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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 26, 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-FFC)
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
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Description of the Certificates and the Mortgage Pool
On June 26, 2003, a single series of certificates, entitled
First Franklin Mortgage Loan Trust 2003-FFC, Asset-Backed Certificates, Series
2003-FFC (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 ("Chase") as servicer (the
"Servicer") and Wells Fargo Bank Minnesota, National Association as trustee (the
"Trustee"). The Certificates consist of twelve classes of certificates
(collectively, the "Certificates"), designated as the "Class A-1 Certificates,"
"Class A-2 Certificates," "Class S Certificates," "Class M-1 Certificates,"
"Class M-2 Certificates," "Class M-3 Certificates," "Class M-4 Certificates,"
"Class C Certificates," "Class P Certificates," "Class R Certificates," "Class
R-X Certificates" and "Class X Certificates". The Certificates evidence in the
aggregate the entire beneficial ownership interest in a trust fund (the "Trust
Fund"), consisting primarily of a pool of mortgage loans (the "Mortgage Pool'")
of second lien fixed-rate residential 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 $195,652,529.02 as of
June 1, 2003 (the "Cut-off Date"). The Mortgage Loans were purchased pursuant to
the Mortgage Loan Purchase Agreement, dated June 24, 2003, between Greenwich
Capital Financial Products, Inc. and the Depositor (the "Purchase Agreement").
The Class A-1 Certificates, the Class A-2 Certificates, the Class S
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 June 24, 2003 (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 $85,376,000.00 Variable
A-2 $70,656,000.00 Variable
S (1) 6.00% per annum
M-1 $21,522,000.00 Variable
M-2 $9,783,000.00 Variable
M-3 $5,380,000.00 Variable
M-4 $2,446,000.00 Variable
C $489,429.02.00 Variable
P $100.00 N/A
R 100% N/A
R-X 100% N/A
X 100% N/A
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The Certificates, (other than the Class C Certificates, the Class P
Certificates, the Class X Certificates, the Class R Certificates and the Class
R-X Certificates) and the Mortgage Loans are more particularly described in the
Prospectus, dated June 23, 2003 and the Prospectus Supplement, dated June 24,
2003, as previously filed with the Securities and Exchange Commission pursuant
to Rule 424(b). The Class C Certificates, the Class P Certificates, the Class X
Certificates, the Class R Certificates and the Class R-X 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 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-FFC 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: June 30, 2003
FINANCIAL ASSET SECURITIES
CORP.
By: /s/ Frank Skibo
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Name: Frank Skibo
Title: Senior 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 June 1, 7
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-FFC Certificates.
Exhibit 4.1