SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-K/A

[X]  Annual report  pursuant to Section 13 or 15(d) of the  Securities  Exchange
     Act of 1934 for the period from July 21, 1999  (Commencement of Operations)
     to December 31, 1999

[ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934 for the transition period from     to


                        Commission File Number  333-64351-03

                      ASSET BACKED SECURITIES CORPORATION
             (Exact name of registrant as specified in its charter)

         Delaware                                          13-3354848
(State or other jurisdiction of                           I.R.S. Employer
incorporation or organization)                            Identification No.)

11 Madison Avenue
Park Avenue Plaza
New York, New York                                       10010
(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code : (212) 325-1811


               ASSET BACKED SECURITIES CORPORATION
             HOME EQUITY LOAN TRUST, SERIES 1999-LB1
     (Title of each class of securities covered by this Form)

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

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 this Form 10-K/A or any  amendment to
this Form 10-K/A. [X]

Documents incorporated by reference:  None

                                   Page 1 of 5
             This report consists of 9 consecutively numbered pages.



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                        AMENDMENT NUMBER 1 OF 1

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ASSET BACKED SECURITIES CORPORATION
HOME EQUITY LOAN TRUST, SERIES 1999-LB1
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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:
         Omitted.

    (2)  Financial Statement Schedules:
         Omitted.

    (3)  Exhibits:

   Annual  Servicer  Statement of  Compliance,  filed as Exhibit 99.1 hereto.
   Annual Statement of  Independent  Accountants  Report for the Servicer,
           filed as Exhibit 99.2 hereto.

(b)  Reports on Form 8-K: The following  Current  Reports on Form 8-K were filed
     by the Registrant during the last quarter of 1999.

     Current Reports  on  Form 8-K,  dated October 21, 1999,  November 22, 1999,
     and  December  21,  1999 were filed for the  purpose of filing the  Monthly
     Statement sent to the Holders of the Offered Certificates for payments made
     on the same  dates.  The item  reported in such  Current  Report was Item 5
     (Other Events).

(c)   Exhibits to this report are listed in Item (14)(a)(3) above.

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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.


                                    THE CHASE MANHATTAN BANK,
                                    not in its individual capacity but solely
                                    as Trustee under the Agreement referred
                                    to herein



Date: April 27, 2000                By:  /s/Thomas J. Provenzano
                                    -----------------------------
                                    Thomas J. Provenzano
                                    Vice President



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                                 EXHIBIT INDEX

Exhibit     Description                                                 Page

 99.1       Servicer's Annual Statement of Compliance                     6
 99.2       Servicer's Annual Independent Accountant's Report             8



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EXHIBIT 99.1 - Servicer's Annual Statement of Compliance

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Long Beach Mortgage Company


OFFICER'S CERTIFICATE


Master Servicer:        Long Beach Mortgage Company
Agreement:              Pooling and Servicing Agreement dated June 1, 1999
Deal:                   Asset Backed Securities Corporation
                        Equity Loan Trust 1999-LB1
Subject Period:         June 1, 1999 through December 31, 1999
Certificate Date:       April 14, 2000




     This  certificate  is delivered  to The Chase  Manhattan  Bank,  as Trustee
pursuant to Sections 8.16 and 8.17 of the Pooling and Servicing  Agreement dated
June 1, 1999 ("the Agreement").

     The  undersigned  officer of Long Beach  Mortgage  Company ("the  Company")
represents  solely  the  activities  of  the  Company  and  does  not  make  any
representations for any other master servicer under the Agreement.

     Pursuant to Section 8.16 of the Agreement;  the undersigned  officer of the
Company has supervised a review of the Company's  activities  during the Subject
Period  with  respect  to the  terms of the  Agreement  and has  determined  the
following:  (a)  to  undersigned  officer's  best  knowledge,  the  Company  has
fulfilled  its  obligations  under this  Agreement  and (b) there has not been a
default in the fulfillment of any obligation under the Agreement.

     Pursuant to Section 8.17 of the Agreement;  attached to this certificate is
a copy of the letter issued to Long Beach Mortgage Company, by Deloitte & Touche
LLP regarding  the  Company's  compliance  with the Uniform  Single  Attestation
Program for Mortgage Bankers for the year ended December 31, 1999.


Long Beach Mortgage Company

/s/ James R. Guerin
Senior Vice President
Loan Servicing Division



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EXHIBIT 99.2 - Servicer's Annual Independent Accountant's Report


                             -8-

<PAGE>



Deloitte & Touche

Deloitte & Touche LLP
Suite 1200
695 Town Center Drive
Cosla Mesa, California 92626-1924
Telephone (714) 436-7100 Facsimile (7T4) 436-7200


INDEPENDENT ACCOUNTANTS' REPORT

The Board of Directors
Long Beach Mortgage Company

     We have examined management's assertion about Long Beach Mortgage Company's
compliance  with the minimum  servicing  standards  identified  in the  Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP) as of and for the year ended  December 31, 1999,  included in the
accompanying  management  assertion.  Management is  responsible  for Long Beach
Mortgage  Company's  compliance  with those  minimum  servicing  standards.  Our
responsibility  is to express an opinion  on  management's  assertion  about the
entity's compliance based on our examination.

     Our examination  was made in accordance  with standards  established by the
American Institute of  Certified Public Accountants and,  accordingly,  included
examining,  on a test  basis,  evidence  about  Long  Beach  Mortgage  Company's
compliance  with the  minimum  servicing  standards  and  performing  such other
procedures as we considered necessary, in the circumstances. We believe that our
examination  provides a reasonable  basis for our opinion.  Our examination does
not provide a legal  determination on Long Beach Mortgage  Company's  compliance
with the minimum servicing standards.

     In our opinion,  management's  assertion that Long Beach  Mortgage  Company
complied with the aforementioned  minimum servicing  standards as of and for the
year ended December 31, 1999, is fairly stated, in all material respects.


/s/  Deloitte & Touche, LLP

February 22, 2000


Deloitte Touche Tohmatsu


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