SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 30, 1997
Financial Asset Securitization, Inc.
(Exact name of registrant as specified in charter)
Virginia 0-15483 53-1526174
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
901 East Byrd Street, Richmond, Virginia 23219
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (804) 344-7575
(Former name or former address, if changed since last report.)
Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
On April 30, 1997, the Registrant caused the issuance and sale of
$175,958,578 aggregate initial principal amount of Mortgage Participation
Securities, Series 1997-NAMC 1 (the "Securities") pursuant to the Series
1997-NAMC 1 Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of April 1, 1997, by and among the Registrant, North
American Mortgage Company, as Master Servicer and The First National Bank of
Chicago, as Trustee. The Securities were issued in twenty-five Classes, with
Initial Security Principal Balances and Pass-Through Rates as set forth or
described below:
Class Initial Security Pass-Through
Designation Principal Balance Rate
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Class FXA-1 $15,058,594 6.90%
Class FXA-2 20,500,000 7.75%
Class FXA-3 11,623,696 7.35%
Class FXA-4 13,200,375 7.50%
Class FXA-5 5,125,000 7.75%
Class FXA-6 4,001,000 7.75%
Class FXA-7 1,000,000 7.75%
Class FXA-8 27,665,835 Variable (1)
Class FXA-9 Inverse Floater Variable (2)
Class FXP 81,389 0.00%
Class FXS Interest Only 7.75%
Class A-1 43,444,391 7.75%
Class A-2 6,962,000 7.75%
Class A-3 1,951,000 7.75%
Class A-4 13,700,000 7.75%
Class P 1,087,731 0.00%
Class S Interest Only 7.75%
Class B-1 5,190,778 7.75%
Class B-2 2,111,503 7.75%
Class B-3 1,319,689 7.75%
Class B-4 791,813 7.75%
Class B-5 439,897 7.75%
Class B-6 703,835 7.75%
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Class R 25 7.75%
Class RP 25 7.75%
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(1) The Pass-Through Rate for the Class FXA-8 Securities will be equal to a
variable per annum rate equal to LIBOR plus 0.45%, subject to a maximum
Pass-Through Rate of 8.50% per annum. The Pass-Through Rate for the
initial Distribution Date shall be 5.95%.
(2) The Pass-Through Rate for the Class FXA-9 Securities will be equal to a
variable per annum rate equal to (i) 8.05% minus (ii) LIBOR subject to
a minimum Pass-Through Rate of 0.00% per annum. The Pass-Through Rate
for the initial Distribution Date shall be 2.55%.
The Securities evidence, in the aggregate, the entire beneficial
ownership interest in a trust (the "Trust"), which consists primarily of two
pools of conventional, one- to four-family, fixed rate, first-lien Mortgage
Loans (the "Mortgage Loans") transferred to the Trust by the Registrant pursuant
to the Pooling and Servicing Agreement. The Mortgage Loans were purchased by the
Registrant in a privately-negotiated transaction with DLJ Mortgage Capital, Inc.
("DLJMC") pursuant to a Loan Sale Agreement (the "Sales Agreement"), dated April
1, 1997, by and between the Registrant and DLJMC.
The Class FXA-1, Class FXA-2, Class FXA-3, FXA-4, Class FXA-5, Class
FXA-6, FXA-7, Class FXA-8, Class FXA-9, Class FXP, Class FXS, Class A-1, Class
A-2, Class A-3, Class A-4, Class P, Class S, Class B-1, Class B-2, Class B-3,
Class R and Class RP Securities are referred to herein collectively as the
"Offered Securities."
The Offered Securities have been sold by the Registrant to Donaldson,
Lufkin & Jenrette Securities Corporation ("DLJSC") pursuant to an Underwriting
Agreement (the "Underwriting Agreement"), dated as of April 25, 1997, by and
between DLJSC and the Registrant. The Class B-4, Class B-5 and Class B-6
Securities have been sold by the Registrant to DLJSC pursuant to a Purchase
Agreement, dated as of April 30, 1997, by and among the Registrant and DLJSC.
Capitalized terms used but not defined herein shall have the meanings
assigned to them in the Pooling and Servicing Agreement.
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Item 6. Resignations of Registrant's Directors. Not Applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Exhibits
1.1 April 1997 Edition of Underwriting Agreement Standard
Provisions.
4.1 Series 1997-NAMC 1 Pooling and Servicing Agreement, dated as
of April 1, 1997, by and among the Registrant, North American
Mortgage Company, as Master Servicer, and The First National
Bank of Chicago, as Trustee (including exhibits).
99.1 Geographic concentration information by United States Postal
zip codes.
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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.
April 30, 1997 FINANCIAL ASSET SECURITIZATION, INC.
By: /s/ R. Walter Jones, IV
Name: R. Walter Jones, IV
Title: President
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INDEX TO EXHIBITS
1.1 April 1997 Edition of Underwriting Agreement Standard Provisions
4.1 Series 1997-NAMC 1 Pooling and Servicing Agreement, dated as of April
1, 1997, by and among the Registrant, North American Mortgage Company,
as Master Servicer, and The First National Bank of Chicago, as Trustee
(including exhibits)
99.1 Geographic concentration information by United States Postal zip codes