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) October 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 October 30, 1997, the Registrant caused the issuance and sale
of $55,809,878 aggregate initial principal amount of Mortgage
Participation Securities, Series 1997-1 (the "Securities") pursuant to the
Series 1997-1 Pooling Agreement (the "Pooling Agreement"), dated as of
October 1, 1997, by and between the Registrant, as Seller, and Norwest
Bank Minnesota, National Association, as Trustee. The Securities were
issued in one Class, with an Initial Principal Amount and a Pass-Through
Rate as described below:
Class Initial Pass-Through
Designation Principal Amount Rate
Class A-1 $55,809,878 (1)
(1) The effective per annum interest rate borne by the Securities
during the calendar month preceding the month in which the
Distribution Date occurs (each, an "Interest Accrual Period")
will equal a fraction, expressed as a percentage truncated at the
fourth decimal place, the numerator of which is equal to the
aggregate amount in respect of interest paid to the
Securityholders for the related Interest Accrual Period
multiplied by 12, and the denominator of which is the principal
amount of the Securities immediately prior to such Distribution
Date. The effective per annum interest rate borne by the
Securities during the first Interest Accrual Period is projected
to be approximately 6.8825%
The Securities evidence, in the aggregate, the entire beneficial
ownership interest in a trust (the "Trust"), which consists primarily of all or
a portion of (i) nine classes of Guaranteed REMIC Pass-Through Certificates
issued by FNMA representing beneficial ownership interests in nine separate
Underlying FNMA Trusts (the "Pooled FNMA Certificates") and (ii) nine classes of
Multiclass Mortgage Securities or Multiclass Mortgage Participation Certificates
issued by FHLMC as part of nine separate Underlying FHLMC Series (the "Pooled
FHLMC Certificates" and together with the Pooled FNMA Certificates, the "Pooled
Certificates") transferred to the Trust by the Registrant pursuant to the
Pooling Agreement. The Pooled Certificates were purchased by the Registrant in a
privately-negotiated transaction with Bear, Stearns & Co. Inc. ("Bear") pursuant
to a Purchase Agreement (the "Purchase Agreement"), dated October 1, 1997, by
and between the Registrant, as Purchaser and Bear, as Seller.
The Class A-1 Securities have been sold by the Registrant to Bear
pursuant to (i) an Underwriting Agreement (the "Underwriting Agreement"), dated
October 28, 1997, by and between Bear and the Registrant and (ii) a Terms
Agreement (the "Terms Agreement"), dated October 28, 1997, by and between Bear
and the Registrant.
Capitalized terms used but not defined herein shall have the meanings
assigned to them in the Pooling Agreement.
Item 6. Resignations of Registrant's Directors. Not Applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Exhibits
1.1 Underwriting Agreement, dated October 28, 1997, by and between
the Registrant and Bear, Stearns & Co. Inc.
4.1 Series 1997-1 Pooling Agreement, dated as of October 1, 1997,
by and between the Registrant, as Seller and Norwest Bank
Minnesota, National Association, as Trustee (including
exhibits).
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.
October 28, 1997 FINANCIAL ASSET SECURITIZATION, INC.
By: /s/ William E. Hardy
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Name: William E. Hardy
Title: Executive Vice President
INDEX TO EXHIBITS
Page
1.1 Underwriting Agreement, dated October 28, 1997, by and between
Bear, Stearns & Co. Inc. and the Registrant..........................
4.1 Series 1997-1 Pooling Agreement, dated as of October 1, 1997, by and
between the Registrant, as Seller, and Norwest Bank Minnesota,
National Association, as Trustee......................................