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, 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                212-322-1811
                                                                  ------------

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 1, 1997
<PAGE>

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


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

       Item    1.  Financial Statements

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

                   Statements of Operations for the Three Months Ended
                                March 31, 1997 and 1996                        4

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




                                                         March 31,  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
March 31, 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)

                                                 Three Months     Three Months
                                                     Ended           Ended    
                                                March 31, 1997    March 31, 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)


                                                 Three Months     Three Months
                                                     Ended           Ended    
                                                March 31, 1997    March 31, 1996
                                                --------------    --------------
                                                        (in thousands)


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                      --               --
                                                    ------           ------
Net Cash Provided by Operating Activities               --               --
                                                    ------           ------
                                                                
                                                                
Cash Flows From Financing Activities:                           
                                                                
Net proceeds from (payments for):                               
     Dividends paid                                     --               --
                                                    ------           ------
Net Cash Used for Financing Activities                  --               --
                                                    ------           ------
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)

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 three months ended March 31, 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: /s/ THOMAS M. ZINGALLI
                                                  -----------------------------
                                                       Thomas M. Zingalli
                                                    Controller and Principal
                                                       Accounting Officer
                                                  (Duly Authorized Officer and
                                                  Principal Accounting Officer)
                     

Dated:  May 1, 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