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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): January 23, 2004
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 333-111379 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
On December 29, 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"), among Financial Asset
Securities Corp. (the "Depositor"), Saxon Mortgage Services, Inc. ("Saxon") and
Wells Fargo Bank Minnesota, National Association as trustee (the "Trustee").
On January 23, 2004, following the closing of the initial issuance of
the Certificates, the Trustee purchased from the Depositor certain Subsequent
Mortgage Loans, as defined in the Agreement, with an aggregate Stated Principal
Balance equal to $273,170,944.45 with funds on deposit in a pre-funding account
(the "Pre-Funding Account") established pursuant to the Agreement at a purchase
price equal to the Stated Principal Balance thereof, which Subsequent Mortgage
Loans were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument,
dated January 23, 2004 (the "Instrument"), between the Depositor and the
Trustee. Attached to the Instrument is the Mortgage Loan Schedule listing the
Subsequent Mortgage Loans that are the subject of such Instrument.
Item 5. OTHER EVENTS
Description of the Mortgage Pool
The Certificates, issued pursuant to the Agreement, evidence in the
aggregate the entire beneficial ownership interest in a trust fund (the "Trust
Fund"), consisting primarily of a segregated pool (the "Mortgage Pool") of
conventional, one- to four- family, first lien, adjustable-rate and fixed-rate
mortgage loans having original terms to maturity of not greater than 30 years
(the "Mortgage Loans"). After the Subsequent Transfer Date, the Trust Fund
primarily consisted of the Mortgage Pool, which consisted of Group I Mortgage
Loans having an aggregate Stated Principal Balance of approximately
$488,287,738, and Group II Mortgage Loans having an aggregate Stated Principal
Balance of approximately $661,712,261.
The tables attached as an exhibit hereto describe certain
characteristics of the Mortgage Pool as of the respective applicable Subsequent
Cut-off Date.
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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4.2 Subsequent Transfer Instrument, dated as January 30, 2004
between Financial Asset Securities Corp. as seller and Wells Fargo
Bank, N.A. Association, as trustee.
99.1 Characteristics of the Mortgage Pool as of the Subsequent Cut-off
Date relating to First Franklin Mortgage Loan Trust 2003-FF5,
Asset-Backed Certificates, Series 2003-FF5.
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 the
undersigned thereunto duly authorized.
Dated: February 9, 2004
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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4.2 Subsequent Transfer Instrument, dated as January
23, 2004 between Financial Asset Securities Corp.
as seller and Wells Fargo Bank, N.A. as trustee.
99.1 Characteristics of the Mortgage Pool as of the
Subsequent Cut-off Date, relating to First Franklin
Mortgage Loan Trust 2003-FF5, Asset-Backed
Certificates, Series 2003-FF5