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): October 27, 1997
FINANCIAL ASSET SECURITIES CORP.,
(as depositor under the Sale and Servicing
Agreement, dated as of February 1, 1997, providing
for the issuance of Financial Asset Securities Corp.,
Mego Mortgage Home Loan Owner Trust 1997-1).
(Exact name of registrant as specified in its charter)
Delaware 333-29381 41-1869301
(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 Home Loan Owner
Trust 1997-1, a Trust created pursuant to the
Sale and Servicing Agreement, dated February 1,
1997, 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 October 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 March 25, 2023.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date October 27, 1997.
Principal Interest Ending Balance
Cede & Co $1,446,987.34 $492,923.97 $77,718,328.93
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 October 27, 1997.
MEGO MORTGAGE HOME LOAN OWNER TRUST 1997-1
HOME LOAN ASSET BACKED SECURITIES
SERIES 1997-1
CERTIFICATE HOLDERS' REPORT
Distribution Date: 27-Oct-97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance DistributionDistribution Distribution Balance
A-1 16311711.27 1446987.34 89306.62 1536293.96 14864723.93
A-2 25950000.00 0.00 145968.75 145968.75 25950000.00
A-3 10300000.00 0.00 59568.33 59568.33 10300000.00
A-4 26603605.00 0.00 162503.69 162503.69 26603605.00
S 85383785.48 NA 35576.58 35576.58 84238962.32
R NA 0.00 0.00 0.00 0.00
Total 79165316.27 1446987.34 492923.97 1939911.31 77718328.93
AMOUNTS PER $1,000 UNIT Pass Through Rates
Ending Original Current
Principal Interest Total Certificate Pass-ThroughPass-Through
ClassDistribution DistributionDistribution Balance Int Rate Int Rate
A-1 62.10246094 3.83290215 65.93536309 637.9709841 6.5700% 6.5700%
A-2 0.00000000 5.62500000 5.62500000 1000.0000000 6.7500% 6.7500%
A-3 0.00000000 5.78333301 5.78333301 1000.0000000 6.9400% 6.9400%
A-4 0.00000000 6.10833344 6.10833344 1000.0000000 7.3300% 7.3300%
S NA 0.39663233 0.39663233 939.1542372 0.5000% 0.5000%
Statement to Securityholders
Sale and Servicing Agreement Dated February 1, 1997
i) Interest from Mortgagors / Master Servicer 1008791.15
Interest from Purchased Loans 0.00
Interest from Defaulted Mortgage Loans 336.17
1009127.32
Principal Collections (Regular Installments) 134341.09
Principal Collections (Curtailments and Paid in Fulls) 907630.79
Principal from Purchased Loans 0.00
Principal from Defaulted Mortgage Loans 16.05
1041987.93
Payments
Amount Deposited Pursuant to Section 5.01 (a) (3) - FHA Reserve Fund 2051115.25
Collected Amount 0.00
Insured Payments 2051115.25
Amount Available 0.00
2051115.25
ii) Aggregate Pool Balance Information:
Beginning Aggregate Principal Balance 85383785.48
less: Principal Collections (non-Defaulted Loans) 1041971.88
Ending Aggregate Principal Balance 84341813.60
less: Balance of Defaulted Loans 102851.28
Balance after the reduction of the Balance of Defaulted Loans 84238962.32
Before After
iii) Note Factors: Distributions Distributions
Class A-1 0.7000734 0.63797098
Class A-2 1.0000000 1.00000000
Class A-3 1.0000000 1.00000000
Class A-4 1.0000000 1.00000000
Beginning Computed Distributed Ending
iv) Shortfall Amount Amount Shortfall
Interest Distributable Amount 0.00 457347.39 457347.39 0.00
Principal Distributable Amount 0.00 1144823.16 1144823.16 0.00
(limited to the Overcolleralization Amount)
Distributable Excess Spread 302164.18 302164.18 0.00
Guaranteed Principal Distribution Amount 0.00 0.00 0.00
v) Excess Spread 302164.18
Distributable Excess Spread 302164.18
vi) FHA Premium Account Deposit 5232.93
Servicer Fee 71153.15
Master Servicer Fee 5692.25
Owner Trustee Fee 0.00
Master Servicer Reimbursement 5082.37
Indenture Trustee Fee 2668.24
Premium 21375.00
Security Insurer Reimbursement Amount distributed to Insurer 0.00
Successor Master Servicer Fees 0.00
Other Fees 0.00
Excess Claim Amount 0.00
vii) Collateral Performance Percentages
30+ Delinquency Percentage (Rolling Three Month) 2.1607%
60+ Delinquency Percentage (Rolling Three Month) 1.2299%
Annual Default Percentage (Three Month Average) 0.9290%
Cumulative Default Percentage 0.2198%
viii) Overcollateralization Information:
OC Multiple 1.00
Required OC Amount 7086033.14
Overcollateralization Amount (before distributions) 6218469.21
Overcollateralization Amount (after distributions) 6623484.67
ix) Default Information:
Current Cumulative
Principal Balance of Defaulted Home Loans 102851.28 197145.51
Prin Balance of Credit Support Multiple Defaulted Loans 102851.28 197145.51
Unpaid Int on Credit Support Multiple Defaulted Loans 5082.37 10225.57
x) FHA Insurance Information:
Trust Designated Insurance Amount (at the Cut-off Date) 2194698.00
Number Number Balance Balance
Current Cumulative Current Period Cumulative
Claims Filed 0 0 0.00 0.00
Claims Pending 12 NA 170705.58 NA
Claims Paid 0 0 0.00 0.00
xi) Distributions to the Residual Interest Instrument: 0.00
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
/s/ Mark LeMay
Mark LeMay
Vice President
Dated: October 31, 1997