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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) September 10, 2004
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 File Number) (I.R.S. Employer
of Incorporation) 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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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17
CFR 240.14a-12(b))
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
SECTION 2 - COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
Description of the Certificates and the Mortgage Pool
On September 15, 2004, a single series of certificates,
entitled First Franklin Mortgage Loan Trust 2004-FFH3, Asset-Backed
Certificates, Series 2004-FFH3 (the "Certificates"), were issued pursuant to a
pooling and servicing agreement, dated as of September 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 twenty-one classes of certificates (collectively, the
"Certificates"), designated as the "Class I-A1 Certificates", "Class I-A2
Certificates", "Class II-A1 Certificates", "Class II-A2 Certificates", "Class
II- A3 Certificates", "Class II-A4 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 Stated
Principal Balance of $945,696,379 as of September 1, 2004 (the "Cut-off Date").
The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase
Agreement, dated September 10, 2004, between Greenwich Capital Financial
Products, Inc. (the "Seller") and the Depositor (the "Purchase Agreement"). The
Class I-A1 Certificates, Class I-A2 Certificates, Class II-A1 Certificates,
Class II-A2 Certificates, Class II-A3 Certificates, Class II-A4 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 and Class M-9 Certificates were sold by the Depositor to Greenwich
Capital Markets, Inc. (the "Underwriter"), Wachovia Capital Markets, LLC and
WaMu Capital Corp., pursuant to an Underwriting Agreement, dated September 10,
2004 (the "Underwriting Agreement") among the Depositor, the Underwriter,
Wachovia Capital Markets, LLC and WaMu Capital Corp.
The Certificates have the following initial Certificate Balances and
Pass-Through Rates:
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Class Initial Certificate Principal Pass-through Rate
Balance
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I-A1 $450,000,000 Variable
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I-A2 $50,000,000 Variable
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II-A1 $347,375,000 Variable
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II-A2 $116,800,000 Variable
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II-A3 $199,800,000 Variable
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II-A4 $30,775,000 Variable
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M-1 $71,250,000 Variable
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M-2 $45,750,000 Variable
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M-3 $26,250,000 Variable
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M-4 $22,500,000 Variable
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M-5 $22,500,000 Variable
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M-6 $18,750,000 Variable
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M-7 $18,750,000 Variable
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M-8 $15,750,000 Variable
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M-9 $15,000,000 Variable
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B-1 $18,750,000 Variable
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B-2 $15,000,000 Variable
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C $14,999,900 N/A
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P $100.00 N/A
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R 100% N/A
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R-X 100% N/A
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The Certificates, other than 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, and the Mortgage Loans
are more particularly described in the Prospectus, dated April 23, 2004 and the
Prospectus Supplement, dated September 10, 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, the Class R-X
Certificates, the Class B-1 Certificates and the Class B-2 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.
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
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4.1 Pooling and Servicing Agreement,
dated as of September 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-FFH3 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: September 29, 2004
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Frank Skibo
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Name: Frank Skibo
Title: SVP
INDEX TO EXHIBITS
Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, 7
dated as of September 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-FFH3 Certificates.
Exhibit 4.1