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) October 27, 1997

              Dynex Financial, Series 1995-2
               (Exact name of registrant as specified in charter)


         Virginia                  34-0-20552                   54-1785164
(State or other jurisdiction      (Commission                 (IRS Employer
    of incorporation)             File Number)              Identification No.)


            10900 Nuckols Road
            Glen Allen, Virginia
            Attn:  Vice President                                   23060
    (Address of principal executive offices)                      (Zip Code)

        Registrant's telephone number including area code (804) 217-5800







              Saxon Mortgage Securities Corporation, Series 1995-2
                                    Form 8-K
                                      INDEX


                                                             Page Number

Item 5.           Other Events                                    3

Item 7.           Financial Statements and Exhibits               3

SIGNATURES                                                        4

INDEX OF EXHIBITS                                                 5



                                       2






ITEM 5.  OTHER EVENTS

The Dynex Financial Corporation, Series 1995-2 makes monthly
remittances to security holders. The latest remittance was made October 27, 
1997. We have furnished a monthly remittance statement delivered to the trustee
with security holder payment instructions.

Monthly Remittance Statement.......................................Exhibit 1

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

         Exhibits

         1.  Monthly Remittance Statement dated as of October 27, 1997


                                       3



                                   Signatures

         Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

October 27, 1997                             SAXON MORTGAGE SECURITIES
                                            CORPORATION


                                            By:______________________________

                                            Name:    Lisa R. Cooke
                                            Title:   Vice President


                                       4





                                INDEX OF EXHIBITS

                                                          Page of Sequentially
                                                             Numbered Pages

1.       Monthly Remittance Statement dated                      6-14
         as of  October 27, 1997



                                       5