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): April 27, 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 April 27,
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.
Reimburse
ment of
Beginning Loss of Realized
Remaining
Class Balance Principal Interest Principal Losses
Balance
FXA-1 3447351 1387777 19822 0 0
2059574
FXA-2 20358203 13841 131480 0 0
20344362
FXA-3 11623696 0 71195 0 0
11623696
FXA-4 13200375 0 82502 0 0
13200375
FXA-5 5125000 0 33099 0 0
5125000
FXA-6 4001000 0 25840 0 0
4001000
FXA-7 1000000 0 6458 0 0
1000000
FXA-8 14506427 1572814 74194 0 0
12933612
FXA-9 14506427 NA 28560 NA 0
12933612
FXP 79988 62 NA 0 0
79926
FXS 6970258 NA 45016 NA 0
6685037
A-1 32715131 3272543 211285 0 0
29442587
A-2 6962000 0 44963 0 0
6962000
A-3 1951000 0 12600 0 0
1951000
A-4 13592871 10290 87787 0 0
13582581
P 1029612 1592 NA 0 0
1028020
S 836204 NA 5400 NA 0
741082
B-1 5152972 3665 33280 0 0
5149307
B-2 2096124 1491 13537 0 0
2094633
B-3 1310077 932 8461 0 0
1309146
B-4 786046 559 5077 0 0
785487
B-5 436693 311 2820 0 0
436383
B-6 698709 497 4513 0 0
698212
R 0 0 0 0 NA
0
RP 0 0 0 0 NA 0
Reimbur
ment of
Beginning Realized Remaining
Class Balance Principal Interest Losses Balance
FXA-1 228.929140 92.158494 1.316343 0.000000 136.770647
FXA-2 993.083073 0.675152 6.413661 0.000000 992.407921
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-8 524.344436 56.850417 2.681803 0.000000 467.494019
FXA-9 524.344436 0.000000 1.032303 0.000000 467.494019
FXP 982.789198 0.767548 0.000000 0.000000 982.021649
FXS 714.848370 0.000000 4.616729 0.000000 685.596952
A-1 753.034621 75.327177 4.863349 0.000000 677.707444
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-4 992.180380 0.751109 6.407831 0.000000 991.429271
P 946.568361 1.463496 0.000000 0.000000 945.104865
S 695.839572 0.000000 4.493967 0.000000 616.684469
B-1 992.716618 0.705987 6.411295 0.000000 992.010631
B-2 992.716619 0.705985 6.411296 0.000000 992.010634
B-3 992.716625 0.705985 6.411298 0.000000 992.010640
B-4 992.716614 0.705987 6.411299 0.000000 992.010626
B-5 992.716636 0.705983 6.411296 0.000000 992.010652
B-6 992.716958 0.705989 6.411304 0.000000 992.010968
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: April 27, 1998