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, 1997
                         Commission File Number 33-17232


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



<TABLE>
<S>                                                               <C>       
                    Delaware                                                   13-3354848
----------------------------------------------                    ------------------------------------
(State or other jurisdiction of incorporation)                    (I.R.S. Employer Identification No.)
</TABLE>

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 8, 1997

<PAGE>


                       ASSET BACKED SECURITIES CORPORATION
                                      INDEX


<TABLE>
<CAPTION>
                                                                                  Page
                                                                                 Number
PART I            FINANCIAL INFORMATION                                          ------

<S>      <C>      <C>                                                              <C>
         Item     1.  Financial Statements

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

                      Statements of Operations for the Six Months Ended
                                   June 30, 1997 and 1996                           4

                      Statements of Cash Flows for the Six Months Ended
                                   June 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
</TABLE>

                                     Page 2
<PAGE>


                      ASSET BACKED SECURITIES CORPORATION
                        STATEMENTS OF FINANCIAL CONDITION




<TABLE>
<CAPTION>
                                                             June 30,                  December 31,
                                                               1997                       1996
                                                           -----------                 -------------
                                                            (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
June 30, 1997 and December 31,1996)                                   19                       19
                                                             -----------              -----------

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


                       See 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, 1997                June 30, 1996
                                                                   ---------------------      ------------------------
                                                                                     (in thousands)

<S>                                                              <C>                        <C>                      
Revenues:
     Commitment fee and miscellaneous income                     $                    -     $                       -
                                                                   ---------------------      ------------------------
                                                                                      -                             -
                                                                   ---------------------      ------------------------
Expenses:
     General and administrative expenses                                              -                             -
                                                                   ---------------------      ------------------------
                                                                                      -                             -
                                                                   ---------------------      ------------------------

Loss from operations before income tax
     benefit                                                                          -                             -
                                                                   ---------------------      ------------------------
Income tax benefit                                                                    -                             -
                                                                   ---------------------      ------------------------

Net loss                                                         $                    -     $                       -
                                                                   =====================      ========================
</TABLE>


                       See 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, 1997                 June 30, 1996
                                                            --------------------------     ------------------------
                                                                                (in thousands)

<S>                                                          <C>                         <C>                      
Cash Flows From Operating Activities:

Net loss                                                     $                      -    $                       -
Adjustments to reconcile net loss
     to net cash provided by (used for)
     operating activities:
Increase (decrease) in accrued expenses                                             -                            -
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
                                                               =======================     ========================
</TABLE>


                        See 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 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 six months ended June 30, 1997 and 1996, the Company had no
             substantive transactions.

             General and administrative expenses include management fees,
             professional fees and other expenses.

             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:  August 8, 1997


                                     Page 9
<PAGE>



                                INDEX TO EXHIBITS

<TABLE>
<CAPTION>
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 10