SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-KCURRENT 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)
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
901 East Byrd Street, Richmond, Virginia23219
(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.)
Item 1. Changes in Control of Registrant.
Item 2. Acquisition or Disposition of Assets.
Item 3. Bankruptcy or Receivership.
Item 4. Changes in Registrant's Certifying Accountant.
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.
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