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) November 28, 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 November 28, 1997, the Registrant caused the issuance and sale
of $55,196,194 aggregate initial principal amount of Mortgage
Participation Securities, Series 1997-2 (the "Securities") pursuant to the
Series 1997-2 Pooling Agreement (the "Pooling Agreement"), dated as of
November 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 $55,196,194 (1)
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(1) The effective per annum interest rate borne by the Securities
during the calendar month ") will equal a fraction, expressed as
a percentage truncated at the fourth decimal place, the Period
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 6.1413%
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) two classes of Guaranteed REMIC Pass-Through Certificates
issued by FNMA representing beneficial ownership interests in separate
Underlying FNMA Trusts (the "Pooled FNMA Certificates") and (ii) six classes of
Multiclass Mortgage Securities or Multiclass Mortgage Participation Certificates
issued by FHLMC as part of 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 November 25, 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 November 25, 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
4.1 Series 1997-2 Pooling Agreement, dated as of November 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.
November 28, 1997 FINANCIAL ASSET SECURITIZATION, INC.
By: /s/ R. Walter Jones, IV
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Name: R. Walter Jones, IV
Title: President
INDEX TO EXHIBITS
Page
4.1 Series 1997-2 Pooling Agreement, dated as of
November 1, 1997, by and between the Registrant,
as Seller, and Norwest Bank Minnesota,National Association,
as Trustee............................................................