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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): September 29, 2003
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF SEPTEMBER 1, 2003, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2003-FFH1)
Financial Asset Securities Corp.
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(Exact name of registrant as specified in its charter)
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Delaware 333-108195 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 September 29, 2003, a single series of certificates,
entitled First Franklin Mortgage Loan Trust 2003-FFH1, Asset-Backed
Certificates, Series 2003-FFH1 (the "Certificates"), were issued pursuant to a
pooling and servicing agreement, dated as of September 1, 2003 (the
"Agreement"), attached hereto as Exhibit 4.1, among Financial Asset Securities
Corp. as depositor (the "Depositor"), Saxon Mortgage Services, Inc. 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 I-A1 Certificates",
"Class II-A1 Certificates", "Class II-A2 Certificates", "Class M-1
Certificates", "Class M-2 Certificates", "Class M-3 Certificates", "Class M-4
Certificates", "Class M-5 Certificates", "Class M-6 Certificates", "Class C
Certificates", "Class B-1 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 $582,638,682.18 as of September 1, 2003 (the "Cut-off
Date"). The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase
Agreement, dated September 26, 2003, between Greenwich Capital Financial
Products, Inc. (the "Seller") and the Depositor (the "Purchase Agreement"). The
Class I-A1 Certificates, Class II-A1 Certificates, Class II-A2 Certificates,
"Class M-1 Certificates", Class M-2 Certificates, Class M-3 Certificates, Class
M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class B-1
Certificates and Class R Certificates were sold by the Depositor to Greenwich
Capital Markets, Inc. (the "Underwriter"), pursuant to an Underwriting
Agreement, dated September 26, 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
Class Principal Balance Pass-Through Rate
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I-A1 $430,975,000.00 1.975% per annum
II-A1 $21,000,000.00 Variable
II-A2 $19,670,000.00 Variable
M-1 $33,502,000.00 Variable
M-2 $32,045,000.00 Variable
M-3 $8,740,000.00 Variable
M-4 $8,740,000.00 Variable
M-5 $10,196,000.00 Variable
M-6 $7,283,000.00 Variable
C $6,991,582.18 N/A
B-1 $3,496,000.00 N/A
P $100.00 N/A
R 100% N/A
Dividend Account 100% N/A
Certificate
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The Certificates, other than the Class C Certificates, the
Class P Certificates, the Class B-1 Certificates, the Class R Certificates and
the Dividend Account Certificate, and the Mortgage Loans are more particularly
described in the Prospectus, dated September 23, 2003 and the Prospectus
Supplement, dated September 26, 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 R Certificates, the Class B-1 Certificates and
the Dividend Account Certificate 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
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(c) Exhibits
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Exhibit No. Description
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4.1 Pooling and Servicing Agreement, dated as of
September 1, 2003, by and among Financial
Asset Securities Corp. as Depositor, Saxon
Mortgage Services, Inc. as servicer and Wells
Fargo Bank Minnesota, National Association as
Trustee, relating to the Series 2003-FFH1
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: September 29, 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
September 1, 2003, by and among Financial
Asset Securities Corp. as Depositor, Saxon
Mortgage Services, Inc. as servicer and Wells
Fargo Bank Minnesota, National Association as
Trustee, relating to the Series 2003-FFH1
Certificates.
Exhibit 4.1