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): June 30, 1997
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 Steet
Richmond, Virginia 23219
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (804) 344-7575
Item 5. 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 June 25,
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 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 Certifi-
catholders: 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. Monthly Distribution Report dated June 25, 1997.
Reimbur-
Realized ment of
Beginning Loss of Realized Interest Remaining
Class Balance Principal Interest Principal Losses Shortfall Balance
FXA-1 13702659 1673143 78790 0 0 0 12029515
FXA-2 20487874 12219 132318 0 0 0 20475655
FXA-3 11623696 0 71195 0 0 0 11623696
FXA-4 13200375 0 82502 0 0 0 13200375
FXA-5 5125000 0 33099 0 0 0 5125000
FXA-6 4001000 0 25840 0 0 0 4001000
FXA-7 1000000 0 6458 0 0 0 1000000
FXA-8 26129108 1896229 133640 0 0 0 24232879
FXA-9 26129108 NA 51442 NA 0 0 24232879
FXP 81331 75 NA 0 0 NA 81256
FXS 9333253 NA 60277 NA 0 0 8892020
A-1 43401198 813413 280299 0 0 0 42587785
A-2 6962000 0 44963 0 0 0 6962000
A-3 1951000 0 12600 0 0 0 1951000
A-4 13690721 9360 88419 0 0 0 13681361
P 1086884 1533 NA 0 0 NA 1085351
S 1200782 NA 7755 NA 0 0 1108113
B-1 5187527 3278 33503 0 0 0 5184249
B-2 2110180 1333 13628 0 0 0 2108847
B-3 1318862 833 8518 0 0 0 1318029
B-4 791317 500 5111 0 0 0 790817
B-5 439621 278 2839 0 0 0 439344
B-6 703394 444 4543 0 0 0 702950
R 0 0 0 0 NA 0 0
RP 0 0 0 0 NA 0 0
Class IntReimbursement
Beginning Principal Distributof RealizeRemaining
ClassBalance DistributionDistributLosses Balance
FXA-1 909.956039 111.108875 5.232247 0.000000 798.847164
FXA-2 999.408511 0.596049 6.454513 0.000000 998.812462
FXA-31000.000000 0.000000 6.125000 0.000000 1000.000000
FXA-41000.000000 0.000000 6.250000 0.000000 1000.000000
FXA-51000.000000 0.000000 6.458334 0.000000 1000.000000
FXA-61000.000000 0.000000 6.458333 0.000000 1000.000000
FXA-71000.000000 0.000000 6.458330 0.000000 1000.000000
FXA-8 944.453988 68.540464 4.830489 0.000000 875.913524
FXA-9 944.453988 0.000000 1.859394 0.000000 875.913524
FXP 999.288479 0.926907 0.000000 0.000000 998.361572
FXS 957.189895 0.000000 6.181851 0.000000 911.938397
A-1 999.005775 18.723075 6.451912 0.000000 980.282700
A-2 1000.000000 0.000000 6.458334 0.000000 1000.000000
A-3 1000.000000 0.000000 6.458334 0.000000 1000.000000
A-4 999.322672 0.683191 6.453959 0.000000 998.639480
P 999.221306 1.409301 0.000000 0.000000 997.812005
S 999.219161 0.000000 6.453292 0.000000 922.105931
B-1 999.373664 0.631426 6.454289 0.000000 998.742239
B-2 999.373664 0.631427 6.454289 0.000000 998.742237
B-3 999.373663 0.631421 6.454286 0.000000 998.742242
B-4 999.373665 0.631424 6.454289 0.000000 998.742241
B-5 999.373672 0.631421 6.454284 0.000000 998.742251
B-6 999.373660 0.631370 6.454283 0.000000 998.742290
R 0.000000 0.000000 0.000000 0.000000 0.000000
RP 0.000000 0.000000 0.000000 0.000000 0.000000
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
Name: Richard Tarnas
Title: Vice President, The First National
Bank of Chicago
Dated: June 30, 1997