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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 7, 2003
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF AUGUST 1, 2003, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2003-A)
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 August 7, 2003 a single series of certificates, entitled
Fremont Home Loan Trust 2003-A, Asset-Backed Certificates, Series 2003-A (the
"Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of August 1, 2003 (the "Agreement"), attached hereto as Exhibit 4.1,
among Financial Asset Securities Corp. as depositor (the "Depositor"), Fremont
Investment and Loan 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 1A-1 Certificates", "Class 2A-1 Certificates", "Class 2A-2
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 P Certificates", and "Class R 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 $561,576,866.24 as of
August 1, 2003 (the "Cut-off Date"). The Mortgage Loans were purchased pursuant
to the Mortgage Loan Purchase Agreement, dated August 5, 2003, among Fremont
Investment & Loan (the "Originator") Greenwich Capital Financial Products, Inc.
(the "Seller") and the Depositor (the "Purchase Agreement"). The Class 1A-1
Certificates, the Class 2A-1 Certificates, the Class 2A-2Certificates, 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 P Certificates and the Class R Certificates were sold by the Depositor
to Greenwich Capital Markets, Inc.(the "Underwriter"), pursuant to an
Underwriting Agreement, dated August 5, 2003 (the "Underwriting Agreement")among
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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Class 1A-1 $294,422,000 Variable
Class 2A-1 $ 42,500,000 Variable
Class 2A-2 $122,168,000 Variable
Class M-1 $ 36,502,000 Variable
Class M-2 $ 26,675,000 Variable
Class M-3 $ 8,424,000 Variable
Class M-4 $ 5,616,000 Variable
Class M-5 $ 12,635,000 Variable
Class C $ 12,634,766.24 Variable
Class P $ 100.00 N/A
Class 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 June 23, 2003 and the Prospectus
Supplement, dated August 5, 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
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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 August 1,
2003, by and among Financial Asset Securities Corp. as
Depositor, Fremont Investment Loan as Servicer and Wells
Fargo Bank Minnesota, National Association as Trustee,
relating to the Series 2003-A 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 7, 2003
FINANCIAL ASSET SECURITIES CORP.
By: /s/ James Raezer
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Name: James Raezer
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 August 7
1, 2003, by and among Financial Asset Securities
Corp. as Depositor, Fremont Investment and Loan as
Servicer and Wells Fargo Bank Minnesota, National
Association as Trustee, relating to the Series 2003-A
Certificates.
Exhibit 4.1