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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): December 30, 2003
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF DECEMBER 1, 2003, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2003-FF5)
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 December 30, 2003, a single series of certificates,
entitled First Franklin Mortgage Loan Trust 2003-FF5, Asset-Backed Certificates,
Series 2003-FF5 (the "Certificates"), were issued pursuant to a pooling and
servicing agreement, dated as of December 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 A-1 Certificates", "Class A-2
Certificates", "Class A-3 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 Certificates", "Class C
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
$876,829,054.71 as of December 1, 2003 (the "Cut-off Date"). The Mortgage Loans
were purchased pursuant to the Mortgage Loan Purchase Agreement, dated December
23, 2003, between Greenwich Capital Financial Products, Inc. (the "Seller") and
the Depositor (the "Purchase Agreement"). The Class A-1 Certificates, Class A-2
Certificates, Class A-3 Certificates, the 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 Certificates and Class R
Certificates were sold by the Depositor to Greenwich Capital Markets, Inc. (the
"Underwriter"), pursuant to an Underwriting Agreement, dated December 23, 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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A-1 $419,927,000.00 2.630% per annum
A-2 $469,073,000.00 2.820% per annum
A-3 $100,000,000.00 Variable
M-1 $51,750,000.00 Variable
M-2 $48,875,000.00 Variable
M-3 $14,375,000.00 Variable
M-4 $11,500,000.00 Variable
M-5 $11,500,000.00 Variable
M-6 $11,500,000.00 Variable
C $5,749,900.00 Variable
P $100.00 N/A
R 100% N/A
B $5,750,000.00 Variable
The Certificates, other than the Class C Certificates, the
Class P Certificates, the Class R Certificates, Class B Certificates and the
Dividend Account Certificate, and the Mortgage Loans are more particularly
described in the Prospectus, dated November 12, 2003 and the Prospectus
Supplement, dated December 23, 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 Certificates, the Class R 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
(c) Exhibits
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Exhibit No. Description
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4.1 Pooling and Servicing Agreement, dated as of
December 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-FF5 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: December 30, 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
December 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-FF5 Certificates.
Exhibit 4.1