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, 1998

                         Commission file number:  333-21329

               CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
         Preferred Credit Corporation (as Seller under a Pooling and Servicing
         Agreement dated as of March 1, 1997, providing for the issuance of the
         Preferred Credit Asset-Backed Certificates, Series 1997-1.

               CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
            PREFERRED CREDIT ASSET-BACKED CERTIFICATES, SERIES 1997-1
           (Exact name of Registrant as specified in its Charter)

           DELAWARE                                    13-3320910
           (State or other jurisdiction                (I.R.S. Employer
           incorporation or organization)              Identification Number)


            11 MADISON AVENUE
            NEW YORK, NEW YORK                          10010-3629
            (Address of principal executive offices)    (Zip Code)

            Registrant's telephone number, including area code:
                               (212) 325-2000

          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, 1998:  NOT APPLICABLE.

     Number of shares of common stock outstanding as of December 31, 1998:  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 March 1,
     1997 (hereby incorporated herein by reference as part of the Registrant's
     Current Report on Form 8-K filed with Securities and Exchange Commission
     on March 28, 1997).

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

     Monthly Report to Certificateholders as to distributions made on April
     27, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on May 26,
     1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on June 25,
     1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on July 27,
     1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on August
     25, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on September
     25, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on October
     26, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on November
     25, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on December
     28, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on January
     25, 1999, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.


     PART I

     ITEM 1.  Business.

     The trust fund (the "Trust") was created pursuant to a Pooling and
     Servicing Agreement dated as of March 1, 1997, by and among Credit Suisse
     First Boston Mortgage Securities Corp. (the "Depositor"), Preferred Credit
     Corporation, (the "Seller"), Advanta Mortgage Corp. USA, (the "Servicer"),
     and Bankers Trust Company, (the "Trustee") 

     The Preferred Credit Asset-Backed Certificates, Series 1997-1 (the
     "Certificates") will be represent beneficial interests in a trust, the
     assets of which will consist primarily of a pool of fixed rate,
     closed-end no or low equity loans secured by subbordinate lien mortgages
     on residential one- to four-family properties (the "Mortgage Loans" and
     together with all other assets of the trust fund, including any funds on
     deposit in the Capitalized Interest Account (as defined in the Prospectus
     Supplement dated March 17, 1997) and the Pre-Funding Account (as defined
     in the Prospectus Supplement dated March 17, 1997), the "Trust Fund")
     originated or purchased by the Seller, in the ordinary course of its
     business and conveyed, together with certain related property described in
     the Prospectus Supplement dated March 17, 1997, by the Seller to the
     Depositor and then conveyed by the Depositor to the Trust Fund.  The Trust
     Fund will be created and the Certificates will be issued pursuant to a
     Pooling and Servicing Agreement (the "Pooling and Servicing Agreement").

     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 Depositor owns no property.  The Preferred Credit Asset-Backed
     Certificates, Series 1997-1, 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.

     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 Preferred Credit Asset-Backed Certificates, Series 1997-1, 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, the
     Registrant has no "common equity," but for purposes of this Item only,
     the Registrant's Mortgage Pass-Through Certificates, Series 1997-1 are
     treated as "common equity."

     (a)  Market Information.  There is no established public trading market
     for the Registrant's Certificates.  The 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, 1998 was:  30.

     (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 April
     27, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on May 26,
     1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on June 25,
     1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on July 27,
     1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on August
     25, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on September
     25, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on October
     26, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on November
     25, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on December
     28, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on January
     25, 1999, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     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 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, 1998, 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: 


The Northern Trust Company
Jarvis A. McKee
801 S. Canal C-IN
Chicago, IL  60607
Series 1997-1
Class A-2
$5,200,000.00 (Original Principal Balance)
18.0% (Percentage of Class)

State Street Bank and Trust Company
Joseph J. Callahan
Global Corp. Action Dept. JAB5W
P.P. Box 1631
Boston, MA  02105-1631
Series 1997-1
Class A-2
$15,500,000.00 (Original Principal Balance)
53.0% (Percentage of Class)

Prudential Securities Incorporated
Issuer Services
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY  11717
Series 1997-1
Class A-2
$5,500,000.00 (Original Principal Balance)
19.0% (Percentage of Class)

Bankers Trust Company
John Lasher
c/o BT Services Tennessee, Inc.
648 Grassmere Park Drive
Nashville, TN  37211
Series 1997-1
Class A-3
$5,210,000.00 (Original Principal Balance)
23.0% (Percentage of Class)

Boston Safe Deposit and Trust Company
Constance Holloway
c/o Mellon Bank Center, Room 153-3015
Pittsburgh, PA  15259
Series 1997-1
Class A-3
$5,850,000.00 (Original Principal Balance)
25.0% (Percentage of Class)

Chase Manhattan Bank
Orma Trim, Supervisor
4 New York Plaza
13th Floor
New York, NY  10004
Series 1997-1
Class A-3
$2,140,000.00 (Original Principal Balance)
9.0% (Percentage of Class)

State Street Bank and Trust Company
Joseph J. Callahan
Global Corp. Action Dept. JAB5W
P.P. Box 1631
Boston, MA  02105-1631
Series 1997-1
Class A-3
$10,000,000.00 (Original Principal Balance)
43.0% (Percentage of Class)

Bank One Trust Company, N.A. - State
Scott Hammond
30 West spring Street
Columbus, OH  43266-0581
Series 1997-1
Class A-4
$5,000,000.00 (Original Principal Balance)
10.0% (Percentage of Class)

Wachovia Bank/Safekeeping
Terri Dowell
301 N. Main Street, NC  31058
Winston-Salem, NC  27150
Series 1997-1
Class A-4
$10,000,000.00 (Original Principal Balance)
20.0% (Percentage of Class)

Chase Manhattan Bank
Orma Trim, Supervisor
4 New York Plaza
13th Floor
New York, NY  10004
Series 1997-1
Class A-4
$30,100,000.00 (Original Principal Balance)
60.0% (Percentage of Class)

Suntrust Bank, Atlanta
Diane Guy
303 Peachtree St., 14th Floor MC#3141
Atlanta, GA  30308
Series 1997-1
Class A-4
$3,000,000.00 (Original Principal Balance)
6.0% (Percentage of Class)

Boston Safe Deposit and Trust Company
Constance Holloway
c/o Mellon Bank Center, Room 153-3015
Pittsburgh, PA  15259
Series 1997-1
Class A-5
$6,500,000.00 (Original Principal Balance)
57.0% (Percentage of Class)

Citibank, N.A.
Marta Hoosian
P.O. Box 30576
Tampa, FL  33630-3576
Series 1997-1
Class A-5
$5,000,000.00 (Original Principal Balance)
44.0% (Percentage of Class)

Boston Safe Deposit and Trust Company
Constance Holloway
c/o Mellon Bank Center, Room 153-3015
Pittsburgh, PA  15259
Series 1997-1
Class A-6
$22,225,000.00 (Original Principal Balance)
59.0% (Percentage of Class)

Chase Manhattan Bank
Orma Trim, Supervisor
4 New York Plaza
13th Floor
New York, NY  10004
Series 1997-1
Class A-6
$3,600,000.00 (Original Principal Balance)
10.0% (Percentage of Class)

The Northern Trust Company
Jarvis A. McKee
801 S. Canal C-IN
Chicago, IL  60607
Series 1997-1
Class A-6
$4,100,000.00 (Original Principal Balance)
11.0% (Percentage of Class)

State Street Bank and Trust Company
Joseph J. Callahan
Global Corp. Action Dept. JAB5W
P.P. Box 1631
Boston, MA  02105-1631
Series 1997-1
Class A-6
$4,400,000.00 (Original Principal Balance)
12.0% (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, 1998, 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 April
     27, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on May 26,
     1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on June 25,
     1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on July 27,
     1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on August
     25, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on September
     25, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on October
     26, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on November
     25, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on December
     28, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on January
     25, 1999, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     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 October
     26, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on November
     25, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     Monthly Report to Certificateholders as to distributions made on December
     28, 1998, and filed with the Securities and Exchange Commission on Form
     8-K on January 29, 1999.

     (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, 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
                                  March 1, 1997.


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

     Date:  March 30, 1999


     EXHIBIT INDEX

     Exhibit Document


     1.1  Monthly Report to Certificateholders as to distributions made on
          April 27, 1998, and filed with the Securities and Exchange Commission
          on Form 8-K on January 29, 1999.

     1.2  Monthly Report to Certificateholders as to distributions made on May
          26, 1998, and filed with the Securities and Exchange Commission on
          Form 8-K on January 29, 1999.

     1.3  Monthly Report to Certificateholders as to distributions made on June
          25, 1998, and filed with the Securities and Exchange Commission on
          Form 8-K on January 29, 1999.

     1.4  Monthly Report to Certificateholders as to distributions made on July
         27, 1998, and filed with the Securities and Exchange Commission on
         Form 8-K on January 29, 1999.

     1.5  Monthly Report to Certificateholders as to distributions made on
          August 25, 1998, and filed with the Securities and Exchange
          Commission on Form 8-K on January 29, 1999.

     1.6  Monthly Report to Certificateholders as to distributions made on
          September 25, 1998, and filed with the Securities and Exchange
          Commission on Form 8-K on January 29, 1999.

     1.7  Monthly Report to Certificateholders as to distributions made on
          October 26, 1998, and filed with the Securities and Exchange
          Commission on Form 8-K on January 29, 1999.

     1.8  Monthly Report to Certificateholders as to distributions made on
          November 25, 1998, and filed with the Securities and Exchange
          Commission on Form 8-K on January 29, 1999.

     1.9  Monthly Report to Certificateholders as to distributions made on
          December 28, 1998, and filed with the Securities and Exchange
          Commission on Form 8-K on January 29, 1999.

     2.0  Monthly Report to Certificateholders as to distributions made on
          January 25, 1999, and filed with the Securities and Exchange
          Commission on Form 8-K on January 29, 1999.

     2.1  The Pooling and Servicing Agreement of the Registrant dated as of
          March 1, 1997 (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 March 28, 1997).