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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): April 20, 2005
FINANCIAL ASSET SECURITIES CORP.
((AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF APRIL 1, 2005, PROVIDING FOR THE ISSUANCE OF
FIRST FRANKLIN MORTGAGE LOAN TRUST 2005-FF4
ASSET-BACKED CERTIFICATES, SERIES 2005-FF4)
FINANCIAL ASSET SECURITIES CORP.
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(Exact Name Of Registrant As Specified In Its Charter)
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Delaware 333-121661-11 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
Description of the Certificates and the Mortgage Pool
On April 28, 2005, a single series of certificates, entitled First Franklin
Mortgage Loan Trust 2005-FF4, Asset-Backed Certificates, Series 2005-FF4 (the
"Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of April 1, 2005 (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 Deutsche Bank
National Trust Company as trustee (the "Trustee"). The Certificates consist of
twenty 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 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 $759,689,248 and any amounts in the
Prefunding Accounts as of April 1, 2005 (the "Cut-off Date"). The Mortgage Loans
were purchased pursuant to the Mortgage Loan Purchase Agreement, dated April 20,
2005, between 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 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 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 April 20, 2005 (the "Underwriting Agreement") among the
Depositor and the Underwriter.
The Certificates have the following initial Certificate Balances and
Pass-Through Rates:
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INITIAL CERTIFICATE
CLASS PRINCIPAL BALANCE PASS-THROUGH RATE
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I-A1 $ 713,502,000 Variable
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II-A1 $ 91,800,000 Variable
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II-A2 $ 85,330,000 Variable
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II-A3 $ 92,580,000 Variable
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II-A4 $ 35,513,000 Variable
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M-1 $ 66,938,000 Variable
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M-2 $ 33,788,000 Variable
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M-3 $ 23,588,000 Variable
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M-4 $ 22,950,000 Variable
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M-5 $ 23,588,000 Variable
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M-6 $ 16,575,000 Variable
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M-7 $ 15,300,000 Variable
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M-8 $ 14,663,000 Variable
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M-9 $ 12,113,000 Variable
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B-1 $ 9,563,000 Variable
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B-2 $ 10,834,000 Variable
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C $ 6,374,900 N/A
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P $ 100 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 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 February 22, 2005 and the
Prospectus Supplement, dated April 20, 2005, 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.
SECTION 9 FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 FINANCIAL STATEMENTS
(a) Not applicable
(b) Not applicable
(c) Exhibits
EXHIBIT NO. DESCRIPTION
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4.1 Pooling and Servicing Agreement, dated as of April 1, 2005, by
and among Financial Asset Securities Corp. as Depositor, National
City Home Loan Services, Inc. and Deutsche Bank National Trust
Company as Trustee, relating to the Series 2005-FF4 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: May 13, 2005
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 7
April 1, 2005, by and among Financial Asset
Securities Corp. as Depositor, National City
Home Loan Services, Inc. as servicer and
Deutsche Bank National Trust Company as
Trustee, relating to the Series 2005-FF4
Certificates.
Exhibit 4.1