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 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 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, 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 December 26, 1997.
Reimbur-
Realized ment of
Beginning Loss of Realized Interest Remaining
Class Balance Principal Interest Principal Losses Shortfall Balance
FXA-1 6757249 382472 38854 0 0 0 6374776
FXA-2 20411907 13274 131827 0 0 0 20398633
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 18257644 433468 93380 0 0 0 17824175
FXA-9 18257644 NA 35945 NA 0 0 17824175
FXP 80900 67 NA 0 0 NA 80833
FXS 7574308 NA 48917 NA 0 0 7501378
A-1 38775038 406495 250422 0 0 0 38368543
A-2 6962000 0 44963 0 0 0 6962000
A-3 1951000 0 12600 0 0 0 1951000
A-4 13633103 9918 88047 0 0 0 13623185
P 1066603 912 NA 0 0 NA 1065691
S 978019 NA 6316 NA 0 0 965982
B-1 5167238 3522 33372 0 0 0 5163716
B-2 2101927 1433 13575 0 0 0 2100495
B-3 1313704 895 8484 0 0 0 1312809
B-4 788222 537 5091 0 0 0 787685
B-5 437902 298 2828 0 0 0 437604
B-6 700643 478 4525 0 0 0 700166
R 0 0 0 0 NA 0 0
RP 0 0 0 0 NA 0 0
Reimbur-
ment of
Beginning Realized Remaining
ClassBalance Principal Interest Losses Balance
FXA-1 448.730373 25.398922 2.580200 0.000000 423.331451
FXA-2 995.702804 0.647512 6.430580 0.000000 995.055292
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-8 659.934672 15.668000 3.375291 0.000000 644.266672
FXA-9 659.934672 0.000000 1.299247 0.000000 644.266672
FXP 993.991203 0.817924 0.000000 0.000000 993.173279
FXS 776.797840 0.000000 5.016820 0.000000 769.318370
A-1 892.521156 9.356679 5.764199 0.000000 883.164477
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-4 995.117018 0.723932 6.426797 0.000000 994.393086
P 980.576319 0.838351 0.000000 0.000000 979.737968
S 813.849233 0.000000 5.256108 0.000000 803.832840
B-1 995.465000 0.678536 6.429044 0.000000 994.786464
B-2 995.465003 0.678536 6.429046 0.000000 994.786467
B-3 995.465007 0.678539 6.429045 0.000000 994.786469
B-4 995.465002 0.678531 6.429043 0.000000 994.786471
B-5 995.465029 0.678545 6.429050 0.000000 994.786484
B-6 995.465116 0.678454 6.429049 0.000000 994.786662
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: December 31, 1997