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, 1998
                         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 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:

                          1,000 shares of common stock
                        outstanding as of August 10, 1998
<PAGE>


                       ASSET BACKED SECURITIES CORPORATION
                                      INDEX

                                                                           Page
                                                                          Number
                                                                          ------

PART I       FINANCIAL INFORMATION

       Item  1.  Financial Statements

                 Statements of Financial Condition as of  June 30, 1998
                              and December 31, 1997                           3
                                                                             
                 Statements of Operations for the Six Months Ended           
                              June 30, 1998 and 1997                          4
                                                                             
                 Statements of Cash Flows for the Six Months Ended           
                              June 30, 1998 and 1997                          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                             9
                                                                             
SIGNATURE                                                                    10
                                                                             
INDEX TO EXHIBITS                                                            11
                                                                      
                                     Page 2
<PAGE>


                       ASSET BACKED SECURITIES CORPORATION
                        STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                                    June 30,        December 31,
                                                      1998              1997
                                                     ------            ------
                                                          (unaudited)
                                                 (in thousands, except par value
                                                         and share data)        
Assets:                                                           
<S>                                                  <C>               <C>   
Cash                                                 $    1            $    1
Receivable from Credit Suisse                                        
  First Boston Management Corporation                    18                18
                                                     ------            ------
        Total Assets                                 $   19            $   19
                                                     ======            ======
                                                                     
Liabilities and Stockholder's Equity:                                
                                                                     
Accrued expenses                                     $   --            $   --
                                                     ------            ------
        Total Liabilities                                --                --
                                                     ------            ------
Stockholder's Equity:                                                
                                                                     
Common stock and paid in capital, $1 par value                       
(authorized 10,000 shares; 1,000                                     
issued and outstanding at                                            
June 30, 1998 and December 31,1997)                      19                19
                                                     ------            ------
        Total Liabilities and Stockholder's Equity   $   19            $   19
                                                     ======            ======
</TABLE>

                 See Accompanying Notes to Financial Statements.

                                     Page 3
<PAGE>

                       ASSET BACKED SECURITIES CORPORATION
                            STATEMENTS OF OPERATIONS
                                   (unaudited)
<TABLE>
<CAPTION>
                                                Six Months           Six Months
                                                   Ended               Ended
                                               June 30, 1998       June 30, 1997
                                               -------------       -------------
                                                         (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 Financial Statements.

                                     Page 4
<PAGE>


                       ASSET BACKED SECURITIES CORPORATION
                            STATEMENTS OF CASH FLOWS
                                   (unaudited)

<TABLE>
<CAPTION>
                                                Six Months          Six Months
                                                   Ended              Ended
                                               June 30, 1998      June 30, 1997
                                               -------------      -------------
                                                        (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
<PAGE>

                       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, 1997 Financial Statements contained in
     the Company's 1997 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 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 six months ended June 30, 1998 and 1997, the Company had no
          transactions.

          Liquidity and Capital Resources

          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
<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:

               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).

                                     Page 8
<PAGE>

Item 6.        Exhibits and Reports on Form 8-K (continued)

               (b)  Reports on Form 8-K:

<TABLE>
<CAPTION>
                                                   Financial 
                    Items Reported             Statements Filed   Date of Filing
                    --------------             ----------------   --------------
<S>            <C>                              <C>               <C>
Item 7.        Financial Statements, 
               Pro Forma Financial 
               Information and Exhibits         Not Applicable    June 16, 1998

Items 5&7.     Other Events and
               Financial Statements 
               and Exhibits                     Not Applicable    June 24, 1998

Items 5&7.     Other Events and
               Financial Statements, 
               Pro Forma Financial 
               Information and Exhibits         Not Applicable    June 26, 1998
</TABLE>


                                     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: August 10, 1998


                                     Page 10
<PAGE>


                                INDEX TO EXHIBITS
                                -----------------

Exhibit
Number  Description of Exhibit                                             Page
------  ----------------------                                             ----

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.                       *
       
                                                                              


*    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