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UNITED STATES
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): August 8, 2003
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF JULY 15, 2003, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2003-1)
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 August 15, 2003, a single series of certificates, entitled
Soundview Home Loan Trust 2003-1, Asset-Backed Certificates, Series 2003-1 (the
"Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of July 15, 2003 (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
Certificates", "Class S Certificates", "Class M-1 Certificates", "Class M- 2
Certificates", "Class M-3 Certificates", "Class M-4 Certificates", "Class M-5
Certificates", "Class C Certificates", "Class ARR-1 Certificates", "Class ARR-2
Certificates", "Class R Certificates" and "Class R-X 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 and second 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 $253,163,000 as of July
15, 2003 (the "Cut-off Date"). The Mortgage Loans were purchased pursuant to the
Mortgage Loan Purchase Agreement, dated August 15, 2003, between Greenwich
Capital Financial Products, Inc. (the "Seller") and the Depositor (the "Purchase
Agreement"). The Class A Certificates, the Class S Certificates, the Class M-1
Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class
M-4 Certificates, the Class M-5 Certificates, the Class C Certificates, the
Class ARR-1 Certificates, the Class ARR-2 Certificates, the Class R Certificates
and the Class R-X Certificates were sold by the Depositor to Greenwich Capital
Markets, Inc.(the "Underwriter"), pursuant to an Underwriting Agreement, dated
August 15, 2003 (the "Underwriting Agreement")among the Depositor and the
Underwriter.
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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A $ 216,582,000.00 Variable
S $ 42,830,505.00 Fixed
M-1 $ 19,149,000.00 Variable
M-2 $ 17,432,000.00 Variable
M-3 $ 3,302,000.00 Variable
M-4 $ 3,302,000.00 Variable
M-5 $ 2,905,000.00 Variable
C $ 1,452,974.36 Variable
ARR-1 $ 1,788,679.19 N/A
ARR-2 $ 2,221,150.56 N/A
R 100.00% N/A
R-X 100.00% N/A
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The Certificates, other than the Class M-3 Certificates, the Class
M-4 Certificates, Class M-5 Certificates, Class C Certificates, the Class ARR-1
Certificates, the Class ARR-2 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
August 15, 2003, as previously filed with the Securities and Exchange Commission
pursuant to Rule 424(b). The Class C 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
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
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4.1 Pooling and Servicing Agreement,
dated as of July 15, 2003, 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
2003-1 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: August 8, 2003
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Frank Skibo
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Name: Frank Skibo
Title: Senior Vice President
INDEX TO EXHIBITS
Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, dated as of 7
July 15, 2003, 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 2003-1 Certificates.
Exhibit 4.1