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): September 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 September 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 September 25, 1997.
Reimbur-
Realized ment of
Beginning Loss of Realized Interest Remaining
Class Balance Principal Interest Principal Losses Shortfall Balance
FXA-1 9086061 916609 52245 0 0 0 8169453
FXA-2 20450633 12730 132077 0 0 0 20437902
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 20896965 1038823 105791 0 0 0 19858142
FXA-9 20896965 NA 42229 NA 0 0 19858142
FXP 81116 72 NA 0 0 NA 81045
FXS 8111179 NA 52385 NA 0 0 7902463
A-1 41175865 770351 265927 0 0 0 40405514
A-2 6962000 0 44963 0 0 0 6962000
A-3 1951000 0 12600 0 0 0 1951000
A-4 13662339 9656 88236 0 0 0 13652683
P 1070146 897 NA 0 0 NA 1069249
S 1048228 NA 6770 NA 0 0 1001402
B-1 5177560 3400 33438 0 0 0 5174160
B-2 2106126 1383 13602 0 0 0 2104743
B-3 1316328 864 8501 0 0 0 1315464
B-4 789797 519 5101 0 0 0 789278
B-5 438777 288 2834 0 0 0 438489
B-6 702043 461 4534 0 0 0 701582
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-1 603.380460 60.869467 3.469437 0.000000 542.510993
FXA-2 997.591838 0.620999 6.442780 0.000000 996.970839
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-8 755.334691 37.548949 3.823882 0.000000 717.785741
FXA-9 755.334691 0.000000 1.526405 0.000000 717.785741
FXP 996.648196 0.879971 0.000000 0.000000 995.768224
FXS 831.857704 0.000000 5.372415 0.000000 810.452423
A-1 947.783222 17.731887 6.121100 0.000000 930.051335
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-4 997.251023 0.704800 6.440580 0.000000 996.546223
P 983.833503 0.824542 0.000000 0.000000 983.008961
S 872.272776 0.000000 5.633425 0.000000 833.307518
B-1 997.453480 0.655019 6.441888 0.000000 996.798461
B-2 997.453477 0.655017 6.441885 0.000000 996.798461
B-3 997.453483 0.655018 6.441889 0.000000 996.798465
B-4 997.453477 0.655016 6.441887 0.000000 996.798461
B-5 997.453495 0.655017 6.441894 0.000000 996.798478
B-6 997.453551 0.654997 6.441893 0.000000 996.798554
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 /s/ Richard Tarnas
Name: Richard Tarnas
Title: Vice President,
The First National Bank of Chicago
Dated: September 30, 1997