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, 1996

                          Commission file number:  333-16145

                       CS FIRST BOSTON MORTGAGE SECURITIES CORP.
              Agreement dated as of December 1, 1996, providing for the
              issuance of Preferred Mortgage Asset-Backed Certificates,
                                    Series 1996-2)

                       CS FIRST BOSTON MORTGAGE SECURITIES CORP.
                 (Exact name of Registrant as specified in its Charter)

                   DELAWARE                             33-3320910
             (State or other jurisdiction          (I.R.S. Employer
             incorporation or organization)        Identification Number)

                                  11 MADISON AVENUE
                               NEW YORK, NEW YORK 10010
                       (Address of principal executive offices)

                   Registrant's telephone number, including area code:
                                    (212) 325-7537

               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 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, 1996:  Not Applicable.

          Number of shares of common stock outstanding as of December 31,
          1996:  Not Applicable.

          DOCUMENTS INCORPORATED BY REFERENCE

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

               Pooling and Servicing Agreement of Registrant dated as of
          December 1, 1996 (hereby incorporated herein by reference as
          Exhibit 4.2 of the Registrant's Current Report on Form 8-K filed
          with Securities and Exchange Commission on January 23, 1997).

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

               Monthly Report to Certificateholders as to distributions
          made on January 27, 1997 (to be filed on Form 8-K with the
          Securities and Exchange Commission).

               Monthly Report to Certificateholders as to distributions
          made on February 25, 1997 (to be filed on Form 8-K with the
          Securities and Exchange Commission).


          PART I

          ITEM 1.     Business.

               The trust fund relating to Preferred Mortgage Asset-Backed
          Certificates, Series 1996-2 (the "Certificates"),was established
          pursuant to a Pooling and Servicing Agreement dated as of
          
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          December 1, 1996 among CS First Boston Mortgage Securities Corp.,
          as depositor, (the "Depositor"), T.A.R. Preferred Mortgage
          Corporation, as seller (the "Seller"), Advanta Mortgage Corp. USA,
          as servicer, (the "Servicer"), and Bankers Trust Company, as
          trustee (the "Trustee").  (The Pooling and Servicing Agreement is
          hereby incorporated herein by reference as Exhibit 4.2 of the
          Registrant's Current Report on Form 8-K filed with Securities
          and Exchange Commission on January 23, 1997.)

               The Preferred Mortgage Asset-Backed Certificates, Series
          1996-2 (the "Certificates") will represent beneficial interests in
          a trust, the assets of which will consist primarily of a pool of
          fixed rate, closed-end loans secured by mortgages, which are
          generally subordinate liens, on residential one-to-four-family
          properties (the "Mortgage Loans" and together will all other
          assets of the trust fund, including any funds on deposit in the
          Capitalized Interest Account (as defined in the Prospectus
          Supplement) and the Pre-Funding Account (as defined in the
          Prospectus Supplement), the "Trust Fund").

               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 Series 1996-2
          Certificates, in the aggregate, represent the beneficial
          ownership in a Trust consisting primarily of the Mortgage Loans.
          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.



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          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 Series 1996-2 Certificates represent, in the aggregate,
          the beneficial ownership in a trust fund consisting primarily of
          the Mortgage Loans.  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 Preferred Mortgage Asset-Backed Certificates
          are treated as "common equity."

          (a)     Market Information.  There is no established public
          trading market for Registrant's Certificates.  Registrant
          believes the Certificates 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, 1996 was 39.

          (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.


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          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 January 27, 1997 (to be filed on Form 8-K with the Securities
          and Exchange Commission).

               Monthly Report to Certificateholders as to distributions made
          on February 25, 1997 (to be filed on Form 8-K with the Securities
          and Exchange Commission).

               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.

          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.


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          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 Pooling and Servicing Agreement 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, 1996, 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:

          Boston Safe Deposit & Trust Co.
          c/o Mellon bank N.A.
          Three Mellon Bank Center
          Room 153-3015
          Pittsburgh, PA 15259
          Series 1996-2
          Class A-1
          $18,000,000 (Original Principal Amount)
          22.5% (Percentage of Class)

          Bankers Trust Co./Investment A/C
          16 Wall Street, 5th Floor
          New York, NY 10005
          Series 1996-2
          Class A-1
          $40,000,000 (Original Principal Amount)
          49.9% (Percentage of Class)

          Central Fidelity Bank, N.A.
          1021 East Cary Street, 5th Floor
          Richmond, VA 23219-4000
          Series 1996-2
          Class A-1

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          $10,000,000 (Original Principal Amount)
          12.5% (Percentage of Class)

          Chase Manhattan Bank/Chemical
          Auto Settle Department
          4 New York Plaza, 4th Floor
          New York, NY 10004
          Series 1996-2
          Class A-1
          $9,000,000 (Original Principal Amount)
          11.3% (Percentage of Class)

          Bankers Trust Company
          c/o BT Services Tennessee Inc.
          Pension Trust Services
          648 Grassmere Park Drive
          Nashville, TN 37211
          Series 1996-2
          Class A-2
          $10,675,000 (Original Principal Amount)
          35.9% (Percentage of Class)

          Boston Safe Deposit & Trust Co.
          c/o Mellon bank N.A.
          Three Mellon Bank Center
          Room 153-3015
          Pittsburgh, PA 15259
          Series 1996-2
          Class A-2
          $10,825,000 (Original Principal Amount)
          36.4% (Percentage of Class)

          Chase Manhattan Bank
          One Chase Manhattan Plaza
          3B - Proxy Dept.
          New York, NY 10081
          Series 1996-2
          Class A-2
          $6,325,000 (Original Principal Amount)
          21.3% (Percentage of Class)

          Bank of New York
          925 Patterson Plank Rd.

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          Secaucus, NJ 07094
          Series 1996-2
          Class A-3
          $12,700,000 (Original Principal Amount)
          29.1% (Percentage of Class)

          Boston Safe Deposit & Trust Co.
          c/o Mellon bank N.A.
          Three Mellon Bank Center
          Room 153-3015
          Pittsburgh, PA 15259
          Series 1996-2
          Class A-3
          $11,680,000 (Original Principal Amount)
          26.8% (Percentage of Class)

          Chase Manhattan Bank
          One Chase Manhattan Plaza
          3B - Proxy Dept.
          New York, NY 10081
          Series 1996-2
          Class A-3
          $10,000,000 (Original Principal Amount)
          22.9% (Percentage of Class)

          Citicorp Services, Inc.
          P.O. Box 30576
          Tampa, FL 33630-3576
          Series 1996-2
          Class A-3
          $3,000,000 (Original Principal Amount)
          6.9% (Percentage of Class)

          First Trust National Association
          c/o Ice Prozy Services
          71 Executive Blvd.
          Farmingdale, NY 11735
          Series 1996-2
          Class A-3
          $3,300,000 (Original Principal Amount)
          7.6% (Percentage of Class)

          Bankers Trust Company

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          c/o BT Services Tennessee Inc.
          Custody Services
          648 Grassmere Park Drive
          Nashville, TN 37211
          Series 1996-2
          Class A-4
          $5,500,000 (Original Principal Amount)
          9.2% (Percentage of Class)

          CS First Boston Corporation (The)
          c/o ADP Proxy Services
          51 Mercedes Way
          Edgewood, NY 11717
          Series 1996-2
          Class A-4
          $34,300,000 (Original Principal Amount)
          57.4% (Percentage of Class)

          Goldman, Sachs & Co.
          c/o ADP Proxy Services
          51 Mercedes Way
          Edgewood, NY 11717
          Series 1996-2
          Class A-4
          $20,000,000 (Original Principal Amount)
          33.5% (Percentage of Class)

          Boston Safe Deposit & Trust Co.
          c/o Mellon bank N.A.
          Three Mellon Bank Center
          Room 153-3015
          Pittsburgh, PA 15259
          Series 1996-2
          Class A-5
          $1,575,000 (Original Principal Amount)
          9.7% (Percentage of Class)

          Chase Manhattan Bank
          One Chase Manhattan Plaza
          3B - Proxy Dept.
          New York, NY 10081
          Series 1996-2
          Class A-5

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          $1,025,000 (Original Principal Amount)
          6.3% (Percentage of Class)

          Chase Manhattan Bank, Trust
          Two Chase Manhattan Plaza, 5th Floor
          New York, NY  10081
          Series 1996-2
          Class A-5
          $2,425,000 (Original Principal Amount)
          14.9% (Percentage of Class)

          Northern Trust Company
          801 S. Canal C-In
          Chicago, IL 60607
          Series 1996-2
          Class A-5
          $6,075,000 (Original Principal Amount)
          37.3% (Percentage of Class)

          SSB-Custodian
          Quincy Securities Processing
          A5W P.O. Box 1631
          Boston, MA 02105-1631
          Series 1996-2
          Class A-5
          $2,625,000 (Original Principal Amount)
          16.1% (Percentage of Class)

          Bankers Trust Company
          c/o BT Services Tennessee Inc.
          Custody Services
          648 Grassmere Park Drive
          Nashville, TN 37211
          Series 1996-2
          Class A-6
          $20,890,000 (Original Principal Amount)
          41.7% (Percentage of Class)

          Goldman, Sachs & Co.
          c/o ADP Proxy Services
          51 Mercedes Way
          Edgewood, NY 11717
          Series 1996-2

                                         10
          Class A-6
          $17,000,000 (Original Principal Amount)
          33.9% (Percentage of Class)

          SSB-Custodian
          Quincy Securities Processing
          A5W P.O. Box 1631
          Boston, MA 02105-1631
          Series 1996-2
          Class A-5
          $10,200,000 (Original Principal Amount)
          20.4% (Percentage of Class)

          (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 Pooling and Servicing
          Agreement, 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, 1996, 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.

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          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 January 27, 1997 (to be filed on Form 8-K with the Securities
          and Exchange Commission).

               Monthly Report to Certificateholders as to distributions made
          on February 25, 1997 (to be filed on Form 8-K with the Securities
          and Exchange Commission).

               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:

               None

          (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

                                         12
          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.

































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                                     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,
                                        not in its individual capacity but
                                        solely as a duly authorized agent of
                                        the Registrant pursuant to the
                                        Pooling and Servicing Agreement,
                                        dated as of December 1, 1996.


          Date:  March 26, 1997         By:     /s/Judy L. Gomez
                                        Judy L. Gomez
                                        Assistant Vice President


























                                         14
                                    EXHIBIT INDEX

          Exhibit     Document

          1.1     Monthly Report to Certificateholders as to distributions
                  made on January 27, 1997 (to be filed on Form 8-K with
                  the Securities and Exchange Commission).

          1.2     Monthly Report to Certificateholders as to distributions
                  made on February 25, 1997 (to be filed on Form 8-K with
                  the Securities and Exchange Commission).

          1.3     Pooling and Servicing Agreement of Registrant dated as of
                  December 1, 1996 (hereby incorporated herein by reference
                  as Exhibit 4.2 of Registrant's Current Report on Form 8-K
                  filed with Securities and Exchange Commission on January
                  23, 1997).



























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