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 Fiscal Year Ended December 31, 1998
                       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               (I.R.S. Employer Identification No.)
     of incorporation)

  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

Securities registered pursuant to Section 12(b) of the Act: None.

Securities registered pursuant to Section 12(g) of the Act:

                  Title of                      Number of shares outstanding
                 each class                       as of December 31, 1998
                 ----------                       -----------------------
                Common Stock                               1,000
           par value $1 per share

As of March 26, 1999 none of the Registrant's Common Stock was held by
non-affiliates.

Number of shares outstanding of the Registrant's Common Stock as of
March 26, 1999 - 1,000

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 ___






<PAGE>



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

<TABLE>
<CAPTION>
                                                                           Page
                                                                          Number
                                                                          ------
<S>               <C>                                                       <C>
PART I

      Item  1.    Business                                                   3
      Item  2.    Properties                                                 5
      Item  3.    Legal Proceedings                                          5
      Item  4.    Submission of Matters to a Vote of Security Holders        5

PART II

      Item  5.    Market for Registrant's Common Equity and Related
                     Stockholder Matters                                     6
      Item  6.    Selected Financial Data                                    6
      Item  7.    Management's Discussion and Analysis of Financial
                     Condition and Results of Operations                     6
      Item  7a.   Quantitative and Qualitative Disclosures
                     About Market Risk                                       6
      Item  8.    Financial Statements and Supplementary Data                7
      Item  9.    Changes in and Disagreements with Accountants on
                     Accounting and Financial Disclosure                    14

PART III

      Item  10.   Directors and Executive Officers of the Registrant        14
      Item  11.   Executive Compensation                                    14
      Item  12.   Security Ownership of Certain Beneficial Owners
                     and Management                                         14
      Item  13.   Certain Relationships and Related Transactions            14

PART IV

      Item  14.   Exhibits, Financial Statement Schedules, and Reports
                     on Form 8-K                                            15

SIGNATURES                                                                  17
INDEX TO EXHIBITS                                                           18
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS                         19
</TABLE>




                                     Page 2


<PAGE>



PART I

Item 1.  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"), which is a wholly owned subsidiary of Credit
         Suisse First Boston, Inc., a privately owned holding company.

         The Company was organized on May 20, 1986, as a Delaware corporation
         with an initial capitalization of $1,000. The Company was organized to
         issue notes collateralized by receivables from (i) retail automotive
         installment sale contracts, loans or leases, (ii) consumer or
         commercial loans or leases, (iii) residential or commercial mortgages
         or leases, (iv) pass-through certificates evidencing fractional
         undivided ownership interests in trust(s) or pool(s) of receivables, or
         (v) any combination thereof.

         Prior to October 30, 1986, the Company had not commenced operations
         except for the conduct of organizational matters. On October 30, 1986
         and December 15, 1986, the Company sold $4,000,000,000 and
         $180,226,000, aggregate principal amounts, of Asset Backed Obligations,
         Series 1 and Series 2 (the "Series 1 and Series 2 Notes"),
         respectively. Each of the Series 1 and Series 2 Notes was separately
         collateralized by pools of retail automotive installment sale contracts
         (the "Series 1 and Series 2 Receivables") purchased from General Motors
         Acceptance Corporation ("GMAC"). The Series 1 and Series 2 Receivables
         were secured by new automobiles and light trucks and were serviced by
         GMAC. The Company purchased such Series 1 and Series 2 Receivables from
         GMAC and FBSC simultaneously with the issuance of Series 1 and Series 2
         Notes, respectively.

         On January 29, 1987, the Company transferred all of its right, title
         and interest to its assets that were pledged to secure the payment of
         the Series 1 and Series 2 Notes to FBC Asset Securities Trust 1 ("Trust
         1"), a trust formed under the laws of the State of Delaware pursuant to
         a trust agreement (the "Trust 1 Agreement") dated as of January 29,
         1987, between the Company and Wilmington Trust Company, as Owner
         Trustee (the "Owner Trustee"). Such assets and related liabilities
         consisted of the Series 1 and Series 2 Receivables, accrued interest
         receivable, trustee collection accounts, deferred debt issuance costs,
         GMAC's limited guarantees of payments under the Series 1 and Series 2
         Receivables, letters of credit supporting payments under the Series 1
         and Series 2 Receivables up to a limited amount, the guaranteed
         investment contracts, the Series 1 and Series 2 Notes and accrued
         interest payable. In accordance with the Trust Agreement, the Owner
         Trustee issued to the Company trust certificates ("Trust 1
         Certificates") representing 100% undivided beneficial interest in Trust
         1. On January 30, 1987, and February 12, 1987, the Company sold its
         beneficial interest in Trust 1 through private placements.





                                     Page 3


<PAGE>


Item 1.  Business (continued)

         On July 14, 1987, the Company sold $25,675,000, aggregate principal
         amount, of Asset Backed Obligations, Series 3 (the "Series 3 Notes").
         The Series 3 Notes were collateralized by a pool of retail automotive
         installment sale contracts (the "Series 3 Receivables") purchased from
         General Electric Credit Corporation ("GECC"). The Series 3 Receivables
         were secured by new and used automobiles and light trucks and were
         serviced by GECC. The Company purchased such Series 3 Receivables from
         GECC simultaneously with the issuance of the Series 3 Notes.

         On August 13, 1987, the Company sold $1,410,840,000, aggregate
         principal amount, of Asset Backed Obligations, Series 4 (the "Series 4
         Notes"). The Series 4 Notes were collateralized by two pools of retail
         automotive installment sale contracts (the "Series 4 Receivables")
         purchased from GMAC. The Series 4 Receivables were secured by new
         automobiles and light trucks and were serviced by GMAC. The Company
         purchased such Series 4 Receivables from GMAC simultaneously with the
         issuance of the Series 4 Notes.

         On October 27, 1987, the Company sold $142,675,000, aggregate principal
         amount, of Asset Backed Obligations, Series 5 (the "Series 5 Notes").
         The Series 5 Notes were collateralized by three pools of retail
         automotive installment sale contracts (the "Series 5 Receivables")
         purchased from GMAC. The Series 5 Receivables were secured by new
         automobiles and light trucks and are serviced by GMAC. The Company
         purchased such Series 5 Receivables from FBSC simultaneously with the
         issuance of the Series 5 Notes.

         On December 3, 1987, the Company sold $124,535,000, aggregate principal
         amount, of Asset Backed Obligations, Series 6 (the "Series 6 Notes").
         The Series 6 Notes were collateralized by two pools of retail
         automotive installment sale contracts (the "Series 6 Receivables")
         purchased from BMW Credit Corporation (BMWCC"). The Series 6
         Receivables were secured by new and used automobiles and were serviced
         by BMWCC. The Company purchased such Series 6 Receivables from BMWCC
         simultaneously with the issuance of the Series 6 Notes.

         Between October 14, 1987 and January 12, 1988, the Company deposited
         all of its assets that were pledged to secure the payment of the
         Company's Asset Backed Obligations, Series 3 through Series 6 into
         Asset Securities Trust 2 ("Trust 2"). Trust 2 was formed under the laws
         of the State of Delaware pursuant to a trust agreement (the "Trust 2
         Agreement") dated as of October 14, 1987, as amended and restated on
         November 13, 1987, January 12, 1988, and January 19, 1988, between the
         Company and Wilmington Trust Company, as Trustee (the "Owner Trustee").
         Such assets and related liabilities consisted of the Series 3 through
         Series 6 Receivables, accrued interest receivable, trustee collection
         accounts, deferred debt issuance costs, limited guarantees of payments
         under the Series 3 through Series 6 Receivables up to a limited amount,
         the guaranteed investment contracts, the Series 3 through Series 6
         Notes and accrued interest payable.



                                     Page 4

<PAGE>


Item 1.  Business (continued)

         In accordance with the Trust 2 Agreement, the Owner Trustee issued to
         the Company trust certificates (the "Trust 2 Certificates")
         representing a 100% undivided beneficial interest in Trust 2. On
         January 21, 1988, the Company, through private placements, sold 100% of
         its beneficial interest in Trust 2.

         Trust 1 and 2 had assumed all of the Company's duties and obligations
         under the indentures relating to the Notes, including the obligation to
         pay the outstanding principal of and interest on the Asset Backed
         Obligations, Series 1, Series 2, Series 3, Series 4, Series 5 and
         Series 6 Notes.

         On April 17, 1990, the Company sold $609,280,000, aggregate principal
         amount, of Asset Backed Obligations, Series 7 (the "Series 7 Notes").
         The Series 7 Notes are collateralized by a pool of retail automotive
         installment sale contracts (the "Series 7 Receivables") purchased from
         Chrysler Financial Corporation. The Series 7 Receivables were secured
         by new and used automobiles, light trucks and minivans and are serviced
         by Chrysler Credit Corporation. The Company purchased such Series 7
         Receivables from Chrysler Financial Corporation and FBSC simultaneously
         with the issuance of the Series 7 Notes. This issuance has been
         accounted for as a sale of the Series 7 Receivables; accordingly the
         Series 7 Notes and the related Series 7 Receivables do not appear on
         the Company's Balance Sheets.

         On December 15, 1990, FBC Asset Securities Trust 1 distributed the
         final payment to its bondholders and beneficial interest owners.

         On November 15, 1992, Asset Securities Trust 2 distributed the final
         payment to its bondholders and beneficial interest owners.


Item 2.  Properties

         The Company neither owns nor leases any physical properties.

Item 3.  Legal Proceedings

         The Company is not a party to any material actual or pending legal
         proceedings.

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

         There were no matters submitted to a vote of security holders during
         the year ended December 31, 1998.




                                     Page 5

<PAGE>



PART II

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

         As of March 26, 1999 all outstanding shares of the Company's common
         stock are owned indirectly by Credit Suisse First Boston, Inc. and
         are not traded in any stock exchange or in the over-the-counter
         market.

Item 6.  Selected Financial Data

         Selected financial data is omitted because the information is in the
         financial statements or notes thereto included herein.

Item 7.  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 years ended December 31, 1998, 1997 and 1996 the Company did
         not issue any series of notes or purchase any receivables.
         
         Liquidity and Capital Resources
         
         The Company utilizes FBSC to facilitate the settlement of all cash
         transactions and maintains all excess cash with FBSC. Cash and the
         Receivable from FBSC is available from FBSC on demand and does not
         earn interest.

         Year 2000 Issue

         The Year 2000 Issue arises because many computerized systems use two
         digits rather than four to identify the year. Date-sensitive systems
         may recognize the year 2000 as 1900 or some other date, resulting in
         errors when information using year 2000 dates is processed. In
         addition, similar problems may arise in some systems, which use certain
         dates in 1999 to represent something other than a date. The effects of
         Year 2000 Issues may be experienced before, on, or after January 1,
         2000, and, if not addressed, the impact on operations and financial
         reporting may range from minor errors to significant systems failure,
         which could affect a company's ability to conduct normal business
         operations. The potential impact of the Year 2000 Issue on the company
         is being addressed by Credit Suisse First Boston, Inc., which has a
         contingency plan in place. It is not possible to be certain that all
         aspects of the Year 2000 Issue affecting the Company, including those
         related to the efforts of customers or other third parties, will be
         fully resolved.
     
Item 7a. Quantitative and Qualitative Disclosures About Market Risk

         Not Applicable.



                                     Page 6

<PAGE>




Item 8.  Financial Statements and Supplementary Data

INDEX TO FINANCIAL STATEMENTS                                              Page
                                                                           ----

         Independent Auditors' Report                                        8

         Balance Sheets as of December 31, 1998 and 1997                     9

         Statements of Operations for the Years Ended
              December 31, 1998, 1997 and 1996                              10

         Statements of Changes in Stockholder's Equity for the
              Years Ended December 31, 1998, 1997 and 1996                  10

         Statements of Cash Flows for the Years Ended
              December 31, 1998, 1997 and 1996                              11

         Notes to Financial Statements                                      12

         Financial Statement Schedules are omitted because they are not
         required, inapplicable, or the information is included in the
         financial statements or notes thereto.









                                     Page 7

<PAGE>



                     ASSET BACKED SECURITIES CORPORATION
                                BALANCE SHEETS



<TABLE>
<CAPTION>
                                                                    December 31,
                                                              1998                1997
                                                         --------------      --------------
                                                           (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)                                   19                  19
                                                         --------------      --------------
          Total Liabilities and  Stockholder's Equity    $           19      $           19
                                                         ==============      ==============
</TABLE>








                 See Accompanying Notes to Financial Statements.

                                     Page 9

<PAGE>



                     ASSET BACKED SECURITIES CORPORATION
                           STATEMENTS OF OPERATIONS


<TABLE>
<CAPTION>
                                                 For the Year Ended December 31,
                                                    1998       1997      1996
                                                    ----       ----      ----
                                                          (in thousands)
<S>                                               <C>        <C>       <C>
Revenues:
     Commitment fee and miscellaneous income      $      -   $     -   $      -
                                                  --------   -------   --------
                                                         -         -          -
                                                  --------   -------   --------
Expenses:
     General and administrative expenses                 -         -          -
                                                  --------   -------   --------
                                                         -         -          -
                                                  --------   -------   --------
Income from operations before income tax                 -         -          -
Income tax                                               -         -          -
                                                  --------   -------   --------
Net income                                        $      -   $     -   $      -
                                                  ========   =======   ========
</TABLE>



                     ASSET BACKED SECURITIES CORPORATION
                STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY

<TABLE>
<CAPTION>
                                        For the Year Ended December 31,
                                          1998       1997       1996
                                          ----       ----       ----
                                                (in thousands)
<S>                                      <C>        <C>       <C>      
Net income                               $     -    $     -   $       -
                                         --------   -------   ---------

Balance at beginning of year                  19         19       1,219
Dividends paid                                 -          -      (1,200)
                                         --------   -------   ---------
Balance at end of year                   $    19    $    19   $      19
                                         ========   =======   =========
</TABLE>






                 See Accompanying Notes to Financial Statements.

                                     Page 10

<PAGE>



                       ASSET BACKED SECURITIES CORPORATION
                            STATEMENTS OF CASH FLOWS


<TABLE>
<CAPTION>
                                                           For the Year Ended December 31,
                                                            1998        1997        1996
                                                            ----        ----        ----
                                                                   (in thousands)
<S>                                                      <C>         <C>         <C>
Cash Flows from Operating Activities:
     Net income                                          $       -   $       -   $        -
     Adjustments to reconcile netincome
          to cash provided by (used for)
          operating activities:
     (Increase) 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 change in cash                                          -           -            -
     Cash at beginning of year                                   1           1            1
                                                         ---------   ---------   ----------
     Cash at end of year                                 $       1   $       1   $        1
                                                         =========   =========   ==========
</TABLE>







                 See Accompanying Notes to Financial Statements.

                                     Page 11


<PAGE>



                       ASSET BACKED SECURITIES CORPORATION
                          NOTES TO FINANCIAL STATEMENTS

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 Company was organized on May 20, 1986, as a Delaware corporation with
      an initial capitalization of $1,000. The Company was organized to issue
      notes collateralized by receivables from (i) retail automotive installment
      sale contracts, loans or leases, (ii) consumer or commercial loans or
      leases, (iii) residential or commercial mortgages or leases, (iv)
      pass-through certificates evidencing fractional undivided ownership
      interests in trust(s) or pool(s) of receivables, or (v) any combination
      thereof.

      From October 30, 1986 through December 3, 1987, the Company sold through
      various series $5,883,951,000 aggregate principal amount, of Asset Backed
      Obligations (the "Series Notes"). The Series Notes were collateralized by
      pools of retail automotive installment sale contracts (the "Receivables")
      purchased directly from certain finance companies. The Receivables were
      secured, in certain of the Series Notes, by new automobiles, light trucks
      and minivans or in certain other Series Notes by new or used automobiles.
      The Company purchased the respective Receivables directly from the finance
      companies and FBSC simultaneously with the issuance of the respective
      Series Notes.

      During the period January 29, 1987 through January 12, 1988, the Company
      deposited all of its assets that were pledged to secure the payment of the
      Series Notes into various Trusts. The Trusts were formed under the laws of
      the State of Delaware pursuant to trust agreements between the Company and
      Wilmington Trust Company, as owner trustee. Such assets and related
      liabilities consisted of the Receivables, accrued interest receivables,
      trustee collection accounts, deferred debt issuance costs, and limited
      guarantees of payments under the Series Notes, the guaranteed investment
      contracts, the Series Notes and accrued interest payable. The Company has
      sold, through private transactions, the entire beneficial interests in
      such Trusts.




                                     Page 12



<PAGE>



                       ASSET BACKED SECURITIES CORPORATION
                          NOTES TO FINANCIAL STATEMENTS

1.    Description of business (continued)

      On April 17, 1990, the Company sold $609,280,000 aggregate principal
      amount of, Asset Backed Obligations (the "Series 7 Notes"). The Series 7
      Notes are secured by a pool of retail automotive installment sale
      contracts (the "Receivables"). The issuance has been accounted for as a
      sale of the Receivables; accordingly, the Series 7 Notes and the related
      Receivables do not appear on the Company's balance sheets.

2.    Summary of significant accounting policies

      Deferred debt issuance costs are allocated to the specific Series to which
      the expense relates on the date of issuance and are included in the cost
      of investment in residual interests upon sale.

      The Company utilizes FBSC to facilitate the settlement of all cash
      transactions and invests all excess cash with FBSC. Cash and the
      receivable from FSBC is available from FBSC on demand and does not earn
      interest. All gains and losses are recognized by FBSC on each transaction.

      Certain expenses are paid on behalf of the Company by Credit Suisse First
      Boston, Inc.

      The Company is included in the consolidated federal and combined state and
      local income tax returns of Credit Suisse First Boston, Inc. The amount of
      income tax expense is computed on a separate company basis and allocated
      by Credit Suisse First Boston, Inc. to FBSC on behalf of the Company.

      The preparation of financial statements in conformity with generally
      accepted accounting principles requires management to make estimates and
      assumptions that affect the reported amounts of assets and liabilities and
      disclosure of contingent assets and liabilities at the date of the
      financial statements and the reported amounts of revenues and expenses
      during the reporting period. Actual results could differ from those
      estimates.



                                     Page 13
<PAGE>




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

         None.

PART III

Item 10. Directors and Executive Officers of the Registrant

         The directors and executive officers of the Company are as follows:

<TABLE>
<CAPTION>
        Name           Age             Title               Date Elected
        ----           ---             -----               ------------
<S>                    <C>   <C>                             <C>
Scott Ulm              40    President, Chief                05/15/98
                             Executive Officer
                                  and Director
Carlos Onis            44    Vice President                  07/16/90
Thomas A. DeGennaro    44    Director of Taxes               07/16/90
Rhonda G. Matty        40    Assistant Secretary             08/24/94
Zev Kindler            35    Treasurer                       11/10/98
Thomas M. Zingalli     40    Controller and Principal        08/05/94
                                  Accounting Officer
</TABLE>

Item 11. Executive Compensation

         No compensation was paid by the Company to persons who were directors,
         officers or employees of the Company.

Item 12. Security Ownership of Certain Beneficial Owners and Management

         Not applicable.

Item 13. Certain Relationships and Related Transactions

         Not applicable.



                                   Page 14
<PAGE>


PART IV

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

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

      (1)   Financial Statements:

            The Financial Statements and Notes to Financial Statements, appear
            on pages 9 through 13. The Report of Independent Auditors, KPMG LLP,
            pertaining to the 1998, 1997 and 1996 financial statements appear on
            page 8.

      (2)   Financial Statement Schedules:

            Financial Statement Schedules are omitted because they are either
            not required, inapplicable, or the information is included in the
            financial statements or notes thereto.

      (3)   Exhibits:

            Restated Certificate of Incorporation of Asset Backed Securities
            Corporation (incorporated by reference to Exhibit 3.1 of the Current
            Report on Form 8-K dated March 19, 1987).

            By-Laws of Asset Backed Securities Corporation (incorporated by
            reference to Exhibit 3.2 of the Current Report on Form 8-K dated
            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 Current
            Report on Form 8-K dated March 19, 1987).

      (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                 October 1, 1998

Items 5&7.  Other Events and
            Monthly Statements and Exhibits               Not Applicable                November 5, 1998

Items 5&7.  Other Events and
            Financial Statements and Exhibits             Not Applicable                December 1, 1998
</TABLE>



                                   Page 15

<PAGE>


Item 14. Exhibits,  Financial Statement Schedules, 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
            Monthly Statements and Exhibits              Not Applicable                December 3, 1998

Items 5&7.  Other Events and
            Monthly Statements and Exhibits              Not Applicable                December 11, 1998

Items 5&7.  Other Events and
            Monthly Statements and Exhibits              Not Applicable                December 21, 1998

Items 5&7.  Other Events and
            Monthly Statements and Exhibits              Not Applicable                December 24, 1998

Items 5&7.  Other Events and
            Financial Statements and Exhibits            Not Applicable                December 31, 1998
</TABLE>

         (c)   Exhibits filed as part of this report are included in item
               14 (a)(3) above.




                                     Page 16

<PAGE>



                                   SIGNATURES

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, on this 26th day of March,
1999.


                                  ASSET BACKED
                             SECURITIES CORPORATION


By:
    --------------------------------
      Scott Ulm
      President, Chief Executive
      Officer and Director



Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities indicated on March 26, 1999.


By:                                        By:
    --------------------------------           --------------------------------
      Carlos Onis                                Rhonda G. Matty
      Vice President                             Assistant Secretary



By:                                        By:
    --------------------------------           --------------------------------
      Zev Kindler                                Thomas M. Zingalli
      Treasurer                                  Controller and Principal
                                                 Accounting Officer


By:
    --------------------------------
      Thomas A. DeGennaro
      Director of Taxes



                                   Page 17

<PAGE>



                                   SIGNATURES

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, on this 26th day of March,
1999.


                                  ASSET BACKED
                             SECURITIES CORPORATION


By:   /s/ SCOTT ULM
    --------------------------------
      Scott Ulm
      President, Chief Executive
      Officer and Director



Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities indicated on March 26, 1999.


By:   /s/ CARLOS ONIS                      By:   /s/ RHONDA G. MATTY
    --------------------------------           --------------------------------
      Carlos Onis                                Rhonda G. Matty
      Vice President                             Assistant Secretary



By:   /s/ ZEV KINDLER                      By:   /s/ THOMAS M. ZINGALLI
    --------------------------------           --------------------------------
      Zev Kindler                                Thomas M. Zingalli
      Treasurer                                  Controller and Principal
                                                 Accounting Officer


By:   /s/ THOMAS A. DEGENNARO
    --------------------------------
      Thomas A. DeGennaro
      Director of Taxes



                                   Page 17



<PAGE>



                              INDEX TO EXHIBITS

<TABLE>
<CAPTION>
Exhibit
Number                        Description of Exhibits                   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 18

<PAGE>


                          Independent Auditors' Report



The Board of Directors
Asset Backed Securities Corporation:


We have audited the accompanying balance sheets of Asset Backed Securities
Corporation as of December 31, 1998 and 1997, and the related statements of
operations, changes in stockholder's equity, and cash flows for each of the
years in the three-year period ended December 31, 1998. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Asset Backed Securities
Corporation as of December 31, 1998 and 1997, and the results of its operations
and its cash flows for each of the years in the three-year period ended December
31, 1998, in conformity with generally accepted accounting principles.



/s/ KPMG LLP



New York, New York
March 26, 1999




                                     Page 8


<PAGE>



               Consent of Independent Certified Public Accountants



The Board of Directors
Asset Backed Securities Corporation:

We consent to incorporation by reference in the registration statement No.
33-17232 on Form S-3 of Asset Backed Securities Corporation of our report dated
March 26, 1999 relating to the balance sheets of Asset Backed Securities
Corporation as of December 31, 1998 and 1997, and the related statements of
operations, changes in stockholder's equity, and cash flows for each of the
years in the three-year period ended December 31, 1998, which report appears in
the December 31, 1998 annual report on Form 10-K of Asset Backed Securities
Corporation.



/s/ KPMG LLP



New York, New York
March 26, 1999






                                     Page 19