SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549

                                    FORM 10-K

                   Annual Report Pursuant to Section 13 or 15(d)
                      of the Securities Exchange Act of 1934

                             For the fiscal year ended
                                 December 31, 1997

                         Commission file number:  333-6637

                         IMPERIAL CMB TRUST SERIES 1996-1
               (Indenture dated as of August 1, 1996, providing
        for the issuance of Collateralized Mortgage Bonds, Series 1996-1)

                                 IMH ASSETS CORP.
            (Exact name of Registrant as specified in its Charter)

            CALIFORNIA                                  33-0705301
           (State or other jurisdiction                (I.R.S. Employer
           incorporation or organization)              Identification Number)

            20371 IRVINE AVENUE
            SANTA ANA HEIGHTS, CALIFORNIA               92707
            (Address of principal executive offices)    (Zip Code)

            Registrant's telephone number, including area code:
                               (714)556-0122

          Securities registered pursuant to Section 12(b) of the Act:
                               NOT APPLICABLE.

          Securities registered pursuant to Section 12(g) of the Act:
                               NOT APPLICABLE.

          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 by check mark if disclosure of delinquent filers
          pursuant to Item 405 of Regulation S-K is not contained herein,
          and will not be contained, to the best of the Registrant's
          knowledge, in definitive proxy or information statements
          incorporated by reference in Part III of the Form 10-K or any
          amendment to this Form 10-K.  [  ].

          Aggregate market value of voting stock held by non-affiliates of
          the Registrant as of December 31, 1997:  NOT APPLICABLE.

          Number of shares of common stock outstanding as of December 31,
          1997:  NOT APPLICABLE.

          DOCUMENTS INCORPORATED BY REFERENCE

          Documents in Part I and Part IV incorporated herein by reference
          are as follows:

          Indenture of Registrant dated as of August 1, 1996 (hereby
          incorporated herein by reference as part of the Registrant's
          Current Report on Form 8-K filed with Securities and Exchange
          Commission on August 29, 1996).

          Documents in Part II and Part IV incorporated herein by reference
          are as follows:

          Monthly Report to Certificateholders as to distributions made on
          December 26, 1997, and filed with the Securities and Exchange
          Commission on Form 8-K on March 27, 1998.

          Monthly Report to Certificateholders as to distributions made on
          January 27, 1998, and filed with the Securities and Exchange
          Commission on Form 8-K on March 27, 1998.

          Monthly Report to Certificateholders as to distributions made on
          February 25, 1998, and filed with the Securities and Exchange
          Commission on Form 8-K on March 27, 1998.


          PART I

          ITEM 1.  Business.

          The trust fund relating to Imperial CMB Trust Series 1996-1
          Collateralized Mortgage Bonds was established pursuant to an
          Indenture dated as of August 1, 1996 between Imperial CMB Trust
          Series 1996-1, as Issuer (the "Issuer"), and Bankers Trust
          Company of California, N.A., as indenture trustee (the
          "Indenture Trustee").  (The Indenture is hereby incorporated
          herein by reference as part of the Registrant's Current Report
          on Form 8-K filed with Securities and Exchange Commission on
          August 29, 1996.)

          The Bonds will represent indebtedness of the trust fund (the
          "Trust Fund") created by the Trust Agreement.  The Trust Fund will
          consist of fixed- and adjustable-rate, conventional, on- to
          four-family, first and second lien mortgage loans (the "Mortgage
          Loans").  In addition, the Bonds will have the benefit of an
          irrevocable and unconditional financial guaranty insurance policy
          (the "Bond Insurance Policy") issued by MBIA Insurance Corporation
          (the "Bond Insurer") as described under "Description of the
          Bonds-Bond Insurance Policy" of the Prospectus Supplement dated
          August 27,1996.

          Information with respect to the business of the Trust would not be
          meaningful because the only "business" of the Trust is the
          collection on the Mortgage Loans and distribution of payments on
          the Certificates to Certificateholders. This information is
          accurately summarized in the Monthly Reports to Certificateholders,
          which are filed on Form 8-K.  There is no additional relevant
          information to report in response to Item 101 of Regulation S-K.

          ITEM 2.  Properties.

          The Sponsor owns no property.  The Imperial CMB Trust Series
          1996-1 Collateralized Mortgage Bonds, in the aggregate, represent
          the beneficial ownership in a Trust consisting primarily of the
          Mortgage Bonds.  The Trust will acquire title to real estate only
          upon default of the mortgagors under the Mortgage Loan.
          Therefore, this item is inapplicable.

          ITEM 3.  Legal Proceedings.

          None.

          ITEM 4.  Submission of Matters to a Vote of Security Holders.

          No matters were submitted to a vote of Certificateholders during
          the fiscal year covered by this report.


          PART II

          ITEM 5.  Market for Registrant's Common Equity and Related
          Stockholder Matters.

          The Imperial CMB Trust Series 1996-1 Collateralized Mortgage Bonds
          represent, in the aggregate, the beneficial ownership in a trust
          fund consisting primarily of the Mortgage Bonds.  The Certificates
          are owned by Certificateholders as trust beneficiaries.  Strictly
          speaking, Registrant has no "common equity," but for purposes of
          this Item only, Registrant's Collateralized Mortgage Bonds are
          treated as "common equity."

          (a)  Market Information.  There is no established public trading
          market for Registrant's Bonds.  Registrant believes the Bonds are
          traded primarily in intra-dealer markets and non-centralized
          inter-dealer markets.

          (b)  Holders.  The number of registered holders of all classes of
          Certificates on December 31, 1997 was:  [Participant listings for
          Cede & Co, as a representative nominee for the Bonds was
          unavailable from The Depository Trust Company.  Total number
          of registered holders of all classes of Certificates will be
          reported on Form 10-K/A once participant listings become
          available].

          (c)  Dividends.  Not applicable.  The information regarding
          dividends required by sub-paragraph (c) of Item 201 of Regulation
          S-K is inapplicable because the Trust does not pay dividends.
          However, information as to distribution to Certificateholders is
          provided in the Monthly Reports to Certificateholders for each
          month of the fiscal year in which a distribution to
          Certificateholders was made.

          ITEM 6.  Selected Financial Data.

          Not Applicable.  Because of the limited activities of the Trust,
          the Selected Financial Data required by Item 301 of Regulation
          S-K does not add relevant information to that provided by the
          Monthly Reports to Certificateholders, which are filed on a
          monthly basis on Form 8-K.

          ITEM 7.  Management's Discussion and Analysis of Financial
          Condition and Results of Operations.

          Not Applicable.  The information required by Item 303 of
          Regulation S-K is inapplicable because the Trust does not have
          management per se, but rather the Trust has a Trustee who causes
          the preparation of the Monthly Reports to Certificateholders.
          The information provided by the Monthly Reports to
          Certificateholders, which are filed on a monthly basis on Form
          8-K, does provide the relevant financial information regarding
          the financial status of the Trust.

          ITEM 8.  Financial Statements and Supplementary Data.

          Monthly Report to Certificateholders as to distributions made on
          December 26, 1997 filed on Form 8-K with the Securities and
          Exchange Commission on March 27, 1998.

          Monthly Report to Certificateholders as to distributions made on
          January 26, 1998 filed on Form 8-K with the Securities and
          Exchange Commission on March 27, 1998.

          Monthly Report to Certificateholders as to distributions made on
          February 25, 1998 filed on Form 8-K with the Securities and
          Exchange Commission on March 27, 1998.

          Annual Statement of Compliance by the Master Servicer is not
          currently available and will be subsequently filed on Form 8.

          Independent Accountant's Report on Servicer's will be subsequently
          filed on Form 8.

          ITEM 9.  Changes in and Disagreements with Accountants on
          Accounting and Financial Disclosure.

          None.


          PART III

          ITEM 10.  Directors and Executive Officers of Registrant.

          Not Applicable.  The Trust does not have officers or directors.
          Therefore, the information required by items 401 and 405 of
          Regulation S-K are inapplicable.

          ITEM 11.  Executive Compensation.

          Not Applicable.  The Trust does not have officers or directors to
          whom compensation needs to be paid.  Therefore, the information
          required by item 402 of regulation S-K is inapplicable.

          ITEM 12.  Security Ownership of Certain Beneficial Owners and
          Management.

          (a)  Security ownership of certain beneficial owners.  Under the
          Indenture governing the Trust, the holders of the Certificates
          generally do not have the right to vote and are prohibited from
          taking part in management of the Trust.  For purposes of this Item
          and Item 13 only, however, the Certificateholders are treated as
          "voting security" holders.

          As of December 31, 1997, the following are the only persons known
          to the Registrant to be the beneficial owners of more than 5% of
          any class of voting securities:  [Participant listings for
          Cede & Co, as a representative nominee for the Bonds was
          unavailable from The Depository Trust Company.  Total number
          of registered holders of all classes of Certificates will be
          reported on Form 10-K/A once participant listings become
          available].

          (b)  Security ownership of management.  Not Applicable.  The
          Trust does not have any officers or directors.  Therefore, the
          information required by Item 403 of Regulation S-K is
          inapplicable.

          (c)  Changes in control.  Not Applicable.  Since
          Certificateholders do not possess, directly or indirectly, the
          power to direct or cause the direction of the management and
          policies of the Trust, other than in respect to certain required
          consents regarding any amendments to the Indenture, the
          information requested with respect to item 403 of Regulation
          S-K is inapplicable.

          ITEM 13.  Certain Relationships and Related Transactions.

          (a)  Transactions with management and others.  Registrant knows
          of no transaction or series of transactions during the fiscal
          year ended December 31, 1997, or any currently proposed
          transaction or series of transactions, in an amount exceeding
          $60,000 involving the Registrant in which the Certificateholders
          identified in Item 12(a) had or will have a direct or indirect
          material interest.  There are no persons of the types described
          in Item 404(a)(1),(2) and (4) of Regulation S-K, however, the
          information required by Item 404(a)(3) of Regulation S-K is
          hereby incorporated by reference in Item 12 herein.

          (b)  Certain business relationships.  None.

          (c)  Indebtedness of management. Not Applicable.  The Trust does
          not have management consisting of any officers or directors.
          Therefore, the information required by item 404 of Regulation S-K
          is inapplicable.

          (d)  Transactions with promoters.  Not Applicable.  The Trust
          does not use promoters.  Therefore, the information required by
          item 404 of Regulation S-K is inapplicable.


          PART IV

          ITEM 14.  Exhibits, Financial Statement Schedules, and Reports on
          Form 8-K.

          (a)  The following is a list of documents filed as part of this
          report:

          EXHIBITS

          Monthly Report to Certificateholders as to distributions made on
          December 26, 1997 filed with the Securities and Exchange
          Commission on Form 8-K on March 27, 1998.

          Monthly Report to Certificateholders as to distributions made on
          January 27, 1998 filed with the Securities and Exchange
          Commission on Form 8-K on March 27, 1998.

          Monthly Report to Certificateholders as to distributions made on
          February 25, 1998 filed with the Securities and Exchange
          Commission on Form 8-K on March 27, 1998.

          Annual Statement of Compliance by the Master Servicer is not
          currently available and will be subsequently filed on Form 8.

          Independent Accountant's Report on Servicer's servicing
          activities is not currently available and will be subsequently
          filed on Form 8.

          (b)  The following Reports on Form 8-K were filed during the last
          quarter of the period covered by this Report:

          Monthly Report to Certificateholders as to distributions made on
          January 27, 1998 filed with the Securities and Exchange
          Commission on Form 8-K on March 27, 1998.

          Monthly Report to Certificateholders as to distributions made on
          February 25, 1998 filed with the Securities and Exchange
          Commission on Form 8-K on March 27, 1998.

          (c)  The exhibits required to be filed by Registrant pursuant to
          Item 601 of Regulation S-K are listed above and in the Exhibit
          Index that immediately follows the signature page hereof.

          (d)  Not Applicable.  The Trust does not have any subsidiaries or
          affiliates.  Therefore, no financial statements are filed with
          respect to subsidiaries or affiliates.

          Supplemental information to be furnished with reports filed
          pursuant to Section 15(d) by registrants which have not
          registered securities pursuant to Section 12 of the Act.

          No annual report, proxy statement, form of proxy or other
          soliciting material has been sent to Certificateholders, and the
          Registrant does not contemplate sending any such materials
          subsequent to the filing of this report.


                                     SIGNATURE

          Pursuant to the requirements of Section 13 or 15(d) 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.

                             By:  Bankers Trust Company of California, N.A.
                                  not in its individual capacity but solely
                                  as a duly authorized agent of the
                                  Registrant pursuant to the Indenture,
                                  dated as of August 1, 1996.


          By:  /s/Judy L. Gomez
               Judy L. Gomez
               Assistant Vice President


          Date:  March 30, 1998


          EXHIBIT INDEX

          Exhibit Document

          1.1  Monthly Report to Certificateholders as to distributions
               made on December 26, 1997 filed with the Securities and
               Exchange Commission on Form 8-K on March 27, 1998.

          1.2  Monthly Report to Certificateholders as to distributions
               made on January 27, 1998 filed with the Securities and
               Exchange Commission on Form 8-K on March 27, 1998.

          1.3  Monthly Report to Certificateholders as to distributions
               made on February 25, 1998 filed with the Securities and
               Exchange Commission on Form 8-K on March 27, 1998.

          1.4  The Indenture of the Registrant dated as of August 1, 1996
               (hereby incorporated herein by reference and filed as part
               of the Registrant's Current Report on Form 8-K filed with
               Securities and Exchange Commission on August 29, 1996).