Home Loan Mortgage Loan Trust 2005-1 Inactive
Filed: 14 Dec 05, 12:00am
UNITED STATES
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): November 16, 2005
Financial Asset Securities Corp.
(Exact name of registrant as specified in its charter)
Delaware | 333-127352-01 | 06-1442101 |
(State or Other Jurisdiction | (Commission | (I.R.S. Employer |
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600 Steamboat Road, |
| 06830 |
(Address of Principal |
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Registrant's telephone number, including area code (203) 625-2700
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 2 - Completion of Acquisition or Disposition of Assets
Item 2.01 | Completion of Acquisition or Disposition of Assets |
Description of the Certificates and the Mortgage Pool
On November 29, 2005, a single series of certificates, entitled Home Loan Mortgage Loan Trust 2005-1, Asset-Backed Certificates, Series 2005-1 (the “Certificates”), were issued pursuant to a pooling and servicing agreement, dated as of November 1, 2005 (the “Agreement”), attached hereto as Exhibit 4.1, among Financial Asset Securities Corp. as depositor (the “Depositor”), Ocean Bank, F.S.B. as servicer (the “Servicer”) and Deutsche Bank National Trust Company as trustee (the “Trustee”). The Certificates consist of five classes of certificates (collectively, the “Certificates”), designated as the “Class A-1 Certificates”, “Class A-2 Certificates”, “Class A-3 Certificates”, “Class C Certificates” and “Class R Certificates”. The Certificates evidence in the aggregate the entire beneficial ownership interest in a trust fund (the “Trust Fund”), consisting of a pool of mortgage loans (the “Mortgage Pool'“) of conventional, one- to four- family, adjustable rate and fixed rate, first and second lien mortgage loans having original terms to maturity up to 30 years (the “Mortgage Loans”). The Mortgage Pool consists of Initial Mortgage Loans having an aggregate principal balance of $112,016,062.93 as of November 1, 2005 (the “Cut-off Date”). The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase Agreement, dated November 22, 2005 (the “Seller Sale Agreement”), between Ocean Bank, F.S.B. (the “Seller”) and Financial Asset Securities Corp. (the “Purchaser”). The Class A-1 Certificates, the Class A-2 Certificates and the Class A-3 Certificates were sold by the Depositor to Greenwich Capital Markets, Inc., (the “Underwriter”), pursuant to an Underwriting Agreement, dated November 22, 2005 (the “Underwriting Agreement”) between the Depositor and the Underwriter.
The Certificates have the following initial Certificate Balances and Pass-Through Rates:
Class | Initial Certificate Principal | Pass-Through Rate | |
Class A-1 | $ | 92,500,000.00 | Variable |
Class A-2 | $ | 35,250,000.00 | Variable |
Class A-3 | $ | 42,250,000.00 | Variable |
C | $ | 0.00 | Variable |
R |
| 100.00% | N/A |
The Certificates and the Mortgage Loans are more particularly described in the Prospectus, dated September 26, 2005 and the Prospectus Supplement, dated November 22, 2005, as previously filed with the Securities and Exchange Commission pursuant to Rule 424(b). The Class C Certificates and the Class R Certificates have not been and will not be publicly offered by the Depositor. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Prospectus Supplement.
Section 9 - Financial Statements and Exhibits
Item 9.01 | Financial Statements and Exhibits |
(a) | Not applicable |
(b) | Not applicable |
(c) | Exhibits |
Exhibit No. | Description |
4.1 | Pooling and Servicing Agreement, dated as of November 1, 2005, by and among Financial Asset Securities Corp. as Depositor, Ocean Bank, F.S.B. as Servicer and Deutsche Bank National Trust Company as Trustee, relating to the Series 2005-1 Certificates. |
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.
Dated: December 14, 2005
FINANCIAL ASSET SECURITIES CORP. | |||||||
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By: | /s/ Frank Skibo | ||||||
Name: | Frank Skibo | ||||||
Title: | Managing Director | ||||||
Index to Exhibits
Exhibit No. | Description | Sequentially |
4.1 | Pooling and Servicing Agreement, dated as of November 1, 2005, by and among Financial Asset Securities Corp. as Depositor, Ocean Bank, F.S.B. as Servicer and Deutsche Bank National Trust Company as Trustee, relating to the Series 2005-1 Certificates. | 7 |