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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 12, 1997

                         First Alliance Mortgage Company
             (Exact name of registrant as specified in its charter)

       California                   33-99604-06                 95-2944875
(State or Other Jurisdiction)       (Commission               (I.R.S. Employer
    of Incorporation)               File Number)             Identification No.)

177305 Von Karman Avenue
  Irvine, California                                              97614-6203
 (Address of Principal                                            (Zip Code)
  Executive Offices)

        Registrant's telephone number, including area code (714) 224-8400

                                    No Change
          (Former name or former address, if changed since last report)



Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)   Not applicable

(b)   Not applicable

(c)   Exhibits:

        8.1     Tax Opinion and Consent of Arter & Hadden

        23.1    Consent of Coopers & Lybrand  L.L.P.,  
                independent  auditors  of MBIA Insurance Corporation




                                   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 hereunto duly authorized.

                                             FIRST ALLIANCE MORTGAGE COMPANY, as
                                             Company

                                             By:      /s/ Brian Chisick
                                                --------------------------------
                                                Name:  Brian Chisick
                                                Title: President

Dated:  September 12, 1997



                                  EXHIBIT INDEX

    Exhibit No.                    Description                          Page No.
    -----------                    -----------                          --------

        8.1       Tax Opinion and Consent of Arter & Hadden

       23.1       Consent of Coopers & Lybrand L.L.P., 
                  independent auditors of MBIA Insurance Corporation