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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 25, 2003
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF JUNE 1, 2003, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2003-FF2)
Financial Asset Securities Corp.
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(Exact name of registrant as specified in its charter)
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Delaware 333-104153 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
Description of the Certificates and the Mortgage Pool
On June 25, 2003, a single series of certificates, entitled First
Franklin Mortgage Loan Trust 2003-FF2, Asset-Backed Certificates, Series
2003-FF2 (the "Certificates"), were issued pursuant to a pooling and servicing
agreement, dated as of June 1, 2003 (the "Agreement"), attached hereto as
Exhibit 4.1, among Financial Asset Securities Corp. as depositor (the
"Depositor"), Chase Manhattan Mortgage Corporation as servicer (the "Servicer")
and Wells Fargo Bank Minnesota, National Association as trustee (the "Trustee").
The Certificates consist of fourteen 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-3A
Certificates", "Class M-3F Certificates", "Class M-4A Certificates", "Class M-4F
Certificates", "Class M-5A Certificates", "Class M-5F 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
$874,460,252.94 as of June 1, 2003 (the "Cut-off Date"). The Mortgage Loans were
purchased pursuant to the Mortgage Loan Purchase Agreement, dated June 23, 2003,
between Greenwich Capital Financial Products, Inc. (the "Seller") and the
Depositor (the "Purchase Agreement"). The Class A-1 Certificates, Class A-2
Certificates, the Class M-1 Certificates, Class M-2 Certificates, Class M-3A
Certificates, Class M-3F Certificates, Class M-4A Certificates, Class M-4F
Certificates, Class M-5A Certificates and Class M-5F Certificates were sold by
the Depositor to Greenwich Capital Markets, Inc. (the "Underwriter"), pursuant
to an Underwriting Agreement, dated June 23, 2003 (the "Underwriting Agreement")
between the Depositor and the Underwriter.
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The Certificates have the following initial Certificate Balances and
Pass-Through Rates:
Initial Certificate Principal
Class Balance Pass-Through Rate
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A-1 $234,676,000.00 2.57% per annum
A-2 $234,676,000.00 2.47% per annum
M-1 $ 39,351,000.00 2.90% per annum
M-2 $ 34,978,000.00 Variable
M-3A $ 4,968,000.00 Variable
M-3F $ 5,963,000.00 4.27% per annum
M-4A $ 3,745,000.00 Variable
M-4F $ 5,000,000.00 4.81% per annum
M-5A $ 3,463,000.00 Variable
M-5F $ 7,463,000.00 5.34% per annum
C $ 6,556,152.94 N/A
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 June 23, 2003 and the Prospectus
Supplement, dated June 23, 2003, 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 June 1, 2003, by and
among Financial Asset Securities
Corp. as Depositor, Chase Manhattan
Mortgage Corporation as servicer and
Wells Fargo Bank Minnesota, National
Association as Trustee, relating to
the Series 2003-FF2 Certificates.
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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 by the
undersigned thereunto duly authorized.
Dated: June 30, 2003
FINANCIAL ASSET SECURITIES
CORP.
By: /s/ Frank Skibo
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Name: Frank Skibo
Title: Senior Vice-President
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Index to Exhibits
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Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, dated 7
as of June 1, 2003, by and among
Financial Asset Securities Corp. as
Depositor, Chase Manhattan Mortgage
Corporation as servicer and Wells Fargo
Bank Minnesota, National Association as
Trustee, relating to the Series
2003-FF2 Certificates.
Exhibit 4.1