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): December 26, 1997
FINANCIAL ASSET SECURITIES CORP.,
(as depositor under the Sale and Servicing
Agreement, dated as of May 1, 1997, providing
for the issuance of Financial Asset Securities Corp.,
Mego Mortgage Home Loan Owner Trust 1997-2).
(Exact name of registrant as specified in its charter)
Delaware 333-21071-08 41-1877537
(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 1997-2, a Trust created pursuant to the Sale
and Servicing Agreement, dated May 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 December 26, 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,
2023.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date December 26, 1997.
Principal Interest Ending Balance
Cede & Co $717,505.71 $325,970.41 $53,894,708.81
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 December 26, 1997.
MEGO MORTGAGE HOME LOAN OWNER TRUST 1997-2
HOME LOAN ASSET BACKED SECURITIES
SERIES 1997-2
STATEMENT TO SECURITYHOLDERS
Distribution Date: 26-Dec-97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance DistributionDistribution Distribution Balance
A-1 11767373.52 717505.71 67368.21 784873.92 11049867.81
A-2 8100000.00 0.00 46440.00 46440.00 8100000.00
A-3 6750000.00 0.00 39375.00 39375.00 6750000.00
A-4 13600000.00 0.00 81260.00 81260.00 13600000.00
A-5 14394841.00 0.00 91527.20 91527.20 14394841.00
Total 54612214.52 717505.71 325970.41 1043476.12 53894708.81
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending Current
Principal Interest Total Certificate Pass-Through
ClassDistribution DistributionDistribution Balance Interest Rate
A-1 44.98468380 4.22371223 49.20839603 692.7816811 6.8700%
A-2 0.00000000 5.73333333 5.73333333 1000.0000000 6.8800%
A-3 0.00000000 5.83333333 5.83333333 1000.0000000 7.0000%
A-4 0.00000000 5.97500000 5.97500000 1000.0000000 7.1700%
A-5 0.00000000 6.35833352 6.35833352 1000.0000000 7.6300%
Statement to Securityholders
Sale and Servicing Agreement Dated May 1, 1997
i) Interest from Mortgagors / Master Servicer 710888.65
Interest from Purchased Loans 0.00
Interest from Defaulted Mortgage Loans 0.00
710888.65
Principal Collections (Regular Installments) 73239.49
Principal Collections (Curtailments and Paid in Fulls) 341033.90
Principal from Purchased Loans 0.00
Principal from Defaulted Mortgage Loans 0.00
414273.39
Payments
Amount Deposited Pursuant to Section 5.01 (a) (3) - FHA Reserve Fund 1125162.04
Collected Amount 0.00
Insured Payments 1125162.04
Amount Available 0.00
1125162.04
ii) Aggregate Pool Balance Information:
Beginning Aggregate Principal Balance 61122303.18
less: Principal Collections (non-Defaulted Loans) 414273.39
Ending Aggregate Principal Balance 60708029.79
less: Balance of Defaulted Loans 152244.58
Balance after the reduction of the Balance of Defaulted Loans 60555785.21
Before After
iii) Note Factors: Distributions Distributions
Class A-1 0.7377664 0.69278168
Class A-2 1.0000000 1.00000000
Class A-3 1.0000000 1.00000000
Class A-4 1.0000000 1.00000000
Class A-5 1.0000000 1.00000000
Beginning Computed Distributed Ending
iv) Shortfall Amount Amount Shortfall
Interest Distributable Amount 0.00 325970.41 325970.41 0.00
Monthly Principal Distributable Amount 414273.39 414273.39 0.00
(limited to the Overcolleralization Amount)
Distributable Excess Spread 303232.32 303232.32 0.00
Guaranteed Principal Distribution Amount 0.00 0.00 0.00
v) Excess Spread 303232.32
Distributable Excess Spread 303232.32
vi) FHA Premium Account Deposit 892.11
Servicer Fee 50935.25
Master Servicer Fee 4074.82
Owner Trustee Fee 333.33
Master Servicer Reimbursement 8595.32
Indenture Trustee Fee 2292.09
Premium 14563.00
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) 1.7217%
60+ Delinquency Percentage (Rolling Three Month) 0.9436%
Annual Default Percentage (Three Month Average) 1.2815%
Cumulative Default Percentage 0.3063%
viii) Overcollateralization Information:
OC Multiple 1.00
Required OC Amount 8313139.97
Overcollateralization Amount (before distributions) 6510088.66
Overcollateralization Amount (after distributions) 6661076.40
ix) Default Information:
Current Peri Cumulative
Principal Balance of Defaulted Home Loans 152244.58 194393.37
Prin Balance of Credit Support Multiple Defaulted Loans 152244.58 194393.37
Unpaid Int on Credit Support Multiple Defaulted Loans 8595.32 10903.37
x) FHA Insurance Information:
Trust Designated Insurance Amount (at the Cut-off Date) 273578.00
Number Number Balance Balance
Current Peri Cumulative Current Period Cumulative
Claims Filed 0 1 0.00 7314.87
Claims Pending 0 NA 0.00 NA
Claims Paid 0 0 0.00 0.00
xi) Distributions to the Residual Certificates 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: December 31, 1997