SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) DECEMBER 17, 1998
Asset Backed Securities Corporation
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
333-64351 13-3354848
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(Commission File Number) (I.R.S. Employer Identification No.)
11 Madison Avenue, New York, New York 10010
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(Address of Principal Executive Offices) (Zip Code)
(212) 325-1811
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
Filing of Accountant's Consent
MBIA Insurance Corporation (the "Certificate Insurer") is issuing
several financal guaranty insurance policies relating to Asset Backed Securities
Corporation Home Equity Loan Pass-Through Certificates, Series 1998-1LB. In
connection with certain financial information of the Certificate Insurer
included in the related Prospectus Supplement, PricewaterhouseCoopers LLP has
consented to its being named as an expert.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
EXHIBIT NO. Document Description
23.2 Consent of PricewaterhouseCoopers LLP
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 hereunto duly authorized.
ASSET BACKED SECURITIES CORPORATION
(Registrant)
Dated: December 24, 1998 By: /S/ FIACHRA O'DRISCOLL
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Name: Fiachra O'Driscoll
Title: Authorized Officer
INDEX TO EXHIBITS
EXHIBIT NO. Document Description
23.2 Consent of PricewaterhouseCoopers LLP
<PAGE>
EXHIBIT 23.2
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus Supplement of
Asset Backed Securities Corporation relating to Asset Backed Securities
Corporation Home Equity Loan Trust 1998-LB1, of our report dated February 3,
1998, on our audits of the consolidated financial statements of MBIA Insurance
Corporation and Subsidiaries as of December 31, 1997 and 1996 and for each of
the three years in the period ended December 31, 1997. We also consent to the
reference to our firm under the caption "Experts".
By: /S/ PRICEWATERHOUSECOOPERS LLP
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December 23, 1998
