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 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 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 March 25, 		 2023. 		A. 	Monthly Report Information: 			Aggregate distribution information for the current 			distribution date December 26, 1997. 		 		Principal			Interest		EndingBalance Cede & Co 	$1,366,946.15 	$474,999.59		$74,719,796.28 	 		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 1997-1 HOME LOAN ASSET BACKED SECURITIES SERIES 1997-1 CERTIFICATE HOLDERS' REPORT Distribution Date: 26-Dec-97 Beginning Ending Certificate Principal Interest Total Certificate Class Balance DistributionDistribution Distribution Balance A-1 13233137.43 1366946.15 72451.43 1439397.58 11866191.28 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 82817742.00 NA 34507.39 34507.39 81714804.37 R NA 0.00 0.00 0.00 0.00 Total 76086742.43 1366946.15 474999.59 1841945.74 74719796.28 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 58.66721665 3.10950343 61.77672009 509.2785958 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 0.38471226 0.38471226 911.0131779 0.5000% 0.5000% Statement to Securityholders Sale and Servicing Agreement Dated February 1, 1997 i) Interest from Mortgagors / Master Servicer 978080.41 Interest from Purchased Loans 0.00 Interest from Defaulted Mortgage Loans 0.00 978080.41 Principal Collections (Regular Installments) 102098.03 Principal Collections (Curtailments and Paid in Fulls) 909814.55 Principal from Purchased Loans 0.00 Principal from Defaulted Mortgage Loans 0.00 1011912.58 Payments Amount Deposited Pursuant to Section 5.01 (a) (3) - FHA Reserve Fund 1989992.99 Collected Amount 0.00 Insured Payments 1989992.99 Amount Available 0.00 1989992.99 ii) Aggregate Pool Balance Information: Beginning Aggregate Principal Balance 82817742.00 less: Principal Collections (non-Defaulted Loans) 1011912.58 Ending Aggregate Principal Balance 81805829.42 less: Balance of Defaulted Loans 91025.05 Balance after the reduction of the Balance of Defaulted Loans 81714804.37 Before After iii) Note Factors: Distributions Distributions Class A-1 0.5679458 0.50927860 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 440492.20 440492.20 0.00 Principal Distributable Amount 0.00 1102937.63 1102937.63 0.00 (limited to the Overcolleralization Amount) Distributable Excess Spread 264008.52 264008.52 0.00 Guaranteed Principal Distribution Amount 0.00 0.00 0.00 v) Excess Spread 304561.25 Distributable Excess Spread 264008.52 vi) FHA Premium Account Deposit 5105.24 Servicer Fee 69014.79 Master Servicer Fee 5521.18 Owner Trustee Fee 0.00 Master Servicer Reimbursement 4722.26 Indenture Trustee Fee 2588.05 Premium 20543.00 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) 3.3011% 60+ Delinquency Percentage (Rolling Three Month) 1.7974% Annual Default Percentage (Three Month Average) 1.8258% Cumulative Default Percentage 0.5278% viii) Overcollateralization Information: OC Multiple 1.00 Required OC Amount 7086033.14 Overcollateralization Amount (before distributions) 6730999.57 Overcollateralization Amount (after distributions) 7086033.14 ix) Default Information: Current Cumulative Principal Balance of Defaulted Home Loans 91025.05 473454.28 Prin Balance of Credit Support Multiple Defaulted Loans 91025.05 473454.28 Unpaid Int on Credit Support Multiple Defaulted Loans 4722.26 24506.32 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 1 3 10974.97 42017.48 Claims Pending 13 NA 164349.02 NA Claims Paid 0 0 0.00 0.00 xi) Distributions to the Residual Interest Instrument: 40552.73 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