Home Loan Mortgage Loan Trust 2005-1 Inactive
Filed: 13 Jan 06, 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)
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Delaware | 333-127352-01 | 06-1442101 |
(State or Other Jurisdiction | (Commission | (I.R.S. Employer |
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600 Steamboat Road |
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(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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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
On November 30, 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”), 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”).
On December 30, 2005, following the closing of the initial issuance of the Certificates, the Trustee purchased from Ocean Bank, F.S.B. (the “Seller”) certain Subsequent Mortgage Loans, as defined in the Agreement, with an aggregate Stated Principal Balance equal to $23,205,494.28 with funds on deposit in the pre-funding account established pursuant to the Agreement at a purchase price equal to the Stated Principal Balance thereof, which Subsequent Mortgage Loans were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument, dated December 30, 2005 (the “Instrument”), between the Seller and the Trustee. Attached to the Instrument is the Mortgage Loan Schedule listing the Subsequent Mortgage Loans that are the subject of such Instrument.
Section 8 - Other Events
Item 8.01. Other Events
Description of the Mortgage Pool
The Certificates, issued pursuant to the Agreement, 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”). After the Subsequent Transfer Date, the Mortgage Pool consisted of Mortgage Loans having an aggregate Stated Principal Balance of approximately $152,727,523.97.
The tables attached as an exhibit hereto describe certain characteristics of the Mortgage Pool as of the respective applicable Subsequent Cut-off Date.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
| (a) | Not applicable | |
| (b) | Not applicable | |
| (c) | Exhibits |
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Exhibit No. | Description |
4.2 | Subsequent Transfer Instrument, dated as December 30, 2005 between Ocean Bank, F.S.B. as seller and Deutsche Bank National Trust Company as trustee. |
99.1 | Characteristics of the Mortgage Pool as of the Subsequent Cut-off Date relating to Home Loan Mortgage Loan Trust 2005-1, Asset-Backed Notes, Series 2005-1. |
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 the undersigned thereunto duly authorized.
Dated: January 13, 2006
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Vinu Phillips
| Name: | Vinu Phillips |
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| Title: | Senior Vice President | |
Index to Exhibits
Exhibit No. | Description | Sequentially Numbered Page |
4.2 | Subsequent Transfer Instrument, dated as December 30, 2005 between Ocean Bank, F.S.B. as seller and Deutsche Bank National Trust Company as trustee. |
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99.1 | Characteristics of the Mortgage Pool as of the Subsequent Cut-off Date, relating to Home Loan Mortgage Loan Trust 2005-1, Asset-Backed Notes, Series 2005-1. |
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