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
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(State or Other Jurisdiction (I.R.S. Employer
of Incorporation Identification Number)
11 Madison Avenue
Park Avenue Plaza
New York, New York 10010
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(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
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Name: Tina Hatfield
Title: Vice President
Company: U.S. Bank National Association
