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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): May 14, 2004
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING
AGREEMENT, DATED AS OF APRIL 1, 2004, PROVIDING FOR
THE ISSUANCE OF ASSET BACKED PASS-THROUGH
CERTIFICATES, SERIES 2004-FF2)
Financial Asset Securities Corp.
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(Exact name of registrant as specified in its charter)
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DELAWARE 333-111379-07 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 April 29, 2004, a single series of certificates, entitled
First Franklin Mortgage Loan Trust 2004-FF2, Asset-Backed Certificates, Series
2004-FF2 (the "Certificates"), were issued pursuant to a pooling and servicing
agreement, dated as of April 1, 2004 (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, N.A. as trustee (the "Trustee"). The Certificates consist of
nineteen classes of certificates (collectively, the "Certificates"), designated
as the "Class A-1 Certificates", "Class A-2 Certificates", "Class A-3
Certificates", "Class A-4 Certificates", "Class A-5 Certificates", "Class A-6
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 M-7 Certificates", "Class M-8 Certificates", "Class M-9
Certificates", "Class B 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 Stated
Principal Balance of $879,121,695 as of April 1, 2004 (the "Cut-off Date"). The
Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase Agreement,
dated April 23, 2004, 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, Class A-4
Certificates, Class A-5 Certificates, Class A-6 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 M-7, Class
M-8, Class M-9 and Class R Certificates were sold by the Depositor to Greenwich
Capital Markets, Inc. (the "Underwriter"), pursuant to an Underwriting
Agreement, dated April 23, 2004 (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 $ 314,835,000.00 Variable
A-2 $ 125,000,000.00 Variable
A-3 $ 184,000,000.00 Variable
A-4 $ 30,836,000.00 Variable
A-5 $ 25,000,000.00 Variable
A-6 $ 50,000,000.00 Variable
M-1 $ 26,374,000.00 Variable
M-2 $ 24,176,000.00 Variable
M-3 $ 15,385,000.00 Variable
M-4 $ 10,989,000.00 Variable
M-5 $ 15,385,000.00 Variable
M-6 $ 9,670,000.00 Variable
M-7 $ 12,308,000.00 Variable
M-8 $ 9,670,000.00 Variable
M-9 $ 8,791,000.00 Variable
C $ 6,153,595.00 N/A
B $ 10,549,000.00 Variable
P $100.00 N/A
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R 100% N/A
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The Certificates, other than the Class C Certificates, the
Class P Certificates, the Class B Certificates and the Class R Certificates, and
the Mortgage Loans are more particularly described in the Prospectus, dated
April 23, 2004 and the Prospectus Supplement, dated March 12, 2004, 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 and the Class B 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.
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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 April 1, 2004, by and
among Financial Asset Securities
Corp. as Depositor, Saxon Mortgage
Services, Inc. as servicer and Wells
Fargo Bank, N.A. as Trustee,
relating to the Series 2004-FF2
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: May 14, 2004
FINANCIAL ASSET SECURITIES
CORP.
By: /s/ Frank Skibo
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Name: Frank 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, 7
dated as of April 1, 2004, by and
among Financial Asset Securities
Corp. as Depositor, Saxon Mortgage
Services, Inc. as servicer and Wells
Fargo Bank, N.A. as Trustee,
relating to the Series 2004-FF2
Certificates.
Exhibit 4.1