SECURITIES AND EXCHANGE COMMISSION 
 
                             Washington D.C. 20549 
 
                                   Form 10-K 
 
        Annual report pursuant to Section 13 or 15(d) of the Securities and 
               Exchange Act of 1934 For fiscal year ended 12/31/1998 
 
                    Commission file number: 333-00365-02
                                        
                      ASSET BACKED SECURITIES CORPORATION

            (AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT
            DATED AS OF JULY 1, 1998, PROVIDING FOR THE ISSUANCE OF
                      CREDIT SUISSE FIRST BOSTON MORTGAGE
               MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-1)
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            (Exact name of registrant as specified in its charter) 
 
                 Delaware                          41-1915727 
                 --------                  ----------------------------- 
         (State or Other Jurisdiction           (I.R.S. Employer      
            of Incorporation                 Identification Number) 
 
                               11 Madison Avenue
                               Park Avenue Plaza
                            New York, New York 10010
                      ---------------------------------- 
                             (Address of Principal 
                               Executive Offices)           
 
                 Registrant's telephone number: (212) 325-2000 
 
          Securities registered pursuant to Section 12(b) of the Act: 
                                        
                                     None 
                                        
          Securities registered pursuant to Section 12(g) of the Act: 
                                        
                                     None 
                                        
Indicate 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. 
                            _X_ YES         ___ no 
                                        
                                        
 
Item 1. Business: 
 
        Not applicable 
 
 
Item 2. Properties: 
 
        Not applicable 
 
 
Item 3. Legal Proceedings: 
 
        None 
 
 
Item 4. Submission of Matters to a Vote of Security-Holders 
 
        None 
 
 
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters 
 
        To the best knowledge of the registrant there is no established public
        trading market for the certificates. 
 
        There are approximately 37 holders of record as of the end of the 
        reporting year. 
 
 
Item 6. Selected Financial Data 
 
        Not applicable 
 
 
Item 7. Management's Discussion and Analysis of Financial Condition and Results
        of Operations 
 
        Not applicable 
 
 
Item 8. Financial Statements and Supplementary Data 
 
        Not applicable 
 
 
Item 9. Changes in and Disagreements With Accountants on Accounting and 
        Financial Disclosure 
 
        None 
 
 
Item 10. Directors and Executive Officers of the Registrant 
 
         Not applicable 
 
 
Item 11. Executive Compensation 
 
         Not applicable 
 
 
Item 12. Security Ownership of Certain Beneficial Owners and Management 
 
         Not applicable 
 
 
Item 13. Certain Relationships and Related Transactions 
 
         Not applicable 
 
 
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K 
 
         The company filed on Form 8-K, separately for each distribution 
         date, reporting the distribution of funds related to the trust for 
         each distribution date in 1998 beginning with August 1998 through 
         December 1998.
 
 
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. 
 
Date: 1/26/99 
 
ASSET BACKED SECURITIES CORPORATION by U.S. Bank National Association,
as Trustee for Credit Suisse First Boston Mortgage Pass-through
Certificates, Series 1998-1.

By:    /s/ Tina Hatfield
   --------------------------------------
Name:    Tina Hatfield
Title:   Vice President
Company: U.S. Bank National Association