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): December 26, 1996
FINANCIAL ASSET SECURITIES CORP.,
(as depositor under the Pooling and Servicing
Agreement, dated as of March 1, 1996, providing
for the issuance of Financial Asset Securities Corp.,
Mego Mortgage FHA Title I Loan Trust 1996-1,
FHA Title I Loan Asset-Backed Certificates,
Series 1996-1).
(Exact name of registrant as specified in its charter)
Delaware 33-99018-03 41-1836604
(State or Other Jurisdiction (Commission (I.R.S.
Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-2700
Item 5. Other Events
On behalf of Mego Mortgage FHA Title I Loan
Trust 1996-1, FHA Title I Loan Asset-Backed
Certificates, Series 1996-1, a Trust created
pursuant to the Pooling and Servicing
Agreement, dated March 1, 1996, by First Trust
of New York, National Association, as trustee for
the Trust, the Trustee has caused to be filed with
the Commission, the Monthly Report dated
December 26, 1996. 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 September
25, 2017.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date December 26, 1996.
Principal Interest Ending Balance
Cede & Co $1,247,428.66 $492,425.93 $73,820,834.40
B. No delinquency in payment under the Certificate
Guaranty Insurance Policy has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable
under the Certificate Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the
Certificate Insurance Guaranty Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. 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. Monthly Distribution Report dated December 26, 1996.
MEGO MORTGAGE CORPORATION
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES
SERIES 1996-1
CERTIFICATE HOLDERS' REPORT
Distribution Date: 26-Dec-96
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance DistributionDistribution Distribution Balance
A-1 45430000.00 1247428.66 200458.73 1447887.39 35477834.40
A-2 21580000.00 0.00 124085.00 124085.00 21580000.00
A-3 16763000.00 0.00 104768.75 104768.75 16763000.00
S 84193740.73 NA 63113.45 63113.45 74540271.20
R NA NA 0.00 0.00 NA
Total 83773000.00 1247428.66 492425.93 1739854.59 73820834.40
AMOUNTS PER $1,000 UNIT
Ending Current
Principal Interest Total Certificate Pass-Through
ClassDistribution DistributionDistribution Balance Interest Rate
A-1 27.45825798 4.41247480 31.87073278 780.93406119 6.5500%
A-2 0.00000000 5.75000000 5.75000000 1000.00000000 6.9000%
A-3 0.00000000 6.25000000 6.25000000 1000.00000000 7.5000%
S (a) 0.00000000 0.74962164 0.74962164 885.34219472 1.0000%
Trustee's Certificate
Pooling and Servicing Agreement Dated March 21, 1996
i) Interest from Mortgagors / Master Servicer 909756.03
Interest from Purchased Loans 0.00
Interest from Defaulted Mortgage Loans 1898.17
911654.20
Principal Collections (Regular Installments) 127760.20
Principal Collections (Curtailments and Paid in Fulls) 838291.83
Principal from Purchased Loans 0.00
Principal from Defaulted Mortgage Loans 304.46
966356.49
Collected Amount 1878010.69
Deposits Pursuant to Sec. 4.03 (e) - Reserve Account Deposits 0.00
Amount Deposited Pursuant to Section 2.04 (d) Substitutions 1087.86
Distribution Amount 1879098.55
Insured Payments 0.00
Amount Available 1879098.55
ii) Pool Balance Information:
Beginning Pool Balance 75736135.77
less: Principal Collections 966052.03
less: Principal Losses 229812.54
Ending Pool Balance 74540271.20
Before After
iii) Class A Factors: Distributions Distributions
Class A-1 0.80839232 0.78093406
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Computed Distributed
Amount Amount Shortfall
iv) Class A Monthly Interest Amount 429312.48 429312.48 0.00
Class A Principal Distribution Amount 2112687.64 1247428.66 865258.98
(limited to the Overcolleralization Amount)
Class A Distribution of 0.00 0.00 0.00
Distributable Excess Spread
Class A Guaranteed Distribution 0.00 0.00 0.00
v) Excess Spread 0.00
Distributable Excess Spread 0.00
vi) FHA Premium Account Deposit 16498.71
Servicer Fee 78891.81
Master Servicer Fee 5049.08
Master Servicer Reimbursement 13158.82
Trustee Fee 2524.54
Premium 23121.00
Reimbursement Amount distributed to the Certificate Insurer 0.00
Successor Master Servicer Fees 0.00
Priority Expenses 0.00
Excess Claim Amount 0.00
vii) Collateral Performance Percentages
30+ Delinquency Percentage (Rolling Three Month) 6.4164%
60+ Delinquency Percentage (Rolling Three Month) 2.9540%
Annual Default Percentage (Three Month Average) 7.7960%
Cumulative Default Percentage 2.7569%
viii) Overcollateralization Information:
OC Multiple 2.50
Required OC Amount 7366952.31
Overcollateralization Amount (before distributions) 667872.71
Overcollateralization Amount (after distributions) 719436.80
ix) Default Information:
Current Period Cumulative
Principal Balance of Defaulted Loans 229812.54 2210944.03
Principal Balance of Credit Support Multiple 229812.54 2210944.03
x) FHA Insurance Information:
Trust Designated Insurance Amount (at the Cut-off Date) 8419374.00
Number Number Balance Balance
Current Period Cumulative Current Period Cumulative
Claims Filed 7 7 134147.09 134147.09
Claims Pending 104 NA 1901786.03 NA
Claims Paid 0 0 0.00 0.00
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 SECURITIES CORPORATION
By
Name: Lynn Steiner
Title: Assistant Vice President, First Trust
of New York, National Association
Dated: December 31, 1996