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) March 18, 1999

                                -----------------

                       Asset Backed Securities Corporation
--------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)

                                    Delaware
--------------------------------------------------------------------------------
                 (State or Other Jurisdiction of Incorporation)

         333-64351                                      13-3354848
-------------------------------             ------------------------------------
(Commission File Number)                    (I.R.S. Employer Identification No.)

Madison Avenue, New York, New York                                      10010
--------------------------------------------------------------------------------
   (Address of Principal Executive Offices)                           (Zip Code)

                                 (212) 325-1811
--------------------------------------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)

                                 Not Applicable
--------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)

--------------------------------------------------------------------------------
<PAGE>

Item 5. Other Events.

      The Registrant is filing final forms of the exhibits listed in Item 7(c)
below.

Item 7. Financial Statements and Exhibits

      (c) Exhibits

Exhibit No.    Document Description
-----------    --------------------

8.1            Opinion of Dechert Price & Rhoads with respect to Federal tax
               matters.

23.1           Consent of Dechert Price & Rhoads (included in exhibit 8.1).

23.2           Consent of Pricewaterhouse Coopers LLP.
<PAGE>

                                   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: March 18, 1999                       By: /s/ Richard d'Albert
                                                --------------------------------
                                                Name: Richard d'Albert
                                                Title: Authorized Officer
<PAGE>

                                INDEX TO EXHIBITS

Exhibit No.    Document Description
-----------    --------------------

8.1            Opinion of Dechert Price & Rhoads with respect to Federal tax
               matters.

23.1           Consent of Dechert Price & Rhoads (included in exhibit 8.1).

23.2           Consent of Pricewaterhouse Coopers LLP.
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 3302}]
{"company-data": {"conformed-name": "ASSET BACKED SECURITIES CORP", "cik": "0000797510", "assigned-sic": "6189", "irs-number": "133354848", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-14811", "film-number": "99568105"}, "business-address": {"street1": "11 MADISON AVE", "street2": "PARK AVE PLAZA", "city": "NEW YORK", "state": "NY", "zip": "10010", "phone": "2123251811"}, "mail-address": {"street1": "11 MADISON AVENUE", "street2": "PARK AVENUE PLAZA", "city": "NEW YORK", "state": "NY", "zip": "10010"}}
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) March 18, 1999

                                -----------------

                       Asset Backed Securities Corporation
--------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)

                                    Delaware
--------------------------------------------------------------------------------
                 (State or Other Jurisdiction of Incorporation)

         333-64351                                      13-3354848
-------------------------------             ------------------------------------
(Commission File Number)                    (I.R.S. Employer Identification No.)

Madison Avenue, New York, New York                                      10010
--------------------------------------------------------------------------------
   (Address of Principal Executive Offices)                           (Zip Code)

                                 (212) 325-1811
--------------------------------------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)

                                 Not Applicable
--------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)

--------------------------------------------------------------------------------
Item 5. Other Events.

      The Registrant is filing final forms of the exhibits listed in Item 7(c)
below.

Item 7. Financial Statements and Exhibits

      (c) Exhibits

Exhibit No.    Document Description
-----------    --------------------

8.1            Opinion of Dechert Price & Rhoads with respect to Federal tax
               matters.

23.1           Consent of Dechert Price & Rhoads (included in exhibit 8.1).

23.2           Consent of Pricewaterhouse Coopers 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: March 18, 1999                       By: /s/ Richard d'Albert
                                                --------------------------------
                                                Name: Richard d'Albert
                                                Title: Authorized Officer
INDEX TO EXHIBITS

Exhibit No.    Document Description
-----------    --------------------

8.1            Opinion of Dechert Price & Rhoads with respect to Federal tax
               matters.

23.1           Consent of Dechert Price & Rhoads (included in exhibit 8.1).

23.2           Consent of Pricewaterhouse Coopers LLP.