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): February 25, 1998
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 February 25,
1998. 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.
Reimbur-ment ofRealized
Beginning Loss of Realized Interest Remaining
Class Balance Principal Interest Principal Losses Shortfall Balance
FXA-1 5267125 776472 30286 0 0 0 4490653
FXA-2 20385232 13442 131655 0 0 0 20371789
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 16568837 880001 83556 0 0 0 15688836
FXA-9 16568837 NA 33807 NA 0 0 15688836
FXP 80773 74 NA 0 0 NA 80700
FXS 7296505 NA 47123 NA 0 0 7117874
A-1 36634060 1610697 236595 0 0 0 35023363
A-2 6962000 0 44963 0 0 0 6962000
A-3 1951000 0 12600 0 0 0 1951000
A-4 13613178 10107 87918 0 0 0 13603071
P 1064007 16844 NA 0 0 NA 1047162
S 923781 NA 5966 NA 0 0 896409
B-1 5160161 3577 33326 0 0 0 5156584
B-2 2099048 1455 13556 0 0 0 2097594
B-3 1311905 909 8473 0 0 0 1310996
B-4 787143 546 5084 0 0 0 786597
B-5 437302 303 2824 0 0 0 436999
B-6 699684 485 4519 0 0 0 699199
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-1 349.775365 51.563364 2.011208 0.000000 298.212001
FXA-2 994.401539 0.655731 6.422177 0.000000 993.745807
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-8 598.891644 31.808232 3.020190 0.000000 567.083411
FXA-9 598.891644 0.000000 1.221958 0.000000 567.083411
FXP 992.436693 0.908108 0.000000 0.000000 991.528585
FXS 748.307246 0.000000 4.832817 0.000000 729.987392
A-1 843.240281 37.074922 5.445927 0.000000 806.165359
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-4 993.662598 0.737743 6.417404 0.000000 992.924855
P 978.189148 15.485842 0.000000 0.000000 962.703306
S 768.715616 0.000000 4.964626 0.000000 745.937906
B-1 994.101559 0.689024 6.420240 0.000000 993.412535
B-2 994.101562 0.689026 6.420237 0.000000 993.412536
B-3 994.101565 0.689026 6.420240 0.000000 993.412539
B-4 994.101562 0.689026 6.420241 0.000000 993.412536
B-5 994.101574 0.689025 6.420230 0.000000 993.412549
B-6 994.101757 0.689025 6.420241 0.000000 993.412732
R 0.000000 0.000000 0.000000 0.000000 0.000000
RP 0.000000 0.000000 1.200000 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: February 25, 1998