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): 12/27/99
Financial Asset Securitization, Inc.
Mortgage Participation Securities Series 1997 NAMC1
(Exact name of registrant as specified in its charter)
Virginia 0-15483 53-1526174
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
901 East Byrd Street
Richmond, Virginia 23219
(Address of Principal Executive (Zip Code)
Registrant's telephone number, including area code: (804) 344-7575
Item Other Events
On behalf of Financial Asset Securitization, Inc. Mortgage
Particiption Securities, Series 1997-NAMC 1, a Trust creat-
ed pursuant to the Pooling and Servicing Agreement, dated
April 1, 1997, by The First National Bank of Chicago, as
trustee for the Trust, the Trustee has caused to be filed
with the Commission, the Monthly Report dated December 27,
1999. The Monthly Report is filed pursuant to and in
accordance with (1) numerous no-action letters (2) current
Commission policy in the area. The filing of the Monthly
Report will occur subsequent to each monthly distribution
to the holders of the Certificates, Due May 25, 2027.
A. Monthly Report Information:
See Exhibit No. 1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of
Certificate holders: NONE
F. Item 5: Other Information - Form 10-Q, Part II -
Items 1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1 Distribution Report dated: 12/27/99
Loss of Reimburse-
Beginning Prin- ment of Remaining
Balance Principal Interest cipal Losses Balance
FXA-1 0.00 0.00 0.00 0.00 0.00 0.00
FXA-220,051,219.32 16,774.23 129,497.46 0.00 0.00 20,034,445.09
FXA-3 0.00 0.00 0.00 0.00 0.00 0.00
FXA-4 1,681,029.57 446,671.18 10,506.43 0.00 0.00 1,234,358.39
FXA-5 5,125,000.00 0.00 33,098.96 0.00 0.00 5,125,000.00
FXA-6 4,001,000.00 0.00 25,839.79 0.00 0.00 4,001,000.00
FXA-7 1,000,000.00 0.00 6,458.33 0.00 0.00 1,000,000.00
FXA-8 560,343.19 148,890.39 2,820.39 0.00 0.00 411,452.80
FXA-9 560,343.19 NA 1,148.70 NA 0.00 411,452.80
FXP 64,854.39 60.51 NA 0.00 0.00 64,793.88
FXS 3,278,925.79 NA 21,176.40 NA 0.00 3,226,370.40
A-1 0.00 0.00 0.00 0.00 0.00 0.00
A-2 5,326,128.01 648,079.68 34,397.91 0.00 0.00 4,678,048.32
A-3 1,951,000.00 0.00 12,600.21 0.00 0.00 1,951,000.00
A-4 13,363,850.69 12,924.83 86,308.20 0.00 0.00 13,350,925.86
P 597,604.18 1,300.19 NA 0.00 0.00 596,303.99
S 330,307.61 NA 2,133.24 NA 0.00 316,866.55
B-1 5,071,484.95 4,515.08 32,753.34 0.00 0.00 5,066,969.87
B-2 2,062,977.05 1,836.64 13,323.39 0.00 0.00 2,061,140.41
B-3 1,289,360.29 1,147.90 8,327.12 0.00 0.00 1,288,212.39
B-4 773,615.75 688.74 4,996.27 0.00 0.00 772,927.01
B-5 429,787.41 382.63 2,775.71 0.00 0.00 429,404.78
B-6 535,264.32 476.54 3,456.98 0.00 0.06 534,787.78
R 0.00 0.00 0.00 0.00 NA 0.00
RP 0.00 0.00 0.00 0.00 NA 0.00
Beginning Remaining
Class Balance Principal Interest Balance
FXA-1 0.00000 0.00000 0.00000 0.00000
FXA-2 978.10826 0.81826 6.31695 977.29000
FXA-3 0.00000 0.00000 0.00000 0.00000
FXA-4 127.34711 33.83776 0.79592 93.50934
FXA-5 1000.00000 0.00000 6.45833 1000.00000
FXA-6 1000.00000 0.00000 6.45833 1000.00000
FXA-7 1000.00000 0.00000 6.45833 1000.00000
FXA-8 20.25398 5.38174 0.10194 14.87224
FXA-9 20.25398 0.00000 0.04152 14.87224
FXP 796.84466 0.74347 0.00000 796.10119
FXS 336.27659 0.00000 2.17179 330.88667
A-1 0.00000 0.00000 0.00000 0.00000
A-2 765.02844 93.08815 4.94081 671.94029
A-3 1000.00000 0.00000 6.45833 1000.00000
A-4 975.46355 0.94342 6.29987 974.52014
P 549.40438 1.19532 0.00000 548.20906
S 274.86237 0.00000 1.77516 263.67752
B-1 977.01827 0.86983 6.30991 976.14844
B-2 977.01829 0.86983 6.30991 976.14846
B-3 977.01829 0.86983 6.30991 976.14846
B-4 977.01825 0.86983 6.30991 976.14842
B-5 977.01828 0.86982 6.30991 976.14846
B-6 760.49688 0.67706 4.91163 759.81982
R 0.00000 0.00000 0.00000 0.00000
RP 0.00000 0.00000 0.00000 0.00000
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.
Financial Asset Securitization, Inc.
By /s/ Richard Tarnas
Name: Richard Tarnas
Title: Vice President,
Bank One
Dated: December 31, 1999