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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): July 21, 2004
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF JUNE 15, 2004, PROVIDING FOR THE ISSUANCE OF
ASSET-BACKED CERTIFICATES, SERIES 2004-2)
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
Description of the Certificates and the Mortgage Pool
On June 30, 2004, a single series of certificates, entitled
EquiFirst Mortgage Loan Trust 2004-2, Asset-Backed Certificates, Series 2004-2
(the "Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of June 15, 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 Deutsche Bank National
Trust Company as trustee (the "Trustee"). The Certificates consist of nineteen
classes of certificates (collectively, the "Certificates"), designated as the
"Class I-A1 Certificates", "Class II-A1 Certificates", "Class II-A2
Certificates", "Class II-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 M-7 Certificates", "Class M-8
Certificates", "Class M-9 Certificates", "Class B-1 Certificates", "Class B-2
Certificates", "Class C Certificates", "Class P Certificates", "Class R
Certificates" and "Class R-X 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 $539,602,655.46 and any amounts in the Pre-Funding Accounts
as of June 15, 2004 (the "Cut-off Date"). The Mortgage Loans were purchased
pursuant to the Mortgage Loan Purchase Agreement, dated June 28, 2004, 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-A1 Certificates, Class II-A2 Certificates, Class II-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 M-7 Certificates, Class M-8 Certificates, Class M-9
Certificates, Class B-1 Certificates, Class B-2 Certificates, Class R
Certificates and Class R-X Certificates were sold by the Depositor to Greenwich
Capital Markets, Inc. (the "Underwriter"), pursuant to an Underwriting
Agreement, dated June 28, 2004 (the "Underwriting Agreement") among the
Depositor, the Underwriter, Morgan Keegan & Company Inc. and WAMU Capital Corp.
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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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I-A1 $251,720,000 Variable
II-A1 $102,315,000 Variable
II-A2 $126,120,000 Variable
II-A3 $23,315,000 Variable
Class M-1 $21,086,000 Variable
Class M-2 $21,086,000 Variable
Class M-3 $12,976,000 Variable
Class M-4 $11,354,000 Variable
Class M-5 $11,354,000 Variable
Class M-6 $11,354,000 Variable
Class M-7 $9,732,000 Variable
Class M-8 $9,732,000 Variable
Class M-9 $9,732,000 Variable
Class B-1 $8,110,000 Variable
Class B-2 $9,732,000 Variable
Class C $9,081,900 Variable
Class P $ 100.00 N/A
Class R 100.00% N/A
Class R-X 100.00% N/A
The Certificates, other than the Class C Certificates, the Class P
Certificates, Class B-1 Certificates, Class B-2 Certificates, Class R
Certificates and the Class R-X Certificates, and the Mortgage Loans are more
particularly described in the Prospectus, dated April 23, 2004 and the
Prospectus Supplement, dated June 28, 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 B-1 Certificates, the Class
B-2 Certificates, the Class R Certificates and the Class R-X 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
(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 June 15, 2004,
by and among Financial Asset Securities Corp. as Depositor,
Saxon Mortgages Services, Inc. as Servicer and Deutsche
Bank National Trust Company as Trustee, relating to the
Series 2004-2 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: July 21, 2004
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Frank Skibo
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Name: Frank Skibo
Title: SVP
Index to Exhibits
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Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, dated 7
as of June 15, 2004, by and among
Financial Asset Securities Corp. as
Depositor, Saxon Mortgage Services, Inc.
as Servicer and Deutsche Bank National
Trust Company as Trustee, relating to
the Series 2004-2 Certificates.
Exhibit 4.1