<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Form 8-K
Pursuant to Section 12 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): 09/25/98
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 333-00365-02 41-1915727
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation File Number) Identification Number)
11 Madison Avenue
Park Avenue Plaza
New York, New York 10010
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (212) 325-2000
<PAGE> 2
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
20.1 Credit Suisse First Boston Mortgag Pass-Through Certificates
Series 1998-1 Distribution Statement dated 09/25/98.
Signatures
Pursuant to the requirements 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: 09/22/98
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
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Name: Tina Hatfield
Title: Vice President
Company: U.S. Bank National Association
<PAGE> 1
Credit Suisse First Boston
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Payment Date: 9/25/98
<TABLE>
<CAPTION>
Total Remaining
CUSIP Original Interest Interest
Class Number Balance Payment Shortfall
<S> <C> <C> <C> <C> <C>
A-1 045413BE0 36,750,000.00 5.51090721 0.00000000
A-2 045413BF7 30,285,011.00 5.60237307 0.00000000
A-3 045413BG5 19,650,000.00 5.62500000 0.00000000
A-4 045413BH3 5,437,500.00 5.45377471 0.00000000
A-5 045413BJ9 17,460,000.00 5.62500000 0.00000000
A-6 045413BK6 43,000,000.00 5.39487767 0.00000000
A-7 045413BL4 43,000,000.00 (a) 0.20749535 0.00000000
A-8 045413BM2 1,000,000.00 5.37045000 0.00000000
A-9 045413BN0 10,250,000.00 5.62500000 0.00000000
A-10 045413BP5 1,812,501.00 6.13867248 0.00000000
PO 045413BQ3 222,386.00 --- ---
X 045413BR1 157,916,155.00 (a) 0.48655231 0.00000000
R N/A 0.00 --- ---
M-1 045413BT7 3,928,438.00 5.62050362 0.00000000
M-2 045413BU4 2,095,167.00 5.62050185 0.00000000
B-1 045413BV2 960,285.00 5.62050849 0.00000000
B-2 N/A 785,688.00 5.62050076 0.00000000
B-3 N/A 436,493.00 5.62050251 0.00000000
B-4 N/A 523,792.00 5.62049439 0.00000000
<CAPTION>
Total
Scheduled Principal Principal Principal Ending Principal
Class Principal Repurchase Prepayment Losses Balance Payment
<S> <C> <C> <C> <C> <C> <C>
A-1 2.78768327 0.00000000 31.55564544 0.00000000 945.37350395 34.34332871
A-2 0.35921301 0.00000000 4.06617287 0.00000000 991.55202915 4.42538588
A-3 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 0.00000000
A-4 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 0.00000000
A-5 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 0.00000000
A-6 0.35921302 0.00000000 4.06617279 0.00000000 991.55202930 4.42538581
A-7 --- --- --- --- 991.55202930 ---
A-8 4.04115000 0.00000000 45.74444000 0.00000000 904.96033000 49.78559000
A-9 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 0.00000000
A-10 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 0.00000000
PO 0.89182772 0.00000000 0.35249521 0.00000000 997.35176675 1.24432293
X --- --- --- --- 982.89186106 ---
R --- --- --- --- --- ---
M-1 0.80644012 0.00000000 0.00000000 0.00000000 998.39426255 0.80644012
M-2 0.80643691 0.00000000 0.00000000 0.00000000 998.39426642 0.80643691
B-1 0.80643767 0.00000000 0.00000000 0.00000000 998.39426837 0.80643767
B-2 0.80643971 0.00000000 0.00000000 0.00000000 998.39426083 0.80643971
B-3 0.80645050 0.00000000 0.00000000 0.00000000 998.39424687 0.80645050
B-4 0.80642698 0.00000000 0.00000000 0.00000000 998.39426719 0.80642698
0.00 Additional Distribution to Class R
All factors per $1,000 of Original Certificate or Notional Balance
(a) Notional Balance
<CAPTION>
Net Non-
Pass- Current Unpaid Prepayment Supported
Through Interest Interest Interest Interest
Class Rate Due Shortfall Shortfalls Loss
<S> <C> <C> <C> <C> <C>
A-1 6.75000% 202,525.84 0.00 0.00 0.00
A-2 6.75000% 169,667.93 0.00 0.00 0.00
A-3 6.75000% 110,531.25 0.00 0.00 0.00
A-4 6.54453% 29,654.90 0.00 0.00 0.00
A-5 6.75000% 98,212.50 0.00 0.00 0.00
A-6 6.50000% 231,979.74 0.00 0.00 0.00
A-7 0.25000% 8,922.30 0.00 0.00 0.00
A-8 6.75000% 5,370.45 0.00 0.00 0.00
A-9 6.75000% 57,656.25 0.00 0.00 0.00
A-10 7.36641% 11,126.35 0.00 0.00 0.00
PO --- --- --- --- ---
X 0.58787% 76,834.47 0.00 0.00 0.00
R --- --- --- --- ---
M-1 6.75000% 22,079.80 0.00 0.00 0.00
M-2 6.75000% 11,775.89 0.00 0.00 0.00
B-1 6.75000% 5,397.29 0.00 0.00 0.00
B-2 6.75000% 4,415.96 0.00 0.00 0.00
B-3 6.75000% 2,453.31 0.00 0.00 0.00
B-4 6.75000% 2,943.97 0.00 0.00 0.00
Senior Total 1,002,481.98 0.00 0.00 0.00
Subordinated Total 49,066.22 0.00 0.00 0.00
Total 1,051,548.20 0.00 0.00 0.00
<CAPTION>
Optimal Remaining
Interest Interest Unpaid
Distribution Distribution Interest
Amount Payment Shortfall
<C> <C> <C>
A-1 202,525.84 202,525.84 0.00
A-2 169,667.93 169,667.93 0.00
A-3 110,531.25 110,531.25 0.00
A-4 29,654.90 29,654.90 0.00
A-5 98,212.50 98,212.50 0.00
A-6 231,979.74 231,979.74 0.00
A-7 8,922.30 8,922.30 0.00
A-8 5,370.45 5,370.45 0.00
A-9 57,656.25 57,656.25 0.00
A-10 11,126.35 11,126.35 0.00
PO --- --- ---
X 76,834.47 76,834.47 0.00
R --- --- ---
M-1 22,079.80 22,079.80 0.00
M-2 11,775.89 11,775.89 0.00
B-1 5,397.29 5,397.29 0.00
B-2 4,415.96 4,415.96 0.00
B-3 2,453.31 2,453.31 0.00
B-4 2,943.97 2,943.97 0.00
Senior Total 1,002,481.98 1,002,481.98 0.00
Subordinated Total 49,066.22 49,066.22 0.00
Total 1,051,548.20 1,051,548.20 0.00
<CAPTION>
Beginning Scheduled Principal Principal Principal Principal
Class Balance Principal Repurchase Substitution Liquidation Prepayment
<S> <C> <C> <C> <C> <C> <C>
A-1 36,004,593.60 102,447.36 0.00 0.00 0.00 1,159,669.97
A-2 30,163,186.97 10,878.77 0.00 0.00 0.00 123,144.09
A-3 19,650,000.00 0.00 0.00 0.00 0.00 0.00
A-4 5,437,500.00 0.00 0.00 0.00 0.00 0.00
A-5 17,460,000.00 0.00 0.00 0.00 0.00 0.00
A-6 42,827,028.85 15,446.16 0.00 0.00 0.00 174,845.43
A-7 42,827,028.85 --- --- --- --- ---
A-8 954,745.92 4,041.15 0.00 0.00 0.00 45,744.44
A-9 10,250,000.00 0.00 0.00 0.00 0.00 0.00
A-10 1,812,501.00 0.00 0.00 0.00 0.00 0.00
PO 222,073.79 198.33 0.00 0.00 0.00 78.39
X 156,840,804.54 --- --- --- --- ---
R 0.00 --- --- --- --- ---
M-1 3,925,298.01 3,168.05 0.00 0.00 0.00 0.00
M-2 2,093,492.34 1,689.62 0.00 0.00 0.00 0.00
B-1 959,517.45 774.41 0.00 0.00 0.00 0.00
B-2 785,060.00 633.61 0.00 0.00 0.00 0.00
B-3 436,144.11 352.01 0.00 0.00 0.00 0.00
B-4 523,373.33 422.40 0.00 0.00
Senior Total 164,781,630.13 133,011.77 0.00 0.00 0.00 1,503,482.32
Sub Total 8,722,885.24 7,040.10 0.00 0.00 0.00 0.00
Total 173,504,515.37 140,051.87 0.00 0.00 0.00 1,503,482.32
<CAPTION>
Excess
Realized Realized Total Total
Principal Principal Principal Principal Ending Principal
Class Adjustment Loss Loss Reduction Balance Payment
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 1,262,117.33 34,742,476.27 1,262,117.33
A-2 0.00 0.00 0.00 134,022.86 30,029,164.11 134,022.86
A-3 0.00 0.00 0.00 0.00 19,650,000.00 0.00
A-4 0.00 0.00 0.00 0.00 5,437,500.00 0.00
A-5 0.00 0.00 0.00 0.00 17,460,000.00 0.00
A-6 0.00 0.00 0.00 190,291.59 42,636,737.26 190,291.59
A-7 --- --- 0.00 --- 42,636,737.26 ---
A-8 0.00 0.00 0.00 49,785.59 904,960.33 49,785.59
A-9 0.00 0.00 0.00 0.00 10,250,000.00 0.00
A-10 0.00 0.00 0.00 0.00 1,812,501.00 0.00
PO 0.00 0.00 0.00 276.72 221,797.07 276.72
X --- --- --- --- 155,214,503.48 ---
R --- --- --- --- 0.00 ---
M-1 0.00 0.00 0.00 3,168.05 3,922,129.96 3,168.05
M-2 0.00 0.00 0.00 1,689.62 2,091,802.72 1,689.62
B-1 0.00 0.00 0.00 774.41 958,743.04 774.41
B-2 0.00 0.00 0.00 633.61 784,426.39 633.61
B-3 0.00 0.00 0.00 352.01 435,792.10 352.01
B-4 0.00 0.00 0.00 422.40 522,950.93 422.40
Senior Total 0.00 0.00 0.00 1,636,494.09 163,145,136.04 1,636,494.09
Sub Total 0.00 0.00 0.00 7,040.10 8,715,845.14 7,040.10
Total 0.00 0.00 0.00 1,643,534.19 171,860,981.18 1,643,534.19
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Countrywide D&N GMACM Total
AVAILABLE DISTRIBUTION AMOUNT
Net Interest Received 300,237.77 219,860.63 531,449.80 1,051,548.20
Scheduled Principal Received 38,478.18 30,479.27 71,094.42 140,051.87
Principal Prepayments 12,823.18 768,601.79 722,057.35 1,503,482.32
Principal Repurchase 0.00 0.00 0.00 0.00
Principal Adjustments 0.00 0.00 0.00 0.00
Realized Loss Recovery 0.00 0.00 0.00 0.00
Total 351,539.13 1,018,941.69 1,324,601.57 2,695,082.39
CASH NOT RECEIVED
Interest Not Advanced 0.00 0.00 0.00 0.00
Interest Loss 0.00 0.00 0.00 0.00
Scheduled Principal Not Advanced 0.00 0.00 0.00 0.00
Principal Loss 0.00 0.00 0.00 0.00
Aggregate Monthly Advances 47,861.39
Loans purchased by Countrywide pursuant to Section 3.11
Current Aggregate Balance 0.00
Cumulative Aggregate Balance 0.00
<CAPTION>
<S> <C> <C> <C> <C>
Countrywide D&N GMACM Total
PRINCIPAL REDUCTION
Beginning Balance 50,474,777.69 35,417,852.00 87,611,885.68 173,504,515.37
Ending Balance 50,423,476.33 34,618,770.94 86,818,733.91 171,860,981.18
Total Reduction 51,301.36 799,081.06 793,151.77 1,643,534.19
Beginning Loan Count 150 115 262 527
Loan Count Reduction 0 2 1 3
Ending Loan Count 150 113 261 524
ADMINISTRATIVE FEES
Servicing 11,439.64 7,378.72 18,252.48 37,070.84
Other 473.20 332.04 821.36 1,626.60
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
DELINQUENCIES Countrywide D&N GMACM
Count Balance Count Balance Count Balance
Loans Not in Foreclosure
30+ Days 3 946,750.00 0 0.00 1 286,357.00
60+ Days 0 0.00 0 0.00 0 0.00
90+ Days 0 0.00 0 0.00 0 0.00
Loans in Foreclosure
30+ Days 0 0.00 0 0.00 0 0.00
60+ Days 0 0.00 0 0.00 0 0.00
90+ Days 0 0.00 0 0.00 0 0.00
Total 3 946,750.00 0 0.00 1 286,357.00
<CAPTION>
<S> <C> <C> <C> <C>
CERTIFICATE RATIOS
Current Distribution Next Distribution
Scheduled Prepayment Scheduled Prepayment
Percentage Percentage Percentage Percentage
Senior 94.96609% 100.00000% 94.92200% 100.00000%
Subordinated 5.03391% 0.00000% 5.07800% 0.00000%
<CAPTION>
<S> <C> <C> <C>
CUMULATIVE LOSSES
Prior
Accumulated Current Current Accumulated
Loss Recovery Loss Loss
Credit 0.00 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Deficient Valuation 0.00 0.00 0.00 0.00
Debt-Service Reduction 0.00 0.00 0.00 0.00
<CAPTION>
<S> <C> <C> <C> <C>
CREDIT ENHANCEMENT REDUCTIONS
Credit Prior Current Current Remaining
Enhancement Amount Amount Supported Amount
Type Available Available Claims Available
Pool --- --- --- ---
Special Hazard 1,078,259.00 1,078,259.00 0.00 1,078,259.00
Fraud 3,491,945.00 3,491,945.00 0.00 3,491,945.00
Deficient Valuation --- --- 0.00 ---
Debt-Service Reduction --- --- 0.00 ---
Aggregate Bankruptcy 100,000.00 100,000.00 0.00 100,000.00
<CAPTION>
<S> <C> <C> <C> <C>
CURRENT REALIZED LOSS DETAIL
SUPPORTED LOSSES
Discount Non-Discount
Interest Principal Principal Total
Credit 0.00 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Debt-Service Reduction 0.00 0.00 0.00 0.00
Deficient Valuation 0.00 0.00 0.00 0.00
<CAPTION>
<S> <C> <C> <C> <C>
EXCESS LOSSES
Discount Non-Discount
Interest Principal Principal Total
Credit 0.00 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Debt-Service Reduction 0.00 0.00 0.00 0.00
Deficient Valuation 0.00 0.00 0.00 0.00
<CAPTION>
<S> <C>
NON-SUPPORTED INTEREST SHORTFALL
Countrywide
Mortgagor Prepay Interest Shortfall 67.79
Servicing Fee 11,439.64
Net Prepayment Interest Shortfall 0.00
D&N
Mortgagor Prepay Interest Shortfall 3,041.57
Servicing Fee 7,378.72
Net Prepayment Interest Shortfall 0.00
GMACM
Mortgagor Prepay Interest Shortfall 4,697.63
Servicing Fee 18,252.48
Net Prepayment Interest Shortfall 0.00
Total Net Prepayment Interest Shortfall 0.00
</TABLE>
