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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, as amended
Date of Report (Date of earliest event reported): March 26, 2001
FINANCIAL ASSET SECURITIES CORPORATION
(as depositor under the Pooling and Servicing Agreement,
dated as of March 1, 2001, providing for the issuance of
Asset-Backed Certificates, Series 2001-1)
Financial Asset Securities Corporation
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(Exact name of registrant as specified in its charter)
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Delaware 333-84929 06-1442101
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(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 92618
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (203)625-2700
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Item 2. Acquisition or Disposition of Assets
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Description of the Certificates and the Mortgage Pool
On March 29, 2001, a single series of certificates, entitled
New South Home Equity Trust, Asset-Backed Certificates, Series 2001-1 (the
"Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of March 1, 2001 (the "Agreement"), attached hereto as Exhibit 4.1,
among Financial Asset Securities Corporation as depositor (the "Depositor"), New
South Federal Savings Bank as master servicer (the "Master Servicer") and The
Bank of New York as trustee (the "Trustee"). The Certificates consist of six
classes of certificates (collectively, the "Certificates"), designated as the
"Class A-1 Certificates," "Class A-2 Certificates," "Class S-1 Certificates,"
"Class C-1 Certificates," "Class C-2 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 loans (the
"Pool") of fixed-rate, first and second lien loans of one- to four- family and
security interests in manufactured homes, having original terms to maturity up
to 30 years (the "Loans"). The Pool consists of Loans having an aggregate
principal balance of $229,126,771.82 as of March 1, 2001 (the "Cut-off Date").
The Loans were purchased pursuant to the Loan Purchase Agreement, dated March
26, 2001 (the "Purchase Agreement") between the Master Servicer as seller and
the Depositor. The Class A-1 Certificates, the Class A-2 Certificates and the
Class S-1 Certificates were sold by the Depositor to Greenwich Capital Markets,
Inc. (the "Underwriter"), pursuant to an Underwriting Agreement, dated March 26,
2001 (the "Underwriting Agreement") between the Depositor and the Underwriter.
The Certificates have the following initial Certificate
Balances and Pass-Through Rates:
Initial Certificate
Principal Balance or
Class Notional Amount Pass-Through Rate
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A-1 $231,101,000.00 Variable (As calculated in
the Pooling and Servicing
Agreement)
A-2 $ 23,025,000.00 Variable (As calculated in
the Pooling and Servicing
Agreement)
S-1 $ 23,110,000.00 Variable (As calculated in
the Pooling and Servicing
Agreement)
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Initial Certificate
Principal Balance or
Class Notional Amount Pass-Through Rate
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C-1 $ 272.34 Variable (As calculated in
the Pooling and Servicing
Agreement)
C-2 $ 499.85 Variable (As calculated in
the Pooling and Servicing
Agreement)
R 100% Percentage Interest in the N/A
Class R-1 Interest
R 100% Percentage Interest in the N/A
Class R-2 Interest
R 100% Percentage Interest in the N/A
Class R-3 Interest
The Certificates, other than the Class C-1 Certificates ,the
Class C-2 Certificates and the Class R Certificates, and the Loans are more
particularly described in the Prospectus, dated March 26, 2001, and the
Prospectus Supplement, dated March 26, 2001, as previously filed with the
Securities and Exchange Commission pursuant to Rule 424(b). The Class C-1
Certificates, the Class C-2 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.
Item 7. Financial Statements and Exhibits
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(a) Not applicable
(b) Not applicable
(c) Exhibits
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Exhibit No. Description
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4.1 Pooling and Servicing Agreement,
dated as of March 1, 2001, by and
among Financial Asset Securities
Corporation as Depositor, New South
Federal Savings Bank as Master
Servicer and The Bank of New York as
Trustee, relating to the Series
2001-1 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: March 26, 2001
FINANCIAL ASSET SECURITIES
CORPORATION
By: /s/ Frank Skibo
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Name: Frank Skibo
Title: Senior Vice President
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Index to Exhibits
Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, dated as of 7
March 1, 2001, by and among Financial Asset
Securities Corporation as Depositor, New South
Federal Savings Bank as Master Servicer and The Bank
of New York as Trustee, relating to the Series
2001-1 Certificates.
Exhibit 4.1