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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): September 30, 2002
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF SEPTEMBER 1, 2002, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2002-1)
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 September 30, 2002, a single series of certificates,
entitled Fremont Home Loan Trust 2002-1, Asset-Backed Certificates, Series
2002-1 (the "Certificates"), were issued pursuant to a pooling and servicing
agreement, dated as of September1, 2002 (the "Agreement"), attached hereto as
Exhibit 4.1, among Financial Asset Securities Corp. as depositor (the
"Depositor"), Litton Loan Servicing LP as servicer (the "Servicer") and Deutsche
Bank National Trust Company as trustee (the "Trustee"). The Certificates consist
of nine classes of certificates (collectively, the "Certificates"), designated
as the "Class A-1 Certificates", "Class A-2 Certificates", "Class M-1
Certificates", "Class M-2 Certificates", "Class M-3 Certificates", "Class M-4
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 $217,082,160 as of
September 1, 2002 (the "Cut-off Date"). The Mortgage Loans were purchased
pursuant to the Mortgage Loan Purchase Agreement, dated September 25, 2002,
between Greenwich Capital Financial Products, Inc. (the "Seller") and the
Depositor (the "Purchase Agreement"). The Class A-1 Certificates, the Class A-2
Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class
M-3 Certificates and the Class M-4 Certificates were sold by the Depositor to
Greenwich Capital Markets, Inc. (the "Underwriter"), pursuant to an Underwriting
Agreement, dated September 27, 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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A-1 $ 40,718,000 Variable
A-2 $ 136,218,000 Variable
M-1 $ 15,740,000 Variable
M-2 $ 12,480,000 Variable
M-3 $ 7,490,000 Variable
M-4 $ 2,500,000 Variable
C $ 1,954,060 Variable
P $ 100 N/A
R 100% N/A
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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 September 20, 2002 and the
Prospectus Supplement, dated September 27, 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 September 1,
2002, by and among Financial Asset Securities Corp. as
Depositor, Litton Loan Servicing LP as Servicer and Deutsche
Bank National Trust Company as Trustee, relating to the
Series 2002-1 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: September 30, 2002
FINANCIAL ASSET SECURITIES
CORP.
By: /s/ Vinu Phillips
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Name: Vinu Phillips
Title: Vice President
Index to Exhibits
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Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, dated as of 7
September 1, 2002, by and among Financial Asset
Securities Corp. as Depositor, Litton Loan Servicing LP
as Servicer and Deutsche Bank National Trust Company as
Trustee, relating to the Series 2002-1 Certificates.
Exhibit 4.1