Financial Asset Sec Corp Mego Mort Home Loan Owner Tr 1997-3 · 8-K · For 7/31/97

Filed On 7/31/97   ·   SEC File 333-29381-03   ·   Accession Number 1019965-97-97

Current Report   ·   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         4±    17K 

Document Table of Contents

Sponsored Ads...

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 25, 1997       

FINANCIAL ASSET SECURITIES CORP.,                                               
(as depositor under the Sale and Servicing Agreement, dated as of               
June 14, 1997, relating to the Mego Mortgage Home Loan Owner Trust              
1997-3, Home Loan Asset Backed Notes and Certificates).                         

FINANCIAL ASSET SECURITIES CORP.                                                
(Exact name of registrant as specified in its charter)

   Delaware                333-29381            06-1442101
(State or Other Jurisdiction         (Commission           (I.R.S. Employer     
of Incorporation)                     File Number)         Identification No.)  

600 Steamboat Road                                                              
Greenwich, Connecticut                                      06830               
(Address of Principal Executive Offices)                   (Zip Code)           

Registrant's telephone number, including area code:         (203) 625-2700      

Item 5.        Other Events                                                     

On behalf of Mego Mortgage Home Loan Owner        
Trust 1997-3, a Trust created pursuant to the     
Sale and Servicing Agreement, dated June 14,      
1997, by First Trust of New York, National        
Association, as trustee for the Trust, the Trustee
has caused to be filed with the Commission, the   
Monthly Report dated July 25, 1997.  The          
Monthly Report is filed pursuant to and in        
accordance with (1) numerous no-action letters    
(2) current Commission policy in the area.  The   
filing of the Monthly Report will occur           
subsequent to each monthly distribution to the    
holders of the  Certificates, Due August 25, 2023.

A.     Monthly Report Information:                
              Aggregate distribution information for the current
distribution date July 25, 1997.    

        Principal      Interest       Ending Balance

Cede & Co      $388,108.04    $395,306.37    $104,213,530.96      

    B.     No delinquency in payment under the Certificate
   Guaranty Insurance Policy has occurred.

C.     Have any deficiencies occurred?   NO.      
Date:                 
Amount:               

     D.     Were any amounts paid or are any amounts payable
                 under the Certificate Guaranty Insurance Policy?   NO
Amount:               

   E.     Are there any developments with respect to the
             Certificate Insurance Guaranty Policy?      NONE.

F.     Item 1: Legal Proceedings:           NONE  

G.     Item 2: Changes in Securities:       NONE  

H      Item 4: Submission of Matters to a Vote of 
Certificatholders:  NONE            

           I.     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 25, 1997.

MEGO MORTGAGE HOME LOAN OWNER TRUST 1997-3            
HOME LOAN ASSET BACKED NOTES                          
SERIES 1997-3   

DISTRIBUTION STATEMENT                    
Distribution Date:   25-Jul-97                                                  

Beginning                                            Ending       
Certificate   Principal    Interest      Total      Certificate     
Class   Balance    DistributionDistribution Distribution    Balance             

A-1   33400000.00   388108.04   151385.50     539493.54  33011891.96          
A-2   25700000.00        0.00    82646.92      82646.92  25700000.00          
A-3    6500000.00        0.00    21639.58      21639.58   6500000.00          
A-4    9451000.00        0.00    32981.36      32981.36   9451000.00          
M-1   16213000.00        0.00    57421.04      57421.04  16213000.00          
M-2    7584000.00        0.00    27468.83      27468.83   7584000.00          
B     5753639.00        0.00    21763.14      21763.14   5753639.00         

Total 104601639.00   388108.04   395306.37     783414.41 104213530.96           

AMOUNTS PER $1,000 UNIT                       PASS THROUGH

                                  Ending       Current
Principal     Interest     Total     Certificate  Pass-Through    
Class Distribution DistributionDistribution   Balance    Interest Rate          
A-1   11.62000120  4.53250000 16.15250120   988.3799988       5.8275%         
A-2    0.00000000  3.21583346  3.21583346  1000.0000000       6.8100%         
A-3    0.00000000  3.32916615  3.32916615  1000.0000000       7.0500%         
A-4    0.00000000  3.48972172  3.48972172  1000.0000000       7.3900%         
M-1    0.00000000  3.54166656  3.54166656  1000.0000000       7.5000%         
M-2    0.00000000  3.62194488  3.62194488  1000.0000000       7.6700%         
B     0.00000000  3.78250008  3.78250008  1000.0000000       8.0100%        

Statement to Securityholders              
Sale and Servicing Agreement Dated June 14, 1997                      

i)   Collected Amount                                       880286.33           

ii)  Beginning Pool Principal Balance                    104601639.24           
Principal Collections on Non-Defaulted Loans          210112.32     
Principal Balance of Defaulted Loans                       0.00     
Ending Pool Principal Balance                      104391526.92     

iii)  Class Factors                          Beginning      Ending              
                    Class A-1      1.00000000   0.98838000
                    Class A-2      1.00000000   1.00000000
                    Class A-3      1.00000000   1.00000000
                    Class A-4      1.00000000   1.00000000
                    Class M-1      1.00000000   1.00000000
                    Class M-2      1.00000000   1.00000000
                    Class B        1.00000000   1.00000000

iv)  Interest from Mortgagors / Master Servicer             670174.01           
Interest from Purchased Loans                               0.00      
Interest from Defaulted Mortgage Loans                      0.00      
                                                 670174.01

Principal Collections (Regular Installments)              68770.29        
Principal Collections (Curtailments and Paid in Fulls)   141342.03        
Substitution Adjustment                                       0.00        
Principal from Defaulted Mortgage Loans                       0.00        
                                                 210112.32

Total Payments                                              880286.33           

v)  Optimal Principal Balances:                                                 
Senior                                                 0.00 
Class M-1                                              0.00 
Class M-2                                              0.00 
Class B                                                0.00 

vi)  Amounts distributed to the Residual Instrument              0.00           

vii)  Servicer Fee                                           87168.03           
Indenture Trustee Fee                                 2397.12   
Owner Trustee Fee                                      333.33   
Master Servicer Fee                                   6973.44   
Reimbursements to the Master Servicer                    0.00   

viii)  LIBOR Information:                     Current        Next               
                   Original      Period       Period
Class A-1 Note Interest Rate       5.82750%      5.82750%     5.78844%          
One-Month LIBOR                    5.68750%      5.68750%     5.64844%          

ix)    Overcollateralization Amount                         177995.96           
Overcollateralization Deficiency Amount           8190135.18  
Overcollateralization Target Amount               8368131.14  
Net Loan Losses                                         0.00  
Cumulative Net Loan Losses                              0.00  
Allocable Loss Amount                                   0.00  
Excess Spread                                      177995.72  

x)  Weighted Average Home Loan Interest Rate of the Home Loans                  
                               Beginning      Ending
                                        13.839%      13.839%

xi)  Performance information in Servicer's Monthly Remittance Report            
61+ Day Delinquency Amount                                  0.00      
61+ Day Delinquency Percentage (Rolling Six Month)          0.00      
Net Delinquency Calculation Amount                          0.00      

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.                                          

  FINANCIAL ASSET SECURITIES CORPORATION

By /s/ Lynn Steiner   
Name:  Lynn Steiner   
                       Title:  Assistant Vice President, First Trust
                           of New York, National Association

Dated:         July 31, 1997                                                    

Dates Referenced Herein   and   Documents Incorporated By Reference

This 8-K Filing		Date		Other Filings
		6/14/97
		7/25/97
Filed On / Filed As Of / For The Period Ended		7/31/97
		8/25/23
Top				List All Filings