Financial Asset Securitization Inc – ‘8-K’ for 10/30/97

As of:  Wednesday, 11/5/97   ·   For:  10/30/97   ·   Accession #:  916641-97-1043   ·   File #:  0-15483

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Fasi 8-K                                               5     15K 
 2: EX-1        Exhibit 1.1                                           25    105K 
 3: EX-4        Exhibit 4.1                                           58    213K 

8-K   —   Fasi 8-K
Document Table of Contents

8-K
1st Page of 5
TOC
↑Top
Previous
Next
↓Bottom
Just 1st
 
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) October 30, 1997 

Financial Asset Securitization, Inc.
(Exact name of registrant as specified in charter)

Virginia                      0-15483                   53-1526174            
(State or other jurisdiction  (Commission           (IRS Employer     
of incorporation)            File Number)       Identification No.) 

901 East Byrd Street, Richmond, Virginia               23219
 (Address of principal executive offices)   (Zip Code)

Registrant's telephone number, including area code (804) 344-7575 

(Former name or former address, if changed since last report.)

8-K
2nd Page of 5
TOC
1st
Previous
Next
↓Bottom
Just 2nd
Item 1.     Changes in Control of Registrant.                       
Not Applicable.                             

Item 2.     Acquisition or Disposition of Assets.                   
Not Applicable.                             

Item 3.     Bankruptcy or Receivership.                             
Not Applicable.                             

Item 4.     Changes in Registrant's Certifying Accountant.          
Not Applicable.                             

Item 5.     Other Events.                                           

              On October 30, 1997, the Registrant caused the issuance and sale
of $55,809,878 aggregate initial principal amount of Mortgage       
      Participation Securities, Series 1997-1 (the "Securities") pursuant to the
  Series 1997-1 Pooling Agreement (the "Pooling Agreement"), dated as of
  October 1, 1997, by and between the Registrant, as Seller, and Norwest
 Bank Minnesota, National Association, as Trustee. The Securities were
    issued in one Class, with an Initial Principal Amount and a Pass-Through
Rate as described below:                                            

Class                   Initial                Pass-Through         
Designation            Principal Amount               Rate                

Class A-1                $55,809,878                 (1)                  

  (1)      The effective per annum interest rate borne by the Securities
        during the calendar month preceding the month in which the
           Distribution Date occurs (each, an "Interest Accrual Period")
               will equal a fraction, expressed as a percentage truncated at the
          fourth decimal place, the numerator of which is equal to the
 aggregate amount in respect of interest paid to the
     Securityholders for the related Interest Accrual Period
             multiplied by 12, and the denominator of which is the principal
             amount of the Securities immediately prior to such Distribution
      Date. The effective per annum interest rate borne by the
              Securities during the first Interest Accrual Period is projected
to be approximately 6.8825%                       

  The Securities evidence, in the aggregate, the entire beneficial
ownership interest in a trust (the "Trust"), which consists primarily of all or 
a portion of (i) nine classes of Guaranteed REMIC Pass-Through Certificates     
issued by FNMA representing beneficial ownership interests in nine separate     
Underlying FNMA Trusts (the "Pooled FNMA Certificates") and (ii) nine classes of
Multiclass Mortgage Securities or Multiclass Mortgage Participation Certificates
issued by FHLMC as part of nine separate Underlying FHLMC Series (the "Pooled   
FHLMC Certificates" and together with the Pooled FNMA Certificates, the "Pooled 
Certificates") transferred to the Trust by the Registrant pursuant to the       
Pooling Agreement. The Pooled Certificates were purchased by the Registrant in a
privately-negotiated transaction with Bear, Stearns & Co. Inc. ("Bear") pursuant
to a Purchase Agreement (the "Purchase Agreement"), dated October 1, 1997, by   
and between the Registrant, as Purchaser and Bear, as Seller.                   

8-K
3rd Page of 5
TOC
1st
Previous
Next
↓Bottom
Just 3rd
   The Class A-1 Securities have been sold by the Registrant to Bear
pursuant to (i) an Underwriting Agreement (the "Underwriting Agreement"), dated 
October 28, 1997, by and between Bear and the Registrant and (ii) a Terms       
Agreement (the "Terms Agreement"), dated October 28, 1997, by and between Bear  
and the Registrant.                                                             

       Capitalized terms used but not defined herein shall have the meanings
assigned to them in the Pooling Agreement.                                      

Item 6.  Resignations of Registrant's Directors. Not Applicable.                

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.    

Exhibits                                                                        

         1.1      Underwriting Agreement, dated October 28, 1997, by and between
the Registrant and Bear, Stearns & Co. Inc. 

         4.1      Series 1997-1 Pooling Agreement,  dated as of October 1, 1997,
             by and between the Registrant, as Seller and Norwest Bank
           Minnesota,  National Association, as Trustee (including
exhibits).                                  

8-K
4th Page of 5
TOC
1st
Previous
Next
↓Bottom
Just 4th
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.                                          

October 28, 1997                         FINANCIAL ASSET SECURITIZATION, INC.   

                           By:  /s/ William E. Hardy
                               ---------------------
                         Name:  William E. Hardy

                                   Title:   Executive Vice President

8-K
Last Page of 5
TOC
1st
Previous
Next
↓Bottom
Just 5th
 INDEX TO EXHIBITS

                                                                          Page

1.1      Underwriting Agreement, dated October 28, 1997, by and between         
         Bear, Stearns & Co. Inc. and the Registrant..........................

4.1      Series 1997-1 Pooling Agreement, dated as of October 1, 1997, by and   
between the Registrant, as Seller, and Norwest Bank Minnesota,
        National Association, as Trustee......................................

Dates Referenced Herein

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		11/5/97							None on these Dates
For Period End:		10/30/97		1		2
		10/28/97		3		5
		10/1/97		2		5
									List all Filings