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UNITED STATES
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 13, 2004
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING
AGREEMENT, DATED AS OF MAY 1, 2004, PROVIDING FOR
THE ISSUANCE OF ASSET BACKED PASS-THROUGH
CERTIFICATES, SERIES 2004-B)
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
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Description of the Certificates and the Mortgage Pool
On May 13, 2004 a single series of certificates, entitled
Fremont Home Loan Trust 2004-B, Asset-Backed Certificates, Series 2004-B (the
"Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of May 1, 2004 (the "Agreement"), attached hereto as Exhibit 4.1, among
Financial Asset Securities Corp. as depositor (the "Depositor"), Fremont
Investment & Loan as servicer (the "Servicer"), Wells Fargo Bank, N. A. as
master servicer (the "Master Servicer") and trust administrator ("the "Trust
Administrator") and HSBC Bank USA as trustee (the "Trustee"). The Certificates
consist of sixteen classes of certificates (collectively, the "Certificates"),
designated as the "Class IA-1 Certificates", "Class IIA-1 Certificates", "Class
IIA-2 Certificates", "Class IIA-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 M-7 Certificates",
"Class M-8 Certificates", "Class M-9 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 and
second lien mortgage loans having original terms to maturity up to 30 years (the
"Mortgage Loans"). The Mortgage Pool consists of Mortgage Loans having an
aggregate principal balance of $790,125,540 as of May 1, 2004 (the "Cut-off
Date"). The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase
Agreement, dated May 11, 2004, between Fremont Investment & Loan (the "Seller")
and the Depositor (the "Purchase Agreement"). The Class IA-1 Certificates, the
Class IIA-1 Certificates, the Class IIA-2 Certificates, the Class IIA-3
Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class
M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the
Class M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates,
the Class M-9 Certificates, the Class C Certificates, the Class P Certificates
and the Class R Certificates were sold by the Depositor to Greenwich Capital
Markets, Inc.(the "Underwriter"), pursuant to an Underwriting Agreement, dated
May 11, 2004 (the "Underwriting Agreement")among the Depositor and the
Underwriter.
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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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Class IA-1 $423,670,000.00 Variable
Class IIA-1 $ 61,000,000.00 Variable
Class IIA-2 $138,750,000.00 Variable
Class IIA-3 $ 20,532,000.00 Variable
Class M-1 $ 27,654,000.00 Variable
Class M-2 $ 25,679,000.00 Variable
Class M-3 $ 14,617,000.00 Variable
Class M-4 $ 13,432,000.00 Variable
Class M-5 $ 10,667,000.00 Variable
Class M-6 $ 9,877,000.00 Variable
Class M-7 $ 10,667,000.00 Variable
Class M-8 $ 7,901,000.00 Variable
Class M-9 $ 9,877,000.00 Variable
Class C $ 5,802,440.02 Variable
Class P $ 100.00 N/A
Class R 100% N/A
The Certificates, other than the Class C Certificates, the Class P
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 May 11, 2004, as previously filed with the
Securities and Exchange Commission pursuant to Rule 424(b). The Class C
Certificates, the Class P 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 May 1, 2004,
by and among Financial Asset Securities Corp. as Depositor,
Fremont Investment & Loan as Servicer, Wells Fargo Bank,
N.A. as Master Servicer and Trust Administrator and HSBC
Bank, USA as trustee, relating to the Series 2004-B
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: June 18, 2004
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Rosa Hyun
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Name: Rosa Hyun
Title: 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 May 1, 7
2004, by and among Financial Asset Securities Corp.
as Depositor, Fremont Investment & Loan as
Servicer, Wells Fargo Bank, N.A. as Master Servicer
and Trust Administrator and HSBC Bank, USA as
Trustee, relating to the Series 2004-B Certificates.
Exhibit 4.1