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 25, 1997 Financial Asset Securitization, Inc. (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 June 26, 1997, the Registrant caused the issuance and sale of $218,066,950 aggregate initial principal amount of Mortgage Particiption Securities, Series 1997-NAMC 2 (the "Securities"),pursuant to the Series 1997-2 NAMC 2 Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of June 1, 1997, by and among the Registrant, North American Mortgage Company, as Master Servicer, and The First National Bank of Chicago, as Trustee. The Securities evidence, in the aggregate, the entire beneficial ownership interest in a trust (the "Trust"), which consists primarily of two pools of conventional, one- to four-family, fixed rate, first-lien Mortgage Loans (the "Mortgage Loans") transferred to the Trust by the Registrant pursuant to the Pooling and Servicing Agreement. The Mortgage Loans were purchased by the Registrant in a privately- negotiated transaction with North American Mortgage Company pursuant to a Loan Sale Agreement (the "Sales Agreement"), dated as of June 1, 1997, by and between the Registrant DLJMC. The Trustee has caused to be filed with the Commission, the Monthly Report dated August 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 July 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 August 25, 1997. Reimbur- Realized ment of Interest Beginning Loss of Realized Short- Remaining Class Balance Principal Interest Principal Losses fall Balance FXA-1 20543601.85 1816809.36 117269.73 0.00 0.00 0.00 18726792.49 FXA-2 1733625.00 NA 11557.50 NA 0.00 0.00 1733625.00 FXA-3 15761954.00 0.00 95885.22 0.00 0.00 0.00 15761954.00 FXA-4 16448000.00 0.00 101429.33 0.00 0.00 0.00 16448000.00 FXA-5 4545000.00 0.00 29163.75 0.00 0.00 0.00 4545000.00 FXA-6 6223000.00 0.00 40190.21 0.00 0.00 0.00 6223000.00 FXA-7 1400000.00 0.00 9333.33 0.00 0.00 0.00 1400000.00 FXA-8 23720616.45 1044665.33 197671.80 0.00 0.00 0.00 22675951.12 FXA-9 7272000.00 0.00 43935.00 0.00 0.00 0.00 7272000.00 FXA-10 9042000.00 0.00 54628.75 0.00 0.00 0.00 9042000.00 FXA-11 2178000.00 0.00 13158.75 0.00 0.00 0.00 2178000.00 FXP 202528.54 284.46 NA 0.00 0.00 NA 202244.08 FXS 8975545.77 NA 59836.97 NA 0.00 0.00 8596611.41 A-1 46432010.04 587189.64 280526.73 0.00 0.00 0.00 45844820.40 A-2 7241000.00 0.00 43747.71 0.00 0.00 0.00 7241000.00 A-3 2173000.00 0.00 14033.96 0.00 0.00 0.00 2173000.00 A-4 1650290.00 NA 10658.12 NA 0.00 0.00 1650290.00 A-5 21468578.41 234875.86 161014.34 0.00 0.00 0.00 21233702.55 A-6 7912000.00 0.00 46153.33 0.00 0.00 0.00 7912000.00 A-7 2283000.00 0.00 13317.50 0.00 0.00 0.00 2283000.00 A-8 6858000.00 0.00 40005.00 0.00 0.00 0.00 6858000.00 P 717477.81 602.02 NA 0.00 0.00 NA 716875.79 S 2806446.18 NA 18124.96 NA 0.00 0.00 2723574.73 B-1 7082782.23 4438.61 46529.60 0.00 0.00 0.00 7078343.62 B-2 2724146.47 1707.16 17895.99 0.00 0.00 0.00 2722439.31 B-3 1525521.86 956.01 10021.76 0.00 0.00 0.00 1524565.85 B-4 1024278.74 641.89 6728.89 0.00 0.00 0.00 1023636.85 B-5 544829.09 341.43 3579.20 0.00 0.00 0.00 544487.66 B-6 719179.96 450.69 4724.58 0.00 0.00 0.00 718729.27 R 0.00 0.00 0.00 0.00 NA 0.00 0.00 RP 0.00 0.00 5.33 0.00 NA 0.00 0.00 Reimburse Interest ment of Beginning Principal Amount Realized Remaining Class Balance DistributedDistributed Losses Balance FXA-1 951.630967 84.15915 5.432227 0.00000 867.47182 FXA-2 1000.000000 0.00000 6.666667 0.00000 1000.00000 FXA-3 1000.000000 0.00000 6.083333 0.00000 1000.00000 FXA-4 1000.000000 0.00000 6.166666 0.00000 1000.00000 FXA-5 1000.000000 0.00000 6.416667 0.00000 1000.00000 FXA-6 1000.000000 0.00000 6.458334 0.00000 1000.00000 FXA-7 1000.000000 0.00000 6.666664 0.00000 1000.00000 FXA-8 975.313389 42.95319 8.127611 0.00000 932.36020 FXA-9 1000.000000 0.00000 6.041667 0.00000 1000.00000 FXA-101000.000000 0.00000 6.041667 0.00000 1000.00000 FXA-111000.000000 0.00000 6.041667 0.00000 1000.00000 FXP 998.681138 1.40269 0.000000 0.00000 997.27845 FXS 979.419984 0.00000 6.529466 0.00000 938.07031 A-1 994.333019 12.57456 6.007429 0.00000 981.75846 A-2 1000.000000 0.00000 6.041667 0.00000 1000.00000 A-3 1000.000000 0.00000 6.458334 0.00000 1000.00000 A-4 1000.000000 0.00000 6.458332 0.00000 1000.00000 A-5 995.093655 10.88677 7.463203 0.00000 984.20689 A-6 1000.000000 0.00000 5.833333 0.00000 1000.00000 A-7 1000.000000 0.00000 5.833333 0.00000 1000.00000 A-8 1000.000000 0.00000 5.833333 0.00000 1000.00000 P 999.143300 0.83836 0.000000 0.00000 998.30494 S 989.174798 0.00000 6.388419 0.00000 959.96549 B-1 999.380180 0.62629 6.565324 0.00000 998.75389 B-2 999.380179 0.62629 6.565322 0.00000 998.75389 B-3 999.380177 0.62629 6.565326 0.00000 998.75389 B-4 999.380182 0.62629 6.565322 0.00000 998.75390 B-5 999.380172 0.62629 6.565328 0.00000 998.75389 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: August 31, 1997