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 Pooling and Servicing
Agreement, dated as of March 1, 1996, providing
for the issuance of Financial Asset Securities Corp.,
Mego Mortgage FHA Title I Loan Trust 1996-1,
FHA Title I Loan Asset-Backed Certificates,
Series 1996-1).
(Exact name of registrant as specified in its charter)
Delaware 33-99018-03 41-1836604
(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 FHA Title I Loan
Trust 1996-1, FHA Title I Loan Asset-Backed
Certificates, Series1996-1, a Trust created pursuant
to the Pooling and Servicing Agreement, dated
March 1, 1996, 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 September 25, 2017.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date December 26, 1997.
Principal Interest EndingBalance
Cede & Co $1,495,607.93 $385,344.57 $56,741,587.57
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 CORPORATION
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES
SERIES 1996-1
CERTIFICATE HOLDERS' REPORT
Distribution Date 26-Dec-97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance DistributionDistribution Distribution Balance
A-1 19894195.50 1495607.93 108589.15 1604197.08 18398587.57
A-2 21580000.00 0.00 124085.00 124085.00 21580000.00
A-3 16763000.00 0.00 104768.75 104768.75 16763000.00
S 57482004.08 NA 47901.67 47901.67 56070279.11
R NA NA 0.00 0.00 NA
Total58237195.50 1495607.93 385344.57 1880952.50 56741587.57
AMOUNTS PER $1,000 UNIT
Ending Current
Principal Interest Total Certificate Pass-Through
ClassDistributionDistributionDistribution Balance Interest Rate
A-1 32.92115188 2.39025204 35.31140392 404.98761985 6.5500%
A-2 0.00000000 5.75000000 5.75000000 1000.00000000 6.9000%
A-3 0.00000000 6.25000000 6.25000000 1000.00000000 7.5000%
S (a) 0.00000000 0.56894574 0.56894574 665.96731092 1.0000%
Trustee's Certificate
Pooling and Servicing Agreement Dated March 21, 1996
i) Interest from Mortgagors / Master Servicer 673155.17
Interest from Purchased Loans 0.00
Interest from Defaulted Mortgage Loans 9844.47
682999.64
Principal Collections (Regular Installments) 110206.11
Principal Collections (Curtailments and Paid in Fulls) 490967.24
Principal from Purchased Loans 0.00
Principal from Defaulted Mortgage Loans 731755.28
1332928.63
Collected Amount 2015928.27
Deposits Pursuant to Sec. 4.03 (e) - Reserve Account Deposits 0.00
Amount Deposited Pursuant to Section 2.04 (d) Substitutions 1854.19
Distribution Amount 2017782.46
Insured Payments 0.00
Amount Available 2017782.46
ii) Pool Balance Information:
Beginning Pool Balance 57482004.08
less: Principal Collections 601173.35
less: Principal Losses 19616.61
Ending Pool Balance 56861214.12
Before After
iii) Class A Factors: Distributions Distributions
Class A-1 0.43790877 0.40498762
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Computed Distributed
Amount Amount Shortfall
iv) Class A Monthly Interest Amount 337442.90 337442.90 0.00
Class A Principal Distribution Amoun 3731995.56 1495607.93 2236387.63
(limited to the Overcolleralization Amount)
Class A Distribution of
Distributable Excess Spread 0.00 0.00 0.00
Class A Guaranteed Distribution 0.00 0.00 0.00
v) Excess Spread 0.00
Distributable Excess Spread 0.00
vi) FHA Premium Account Deposit 12576.76
Servicer Fee 59877.09
Master Servicer Fee 3832.13
Master Servicer Reimbursement 40690.91
Trustee Fee 1916.07
Premium 17937.00
Reimbursement Amount distributed to the Certificate Insurer 0.00
Successor Master Servicer Fees 0.00
Priority Expenses 0.00
Excess Claim Amount 0.00
vii) Collateral Performance Percentages
30+ Delinquency Percentage (Rolling Three Month) 12.9244%
60+ Delinquency Percentage (Rolling Three Month) 6.6029%
Annual Default Percentage (Three Month Average) 16.4975%
Cumulative Default Percentage 12.7799%
viii) Overcollateralization Information:
OC Multiple 2.50
Required OC Amount 7366952.31
Overcollateralization Amount (before distributions) -755191.42
Overcollateralization Amount (after distributions) 119626.55
ix) Default Information:
Current Period Cumulative
Principal Balance of Defaulted Loans 790935.01 10212973.91
Principal Balance of Credit Support Multiple 790935.01 10212973.91
x) FHA Insurance Information:
Trust Designated Insurance Amount (at the Cut-off Date) 8419374.00
Number Number Balance Balance
Current Peri Cumulative Current Period Cumulative
Claims Filed 3 481 37363.05 7841895.45
Claims Pendin 4 NA 64581.78 NA
Claims Paid 44 234 729780.41 4081037.71
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