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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): February 25, 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
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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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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"), among Financial Asset
Securities Corp. (the "Depositor"), Saxon Mortgage Services, Inc. ("Saxon") and
Wells Fargo Bank Minnesota, National Association as trustee (the "Trustee").
On January 27, 2003 following the closing of the initial issuance of
the Certificates, the Trustee purchased from the Depositor certain Subsequent
Mortgage Loans, as defined in the Agreement, (i) with an aggregate principal
balance equal to approximately $144,887,812.84 with funds on deposit in the
pre-funding account (the "Group I Pre-Funding Account") and (ii) with an
aggregate principal balance equal to approximately $125,646,152.26 with funds on
deposit in the pre-funding account (the "Group II Pre-Funding Account") both
established pursuant to the Agreement at a purchase price equal to the principal
balance thereof, which Subsequent Mortgage Loans were conveyed to the Trustee
pursuant to a Subsequent Transfer Instrument, dated January 27, 2003, between
the Depositor and the Trustee (the "January Instrument"). On February 12, 2003
following the closing of the initial issuance of the Certificates, the Trustee
purchased from the Depositor certain Subsequent Mortgage Loans, as defined in
the Agreement, (i) with an aggregate principal balance equal to approximately
$1,648,650.00 with funds on deposit in the Group I Pre-Funding Account and (ii)
with an aggregate principal balance equal to approximately $1,401,200.00 with
funds on deposit in the Group II Pre-Funding Account both established pursuant
to the Agreement at a purchase price equal to the principal balance thereof,
which Subsequent Mortgage Loans were conveyed to the Trustee pursuant to a
Subsequent Transfer Instrument, dated February 12, 2003, between the Depositor
and the Trustee (the "February Instrument," and together with the January
Instrument, the "Instrument"). Attached to the Instrument is the Subsequent
Mortgage Loan Schedule listing the Subsequent Mortgage Loans that are the
subject of such Instrument.
Item 5. Other Events
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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 primarily of a segregated pool (the "Mortgage Pool") of
conventional, one- to four- family, first lien adjustable-rate and fixed- rate
mortgage loans having original terms to maturity of not greater than 30 years
(the "Mortgage Loans"). As of the Subsequent Transfer Date, the Trust Fund
primarily consisted of (i) the Mortgage Pool, which consisted of Group I
Mortgage Loans having an aggregate principal balance of approximately
$440,808,982 as of December 1, 2002, (ii) the Mortgage Pool, which consisted of
Group II Mortgage Loans having an aggregate principal balance of approximately
$381,936,915 as of December 1, 2002, (iii) the Group I Pre-Funding Account,
which contained approximately
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$147,170,018 and (iv) the Group II Pre-Funding Account, which contained
approximately $128,084,085. As more fully described above, on January 27, 2003
and on February 12, 2003, the Depositor purchased the Mortgage Loans with the
funds on deposit in the Pre-Funding Account.
The tables attached as an exhibit hereto describe certain
characteristics of the Mortgage Pool as of the respective applicable Cut-off
Date.
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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4.2 Subsequent Transfer Instruments,
dated as January 27, 2003 and
February 12, 2003, respectively
between Financial Asset Securities
Corp. as seller and Wells Fargo Bank
Minnesota, National Association, as
trustee.
99.1 Characteristics of the Mortgage Pool
as of the applicable Cut- off Date
relating to First Franklin Mortgage
Loan Trust 2002- FF4, Asset-Backed
Certificates, Series 2002-FF4.
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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: February 25, 2003
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Frank Y. Skibo
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Name: Frank Y. Skibo
Title:
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Index to Exhibits
Sequentially
Exhibit No. Description Numbered Page
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4.2 Subsequent Transfer Instruments, dated as
January 27, 2003 and February 12, 2003, respectively
between Financial Asset Securities Corp. as seller and
Wells Fargo Bank Minnesota, National Association, as
trustee.
99.1 Characteristics of the Mortgage Pool as of the
respective applicable Cut-off Date, relating to
First Franklin Mortgage Loan Trust 2002-FF4,
Asset-Backed Certificates, Series 2002-FF4