEX TO EXHIBITS

EXHIBIT
NUMBER            DESCRIPTION OF EXHIBIT                                                         PAGE

<S>               <C>                                                                             <C>
  2               Indenture, dated as of October 30, 1986, between Asset Backed
                  Securities Corporation and State Street Bank and Trust Company,
                  the Trustee.                                                                    *

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

3.2               By-Laws of Asset Backed Securities Corporation.                                 *

</TABLE>

*        Incorporated by reference to the same Exhibits in the Current Report on
         Form 8-K filed with the Securities and Exchange Commission on March 19,
         1987.


                                    Page 11