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 March 31, 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 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 May 7, 1999
<PAGE>


                       ASSET BACKED SECURITIES CORPORATION
                                      INDEX



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

       Item   1.  Financial Statements

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

                  Statements of Operations for the Three Months Ended
                               March 31, 1999 and 1998                        4

                  Statements of Cash Flows for the Three Months Ended
                               March 31, 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                            9

SIGNATURE                                                                    10

INDEX TO EXHIBITS                                                            11


                                      Page 2

<PAGE>
                       ASSET BACKED SECURITIES CORPORATION
                        STATEMENTS OF FINANCIAL CONDITION


<TABLE>
<CAPTION>
                                             March 31,      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:                        
                                                             
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                              
March 31, 1999 and December 31,1998)              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>
                                                Three Months       Three Months
                                                   Ended               Ended
                                               March 31, 1999     March 31, 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 Financial Statements.

                                     Page 4
<PAGE>


                       ASSET BACKED SECURITIES CORPORATION
                            STATEMENTS OF CASH FLOWS
                                   (unaudited)
<TABLE>
<CAPTION>
                                                Three Months       Three Months
                                                   Ended               Ended
                                               March 31, 1999     March 31, 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
<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, 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 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 three months ended March 31, 1999 and 1998, 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>
                      Items Reported             Financial Statements Filed         Date of Filing
                      --------------             --------------------------         --------------
<S>         <C>                                         <C>                        <C>      
Items 5&7.  Other Events and
            Financial Statements and Exhibits           Not Applicable              January 4, 1999

Items 2.    Acquisition or Disposition of Assets        Not Applicable              January 8, 1999

Items 5&7.  Other Events and
            Monthly Statements and Exhibits             Not Applicable              January 8, 1999

Items 5&7.  Other Events and
            Financial Statements and Exhibits           Not Applicable             January 11, 1999

Items 5&7.  Other Events and
            Financial Statements and Exhibits           Not Applicable             January 27, 1999

Items 5&7.  Other Events and
            Financial Statements and Exhibits           Not Applicable               March 18, 1999
</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
                                                     Controller and Principal
                                                        Accounting Officer
                                                   (Duly Authorized Officer and
                                                   Principal Accounting Officer)


Dated:  May 7, 1999


                                      Page 10
<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: /s/ THOMAS M. ZINGALLI
                                                   -----------------------------
                                                
                                                        Thomas M. Zingalli
                                                     Controller and Principal
                                                        Accounting Officer
                                                   (Duly Authorized Officer and
                                                   Principal Accounting Officer)


Dated:  May 7, 1999


                                      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