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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
Date of Report (Date of earliest event reported): June 17, 2002
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF MAY 1, 2002, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2002-FF1)
Financial Asset Securities Corp.
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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 (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
600 Steamboat Road
Greenwich, Connecticut 06830
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (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 May 30, 2002, a single series of certificates, entitled
First Franklin Mortgage Loan Trust 2002-FF1, Asset-Backed Certificates, Series
2002-FF1 (the "Certificates"), were issued pursuant to a pooling and servicing
agreement, dated as of May 1, 2002 (the "Agreement"), attached hereto as Exhibit
4.1, among Financial Asset Securities Corp. as depositor (the "Depositor"),
Option One Mortgage Corporation ("Option One") as master servicer (the "Master
Servicer") and Wells Fargo Bank Minnesota, National Association as trustee (the
"Trustee"). The Certificates consist of nine classes of certificates
(collectively, the "Certificates"), designated as the "Class I-A-1
Certificates", "Class I-A-2 Certificates", "Class II-A-1 Certificates", "Class
M-1 Certificates", "Class M-2 Certificates", "Class M-3 Certificates", "Class C
Certificates", "Class P 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 lien mortgage loans having original terms to maturity up to 30
years (the "Mortgage Loans"). The Mortgage Pool consist of Mortgage Loans having
an aggregate principal balance of $633,953,458 as of May 1, 2002 (the "Cut-off
Date"). The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase
Agreement, dated May 16, 2002, among Option One, Option One Owner Trust 2001-1A
and the Depositor (the "Purchase Agreement"). The Class I-A-1 Certificates, the
Class I-A-2 Certificates, the Class II-A-1 Certificates, the Class M-1
Certificates, the Class M-2 Certificates and the Class M-3 Certificates were
sold by the Depositor to Greenwich Capital Markets, Inc. (the "Underwriter"),
pursuant to an Underwriting Agreement, dated May 1, 2002 (the "Underwriting
Agreement") between the Depositor and the Underwriter.
The Certificates have the following initial Certificate Balances and
Pass-Through Rates:
Initial Certificate Principal
Class Balance or Notional Amount Pass-Through Rate
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I-A-1 $ 50,079,000.00 Variable
I-A-2 $432,700,000.00 3.79%
II-A-1 $109,968,000.00 Variable
M-1 $ 14,264,000.00 Variable
M-2 $ 12,679,000.00 Variable
M-3 $ 12,679,000.00 Variable
C $ 1,584,358.00 Variable
P $ 100.00 N/A
R 100% N/A
The Certificates, other than the Class C Certificates, the
Class P Certificates and the Class R Certificates, and the Mortgage Loans are
more particularly described in the Prospectus, dated May 16, 2002 and the
Prospectus Supplement, dated May 16, 2002, as previously filed with the
Securities and Exchange Commission pursuant to Rule 424(b). The Class C
Certificates, the Class P 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
Exhibit No. Description
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4.1 Pooling and Servicing Agreement, dated as of May 1, 2002,
by and among Financial Asset Securities Corp. as Depositor,
Option One Mortgage Corporation as Master Servicer and
Wells Fargo Bank Minnesota, National Association as
Trustee, relating to the Series 2002-FF1 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: May 31, 2002
FINANCIAL ASSET SECURITIES
CORP.
By:/s/Frank Y. Skibo
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Name: Frank Y. Skibo
Title:
Index to Exhibits
Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, dated as of May 1, 7
2002, by and among Financial Asset Securities Corp.
as Depositor, Option One Mortgage Corporation as
Master Servicer and Wells Fargo Bank Minnesota,
National Association as Trustee, relating to the Series
2002-FF1 Certificates.
Exhibit 4.1