UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549


FORM 15

CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER (12) G OF
 THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS
 UNDER SECTIONS 13 AND 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


COMMISSION FILE NUMBER 33-99018

Financial Asset Securities Corp.,
(as depositor under the Pooling and Servicing Agreement, dated
as of November 1, 1996, providing for the issuance of Financial Asset
Securities Corp., Mego Mortgage FHA Title I Loan Trust 1996-3,
FHA Title I Loan Asset-Backed Certificates, Series 1996-3).
				(Exact name of registrant as specified in its charter)

600 Steamboat Road Greenwich, Connecticut 06830  (203) 625-2700
- -----------------------------------------------------------------------
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE,
OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)

Mego Mortgage FHA Title I Loan Trust 1996-3, FHA Title I Loan
Asset-Backed Certificates, Series 1996-3
- ------------------------------------------------------------------------------
(TITLE OF EACH CLASS OF SECURITIES COVERED BY THIS FORM)

- -------------------------------------------------------------------------------
(TITLE OF ALL OTHER CLASSES OF SECURITIES FOR WHICH A DUTY TO FILE
 REPORTS UNDER SECTION 13(A) OR 15 (D) REMAINS

PLEASE PLACE AN X IN THE BOX(ES) TO DESIGNATE, THE APPROPRIATE RULE
PROVISION(S) RELIED UPON TO TERMINATE OR SUSPEND THE DUTY TO FILE REPORTS:

	Rule 12g-4 (a) (1) (i)		|  |		Rule 12h-3 (b) (1) (i)		| X |	
	Rule 12g-4 (a) (1) (ii)		|  |		Rule 12h-3 (b) (1) (ii)		|     |
	Rule 12g-4 (a) (2) (i)		|  |		Rule 12h-3 (b) (2) (i)		|     |	
	Rule 12g-4 (a) (2) (ii)		|  |		Rule 12h-3 (b) (2) (ii)		|     |
							Rule 15d-6			| X |

APPROXIMATE NUMBER OF HOLDERS OF RECORD
AS OF THE CERTIFICATION OR NOTICE DATE:	TWELVE

PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934,
 FINANCIAL ASSET SECURITIES CORP.  HAS CAUSED THIS
 CERTIFICATION TO BE SIGNED ON ITS BEHALF
 OF THE UNDERSIGNED DULY AUTHORIZED PERSON.

DATE:		January 25, 1998		By: /s/ Mark LeMay
						    Mark LeMay
						    Vice President 

INSTRUCTION: THIS FORM IS REQUIRED BY RULES 12G-4, 12H-3 AND 15D-6 OF THE 
GENERAL RULES AND REGULATIONS UNDER THE SECURITIES EXCHANGE ACT OF
1934.  THE REGISTRANT SHALL FILE WITH THE COMMISSION THREE COPIES OF FORM
15, ONE OF WHICH SHALL BE MANUALLY SIGNED.  IT MAY BE SIGNED BY AN OFFICER
OF THE REGISTRANT, BY COUNSEL OR BY ANY OTHER DULY AUTHORIZED PERSON.
THE NAME AND TITLE OF THE PERSON SIGNING THE FORM SHALL BE TYPED OR
PRINTED UNDER THE SIGNATURE.