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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 30, 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 2003-2)
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
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Description of the Certificates and the Mortgage Pool
On September 30, 2003, a single series of certificates,
entitled Equifirst Mortgage Loan Trust 2003-2, Asset-Backed Certificates, Series
2003-2 (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"), Ocwen Federal Bank FSB, as servicer (the "Servicer") and Deutsche
Bank National Trust Company as trustee (the "Trustee"). The Certificates consist
of thirteen classes of certificates (collectively, the "Certificates"),
designated as the "Class I-A1 Certificates", "Class II-A2 Certificates", "Class
III-A3 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", "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 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 $464,759,735.21 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, among EquiFirst Corporation (the
"Originator"), Greenwich Capital Financial Products, Inc. (the "Seller") and the
Depositor (the "Purchase Agreement"). The Class I-A1 Certificates, Class II-A2
Certificates, Class III-A3 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.
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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I-A1 $233,748,000.00 2.470%
II-A2 $ 49,144,000.00 3.750%
III-A3 $ 81,945,000.00 2.470%
Class M-1 $ 30,442,000.00 Variable
Class M-2 $ 25,562,000.00 Variable
Class M-3 $ 6,971,000.00 Variable
Class M-4 $ 6,971,000.00 Variable
Class M-5 $ 6,971,000.00 Variable
Class M-6 $ 6,971,000.00 Variable
Class B-1 $ 3,486,000.00 Variable
C $ 12,548,635.21 Variable
P $ 100.00 N/A
R 100.00% N/A
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The Certificates, other than the Class C Certificates, the Class P
Certificates, Class B-1 Certificates and the Class R Certificates, 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 B-1
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 September 1,
2003, by and among Financial Asset Securities Corp. as
Depositor, Ocwen Federal Bank FSB as Servicer and
Deutsche Bank National Trust Company as Trustee, relating
to the Series 2003-2 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 30, 2003
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Frank Y. Skibo
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Name: Frank Y. 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 7
September 1, 2003, by and among Financial Asset
Securities Corp. as Depositor, Ocwen Federal Bank FSB as
Servicer and Deutsche Bank National Trust Company as
Trustee, relating to the Series 2003-2 Certificates.
Exhibit 4.1