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): September 1, 2004
Financial Asset Securities Corp.
(Exact name of registrant as specified in its charter)
Delaware 333-111379 06-1442101
- -------- ---------- ----------
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
600 Steamboat Road, Greenwich, Connecticut 06830
(Address of principal executive offices) -----
(Zip Code)
Registrant's telephone number, including area code (203) 625-2700
(Former name or former address, if changed since last report.)
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 under the Exchange Act
(17 CFR 240.14a-12)
[ ] 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
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"), among Financial
Asset Securities Corp. (the "Depositor"), Saxon Mortgage Services, Inc., as
servicer ("Saxon") and Wells Fargo Bank, N.A. (the "Trustee").
On November 16, 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 $554,303,620.26 with funds on deposit in the pre-funding
accounts (the "Group I Pre-Funding Account" and the "Group II Pre-Funding
Account"; together the "Pre-Funding Accounts") 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 November 16, 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.
SECTION 8 - OTHER EVENTS
ITEM 8.01. 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
$627,746,390.51, and Group II Mortgage Loans having an aggregate Stated
Principal Balance of approximately $872,253,608.82.
The tables attached as an exhibit hereto describe certain
characteristics of the Mortgage Pool as of the respective applicable Subsequent
Cut-off Date.
-2-
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
-3-
Exhibit No. Description
- ----------- -----------
4.2 Subsequent Transfer Instrument, dated as November 16,
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 2004-FFH3, Asset-Backed
Certificates, Series 2004-FFH3.
-4-
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: November 24, 2004
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Frank Skibo
--------------------------------------
Name: Frank Skibo
Title: Managing Director
Index to Exhibits
-----------------
Sequentially
Exhibit No. Description Numbered Page
- ----------- ----------- -------------
4.2 Subsequent Transfer Instrument, dated as
November 16, 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
2004-FFH3, Asset-Backed Certificates, Series
2004-FFH3.