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): July 27, 1998
ASSET BACKED SECURITIES CORPORATION
(as depositor under the Pooling and Servicing
Agreement, dated as of June 1, 1998, providing
for the issuance of Chevy Chase Bank, F.S.B. Mortgage-Backed
Pass-Through Certificates, Series 1998-CCB2)
ASSET BACKED SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-00365 13-3354848
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
11 Madison Avenue
New York, New York 10010
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 325-2000
Item 5. Other Events
On July 27, 1998 a scheduled distribution was made from the Trust
to holders of the Class A Certificates. The Trustee has caused to be filed
with the Commission, the Monthly Report dated July 27, 1998.
The Monthly Report is filed pursuant to and in accordance with
(1) numerous no-action letters (2) current Commission policy in the area.
A. Monthly Report Information:
See Exhibit No.1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, Part II - Items 1,2,4,5 if
applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated July 27, 1998.
Chevy Chase Bank, F. S. B.
Mortgage-Backed Pass-Through Certificates
Series 1998-CCB2
Distribution Date: 27-Jul-98
Beginning Ending
Certificate Certificate
Class Balance Principal Interest Losses Balance
A-I 200,132,742.00 1,716,231.98 894,754.90 0.00 198,416,510.02
A-II 70,514,000.00 72,098.86 338,807.69 0.00 70,441,901.14
S 270,646,742.00 0.00 0.00 0.00 268,858,411.28
R 0.00 0.00 0.00 0.00 0.00
TOTAL 270,646,742.00 1,788,330.84 1,233,562.59 0.00 268,858,411.16
* Class S has a notional balance equal to the Pool
Principal Balance
AMOUNTS PER $1,000 UNIT
Beginning Ending
Certificate Certificate
Class CUSIP Balance Principal Interest Balance
A-I 045413AR2 1000.0000000 8.5754683 4.470807 991.4245317
A-II 045413AS0 1000.0000000 1.0224758 4.804829 998.9775242
S NA 1000.0000000 0.0000000 0.000000 993.3923804
Original Current
Pass Pass
Through Through
Class Rate Rate
A-I 5.44562% 5.44562%
A-II 5.84579% 5.84579%
S 0.70000% 0.70000%
R 0.00000% 0.00000%
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.
ASSET BACKED SECURITIES CORPORATION
By: /s/ Eve Kaplan
Name: Eve Kaplan
Title: Vice President
U.S. Bank National Association
Dated: July 31, 1998
