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) June 26, 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 June 26, 1997, the Registrant caused the issuance and sale of
$218,066,950 aggregate initial principal amount of Mortgage Participation
Securities, Series 1997-NAMC 2 (the "Securities") pursuant to the Series
1997-NAMC 2 Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of June 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 thirty-one Classes,
with Initial Security Principal Balances (or Notional Amounts) and
Pass-Through Rates as set forth or described below:
Class Initial Security Pass-Through
Designation Principal Balance Rate
Class FXA-1 $21,587,782 6.85%
Class FXA-2 Interest Only 8.00%
Class FXA-3 15,761,954 7.30%
Class FXA-4 16,448,000 7.40%
Class FXA-5 4,545,000 7.70%
Class FXA-6 6,223,000 7.75%
Class FXA-7 1,400,000 8.00%
Class FXA-8 24,321,020 10.00%
Class FXA-9 7,272,000 7.25%
Class FXA-10 9,042,000 7.25%
Class FXA-11 2,178,000 7.25%
Class FXP 202,796 0.00%
Class FXS Interest Only 8.00%
Class A-1 46,696,639 7.25%
Class A-2 7,241,000 7.25%
Class A-3 2,173,000 7.75%
Class A-4 Interest Only 7.75%
Class A-5 21,574,430 9.00%
Class A-6 7,912,000 7.00%
Class A-7 2,283,000 7.00%
Class A-8 6,858,000 7.00%
Class P 718,093 0.00%
Class S Interest Only 7.75%
Class B-1 7,087,175 (1)
Class B-2 2,725,836 (1)
Class B-3 1,526,468 (1)
Class B-4 1,024,914 (1)
Class B-5 545,167 (1)
Class B-6 719,626 (1)
Class R 25 7.75%
Class RP 25 7.75%
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(1) The Class B Pass-Through Rate will be a variable rate per annum
rate, equal to the quotient expressed as a percentage of (a) the
sum of (1) the product of (x) 8.000% and (y) the excess, if any,
of the aggregate Scheduled Principal Balance of the Group I
Mortgage Loans, as of the second preceding Due Date after giving
effect to payments scheduled to be received as of such Due Date,
whether or not received, and after giving effect to any Principal
Prepayments distributed on the prior Distribution Date, over the
then outstanding aggregate Security Principal Balance of the
Class FX Securities and (ii) the product of (x) 7.750% and (y)
the excess, if any, of the aggregate Stated Principal Balance of
the Group II Mortgage Loans, as of the second preceding Due Date
after giving effect to payments scheduled to be received as of
such Due Date, whether or not received, and after giving effect
to any Principal Prepayments distributed on the prior
Distribution Date, over the then outstanding aggregate Stated
Principal Balance of the Class II Securities over (b) the sum of
the Group I Subordinate Amount and the Group II Subordinate
Amount. The Pass-Through Rate for the initial Distribution Date
shall be 7.8833% per annum..
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 North American Mortgage
Company pursuant to a Loan Sale Agreement (the "Sales Agreement"), dated as of
June 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 FXA-10, Class FXA-11, Class FXP,
Class FXS, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6,
Class A-7, Class A-8, 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 June 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 June 26, 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.
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 2 Pooling and Servicing Agreement, dated as
of June 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.
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.
June 26, 1997 FINANCIAL ASSET SECURITIZATION, INC.
By: /s/ William E. Hardy
Name: William E. Hardy
Title: Executive Vice President
INDEX TO EXHIBITS
Page
1.1 April 1997 Edition of Underwriting Agreement Standard
Provisions....................................................
4.1 Series 1997-NAMC 2 Pooling and Servicing Agreement, dated as
of June 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..............................................