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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): December 30, 2004
FINANCIAL ASSET SECURITIES CORP.
((AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF DECEMBER 1, 2004, PROVIDING FOR THE ISSUANCE OF
FIRST FRANKLIN MORTGAGE LOAN TRUST 2004-FF11
ASSET-BACKED CERTIFICATES, SERIES 2004-FF11)
Financial Asset Securities Corp.
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(Exact Name Of Registrant As Specified In Its Charter)
Delaware 333-120038 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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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 and Disposition of Assets
Item 2.01. Acquisition or Disposition of Assets
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Description of the Certificates and the Mortgage Pool
On December 16, 2004, a single series of certificates, entitled First
Franklin Mortgage Loan Trust 2004-FF11, Asset-Backed Certificates, Series
2004-FF11 (the "Certificates"), were issued pursuant to a pooling and servicing
agreement, dated as of December 1, 2004 (the "Agreement"), attached hereto as
Exhibit 4.1, among Financial Asset Securities Corp. as depositor (the
"Depositor"), National City Home Loan 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 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 M-10 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 $835,586,430 and any amounts in the Prefunding Accounts as
of December 1, 2004 (the "Cut-off Date"). The Mortgage Loans were purchased
pursuant to the Mortgage Loan Purchase Agreement, dated December 13, 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 M-1 Certificates, Class M-2 Certificates, Class M-3
Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
Certificates,
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Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class
M-10 Certificates were sold by the Depositor to Greenwich Capital Markets, Inc.
(the "Underwriter"), pursuant to an Underwriting Agreement, dated December 13,
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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I-A1 $ 477,280,000 Variable
I-A2 $ 119,320,000 Variable
II-A1 $ 174,000,000 Variable
II-A2 $ 275,000,000 Variable
II-A3 $ 44,220,000 Variable
M-1 $ 45,409,000 Variable
M-2 $ 42,021,000 Variable
M-3 $ 36,599,000 Variable
M-4 $ 21,688,000 Variable
M-5 $ 21,010,000 Variable
M-6 $ 21,688,000 Variable
M-7 $ 13,555,000 Variable
M-8 $ 13,555,000 Variable
M-9 $ 13,555,000 Variable
M-10 $ 6,778,000 Variable
B-1 $ 6,778,000 Variable
B-2 $ 6,778,000 Variable
C $ 16,265,900 N/A
P $ 100 N/A
R 100% N/A
R-X 100% N/A
The Certificates, other than the Class B-1 Certificates, the
Class B-2 Certificates, the Class C Certificates, the Class P Certificates, the
Class R Certificates and the Class R-X Certificates, and the Mortgage Loans are
more particularly described in the Prospectus, dated December 13, 2004 and the
Prospectus Supplement, dated December 13, 2004, as previously filed with the
Securities and Exchange Commission pursuant to Rule 424(b). The Class B-1
Certificates, the Class B-2 Certificates, the Class C Certificates, the Class P
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.
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SECTION 9 FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Financial Statements
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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 December 1, 2004, by and among
Financial Asset Securities Corp. as Depositor, National City Home Loan
Services, Inc. as servicer and Wells Fargo Bank, N.A. as Trustee, relating to
the Series 2004-FF11 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: December 30, 2004
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Frank Skibo
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Name: Frank Skibo
Title: Managing Director
Index to Exhibits
Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, dated as of December 7
1, 2004, by and among Financial Asset Securities Corp. as
Depositor, National City Home Loan Services, Inc. as
servicer and Wells Fargo Bank, N.A. as Trustee, relating to
the Series 2004-FF11 Certificates.
Exhibit 4.1