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): July 31, 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 July 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 July 25, 1997. Reimbur- Realized ment of Beginning Loss of Realized Interest Remaining Class Balance Principal Interest Principal Losses Shortfall Balance FXA-1 12029515 1434964 69170 0 0 0 10594551 FXA-2 20475655 12431 132239 0 0 0 20463225 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 24232879 1626292 123941 0 0 0 22606587 FXA-9 24232879 NA 47708 NA 0 0 22606587 FXP 81256 63 NA 0 0 NA 81193 FXS 8892020 NA 57428 NA 0 0 8458533 A-1 42587785 47296 275046 0 0 0 42540489 A-2 6962000 0 44963 0 0 0 6962000 A-3 1951000 0 12600 0 0 0 1951000 A-4 13681361 9471 88359 0 0 0 13671890 P 1085351 883 NA 0 0 NA 1084468 S 1108113 NA 7157 NA 0 0 1107162 B-1 5184249 3327 33482 0 0 0 5180923 B-2 2108847 1353 13620 0 0 0 2107494 B-3 1318029 846 8512 0 0 0 1317183 B-4 790817 507 5107 0 0 0 790310 B-5 439344 282 2837 0 0 0 439062 B-6 702950 451 4540 0 0 0 702499 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-1 798.847164 95.292015 4.593371 0.000000 703.555149 FXA-2 998.812462 0.606379 6.450664 0.000000 998.206084 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-8 875.913524 58.783414 4.479933 0.000000 817.130111 FXA-9 875.913524 0.000000 1.724455 0.000000 817.130111 FXP 998.361572 0.774798 0.000000 0.000000 997.586775 FXS 911.938397 0.000000 5.889602 0.000000 867.481205 A-1 980.282700 1.088660 6.330992 0.000000 979.194040 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-4 998.639480 0.691306 6.449547 0.000000 997.948174 P 997.812005 0.811800 0.000000 0.000000 997.000205 S 922.105931 0.000000 5.955264 0.000000 921.314341 B-1 998.742239 0.640856 6.450210 0.000000 998.101383 B-2 998.742237 0.640856 6.450211 0.000000 998.101381 B-3 998.742242 0.640856 6.450209 0.000000 998.101386 B-4 998.742241 0.640858 6.450210 0.000000 998.101383 B-5 998.742251 0.640855 6.450214 0.000000 998.101396 B-6 998.742290 0.640860 6.450205 0.000000 998.101430 R 0.000000 0.000000 0.000000 0.000000 0.000000 RP 0.000000 0.000000 7.200000 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 /s/ Richard Tarnas Name: Richard Tarnas Title: Vice President, The First National Bank of Chicago Dated: July 31, 1997