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): May 27, 1997
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 May
27, 1997. 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 May 27, 1997.
Principal Interest Ending Balance
Cede & Co $1,876,466.59 $455,025.01 $67,344,496.28
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 May 27, 1997.
MEGO MORTGAGE CORPORATION
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES
SERIES 1996-1
CERTIFICATE HOLDERS' REPORT
Distribution Date: 27-May-97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance DistributionDistribution Distribution Balance
A-1 30877962.87 1876466.59 168542.21 2045008.80 29001496.28
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 69154860.68 NA 57629.05 57629.05 67430059.68
R NA NA 0.00 0.00 NA
Total 69220962.87 1876466.59 455025.01 2331491.60 67344496.28
AMOUNTS PER $1,000 UNIT
Ending Current
Principal Interest Total Certificate Pass-Through
ClassDistribution DistributionDistribution Balance Interest Rate
A-1 41.30456945 3.70993198 45.01450143 638.37764209 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 0.68448141 0.68448141 800.89159949 1.0000%
Trustee's Certificate
Pooling and Servicing Agreement Dated March 21, 1996
i) Interest from Mortgagors / Master Servicer 821946.93
Interest from Purchased Loans 0.00
Interest from Defaulted Mortgage Loans 3486.82
825433.75
Principal Collections (Regular Installments) 133173.13
Principal Collections (Curtailments and Paid in Fulls) 840741.75
Principal from Purchased Loans 0.00
Principal from Defaulted Mortgage Loans 701720.22
1675635.10
Collected Amount 2501068.85
Deposits Pursuant to Sec. 4.03 (e) - Reserve Account Deposits 0.00
Amount Deposited Pursuant to Section 2.04 (d) Substitutions 2780.04
Distribution Amount 2503848.89
Insured Payments 0.00
Amount Available 2503848.89
ii) Pool Balance Information:
Beginning Pool Balance 973914.88
less: Principal Collections 0.00
less: Principal Losses 68180945.80
Ending Pool Balance 750886.12
Before After
iii) Class A Factors: Distributions Distributions
Class A-1 Distributions Distributions
Class A-2 0.67968221 0.63837764
Class A-3 1.00000000 1.00000000
Computed Distributed
Amount Amount Shortfall
iv) Class A Monthly Interest Amount Amount Amount Shortfall
Class A Principal Distribution Amount 397395.96 397395.96 0.00
(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 14651.61
Servicer Fee 14031.38
Master Servicer Fee 72036.31
Master Servicer Reimbursement 4610.32
Trustee Fee 58054.12
Premium 2305.16
Reimbursement Amount distributed to the Certificate Insurer 21320.00
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) 9.9518%
60+ Delinquency Percentage (Rolling Three Month) 4.8949%
Annual Default Percentage (Three Month Average) 9.9593%
Cumulative Default Percentage 6.3718%
viii) Overcollateralization Information:
OC Multiple 2.50
Required OC Amount 7366952.31
Overcollateralization Amount (before distributions) -66102.19
Overcollateralization Amount (after distributions) 836449.52
ix) Default Information:
Current Period Cumulative
Principal Balance of Defaulted Loans 750886.12 5083978.63
Principal Balance of Credit Support Multiple 750886.12 5083978.63
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 33 191 642217.25 3582376.45
Claims Pending 11 NA 236658.10 NA
Claims Paid 40 60 701197.62 1034128.54
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: May 31, 1997