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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): January 21, 2003
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF DECEMBER 1, 2002, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2002-FF4)
Financial Asset Securities Corp.
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(Exact name of registrant as specified in its charter)
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Delaware 333-99463 06-1442101
(State or Other Jurisdiction (Commission (I.R.S. Employer
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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
Description of the Certificates and the Mortgage Pool
On December 30, 2002, a single series of certificates, entitled First
Franklin Mortgage Loan Trust 2002-FF4, Asset-Backed Certificates, Series
2002-FF4 (the "Certificates"), were issued pursuant to a pooling and servicing
agreement, dated as of December 1, 2002 (the "Agreement"), attached hereto as
Exhibit 4.1, among Financial Asset Securities Corp. as depositor (the
"Depositor"), Saxon Mortgage Services, Inc. as servicer (the "Servicer") and
Wells Fargo Bank Minnesota, National Association as trustee (the "Trustee"). The
Certificates consist of eleven classes of certificates (collectively, the
"Certificates"), designated as the "Class I-A1 Certificates", "Class I-A2
Certificates", "Class II-A1 Certificates", "Class II-A2 Certificates", "Class
M-1 Certificates", "Class M-2 Certificates", "Class M-3 Certificates", "Class C
Certificates", "Class P Certificates", "Class R Certificates" and "Dividend
Account Certificate". 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
$822,745,897.17 as of December 1, 2002 (the "Cut-off Date"). The Mortgage Loans
were purchased pursuant to the Mortgage Loan Purchase Agreement, dated December
18, 2002, between Greenwich Capital Financial Products, Inc. (the "Seller") and
the Depositor (the "Purchase Agreement"). The Class I-A1 Certificates, Class
I-A2 Certificates, Class II-A1 Certificates, Class II-A2 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. and GMAC Commercial
Holding Capital Markets Corp. (the "Underwriters"), pursuant to an Underwriting
Agreement, dated December 18, 2002 (the "Underwriting Agreement") among the
Depositor and the Underwriters.
The Certificates have the following initial Certificate Balances and
Pass-Through Rates:
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Initial Certificate Principal
Class Balance or Notional Amount Pass-through Rate
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I-A1 $ 48,290,000 Variable
I-A2 $500,000,000 Variable
II-A1 $ 47,000,000 Variable
II-A2 $428,595,000 2.80%
M-1 $ 30,195,000 Variable
M-2 $ 24,705,000 Variable
M-3 $ 16,470,000 Variable
C $ 2,744,900 N/A
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P $ 100.00 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 December 18, 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
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
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4.1 Pooling and Servicing Agreement, dated as of
December 1, 2002, by and among Financial Asset
Securities Corp. as Depositor, Saxon Mortgage
Services, Inc. as Servicer and Wells Fargo Bank
Minnesota, National Association as Trustee,
relating to the Series 2002-FF4 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: January 21, 2003
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Frank Skibo
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Name: Frank Skibo
Title: SVP
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
December 1, 2002, by and among Financial
Asset Securities Corp. as Depositor, Saxon
Mortgage Services, Inc. as Servicer and Wells
Fargo Bank Minnesota, National Association as
Trustee, relating to the Series 2002-FF4
Certificates.
Exhibit 4.1