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, 1997
                         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 November 12, 1997



<PAGE>


                       ASSET BACKED SECURITIES CORPORATION
                       -----------------------------------
                                      INDEX
                                      -----


                                                                           Page
                                                                          Number
                                                                          ------
PART I            FINANCIAL INFORMATION

         Item     1.  Financial Statements

                      Statements of Financial Condition as of  
                                   September 30, 1997 and 
                                   December 31, 1996                           3

                      Statements of Operations for the Nine Months Ended
                                   September 30, 1997 and 1996                 4

                      Statements of Cash Flows for the Nine Months Ended
                                   September 30, 1997 and 1996                 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                                                             10




                                     Page 2
<PAGE>


                       ASSET BACKED SECURITIES CORPORATION
                       -----------------------------------
                        STATEMENTS OF FINANCIAL CONDITION
                        ---------------------------------




                                                September 30,      December 31,
                                                -------------      ------------
                                                   1997               1996
                                                -------------      ------------
                                                 (unaudited)
                                                     (in thousands, except 
                                                    par value and share data)

Assets:

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                                          
September 30, 1997 and December 31,1996)                   19                 19
                                                        -----              -----
                                                                         
         Total Liabilities and Stockholder's Equity     $  19              $  19
                                                        =====              =====


                       See Notes to Financial Statements.


                                     Page 3
<PAGE>


                       ASSET BACKED SECURITIES CORPORATION
                       -----------------------------------
                            STATEMENTS OF OPERATIONS
                            ------------------------
                                   (unaudited)

                                                 Nine Months       Nine Months
                                                    Ended             Ended
                                                 September 30,     September 30,
                                                    1997              1996
                                                 -------------     -------------
                                                         (in thousands)

Revenues:
     Commitment fee and miscellaneous income            $  --              $  --
                                                        -----              -----
                                                           --                 --
                                                        -----              -----
Expenses:                                                                
     General and administrative expenses                   --                 --
                                                        -----              -----
                                                           --                 --
                                                        -----              -----
                                                                         
Loss from operations before income tax                                   
     benefit                                               --                 --
                                                        -----              -----
Income tax benefit                                         --                 --
                                                        -----              -----
                                                                         
Net loss                                                $  --              $  --
                                                        =====              =====


                       See Notes to Financial Statements.


                                     Page 4
<PAGE>


                       ASSET BACKED SECURITIES CORPORATION
                       -----------------------------------
                            STATEMENTS OF CASH FLOWS
                            ------------------------
                                   (unaudited)


                                                 Nine Months       Nine Months
                                                    Ended             Ended
                                                 September 30,     September 30,
                                                    1997              1996
                                                 -------------     -------------
                                                         (in thousands)


Cash Flows From Operating Activities:

Net loss                                               $   --            $   --
Adjustments to reconcile net loss                                      
     to net cash provided by (used for)                                
     operating activities:                                             
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                                 1                 1
                                                       ------            ------
Cash at end of period                                  $    1            $    1
                                                       ======            ======


                        See Notes to Financial Statements


                                     Page 5
<PAGE>


                       ASSET BACKED SECURITIES CORPORATION
                       -----------------------------------
                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------
                                   (unaudited)

Item 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, 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 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, 1997 and 1996, the Company
           had no substantive 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).


                  (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.



                                                  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 12, 1997




                                     Page 9
<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 10