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): July 27, 1998
Financial Asset Securitization, Inc.
(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 June 26, 1997, the Registrant caused the issuance and sale of $218,066,950
aggregate initial principal amount of Mortgage Particiption Securities,
Series 1997-NAMC 2 (the "Securities"),pursuant to the Series 1997-2 NAMC 2
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"),
dated as of June 1, 1997, by and among the Registrant, North American Mortgage
Company, as Master Servicer, and The First National Bank of Chicago, as
Trustee.
The Securities evidence, in the aggregate, the entire beneficial ownership
interest in a trust (the "Trust"), which consists primarily of two pools
of conventional, one- to four-family, fixed rate, first-lien Mortgage Loans
(the "Mortgage Loans") transferred to the Trust by the Registrant pursuant
to the Pooling and Servicing Agreement. The Mortgage Loans were purchased
by the Registrant in a privately-negotiated transaction with North
American Mortgage Company pursuant to a Loan Sale Agreement (the "Sales
Agreement"), dated as of June 1, 1997, by and between the Registrant DLJMC
The Trustee has caused to be filed with the Commission, the Monthly Report
dated July 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 July 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 July 27, 1998.
Reimbur-
Realized ment of Interest
Beginning Loss of Realized Short- Remaining
Class Balance Principal Interest Principal Losses fall Balance
FXA-1 232711.00 232711.00 1328.39 0.00 0.00 0.00 0.00
FXA-2 1733625.00 NA 11557.50 NA 0.00 0.00 1733625.00
FXA-3 15761954.00 3032009.92 95885.22 0.00 0.00 0.00 12729944.08
FXA-4 16448000.00 0.00 101429.33 0.00 0.00 0.00 16448000.00
FXA-5 4545000.00 0.00 29163.75 0.00 0.00 0.00 4545000.00
FXA-6 6223000.00 0.00 40190.21 0.00 0.00 0.00 6223000.00
FXA-7 1400000.00 0.00 9333.33 0.00 0.00 0.00 1400000.00
FXA-8 12041854.82 1195012.31 100348.79 0.00 0.00 0.00 10846842.51
FXA-9 7272000.00 0.00 43935.00 0.00 0.00 0.00 7272000.00
FXA-10 9042000.00 0.00 54628.75 0.00 0.00 0.00 9042000.00
FXA-11 2178000.00 0.00 13158.75 0.00 0.00 0.00 2178000.00
FXP 196887.60 10098.07 NA 0.00 0.00 NA 186789.53
FXS 6024135.82 NA 40160.91 NA 0.00 0.00 5800853.74
A-1 23798329.06 2913584.16 143781.57 0.00 0.00 0.00 20884744.90
A-2 7241000.00 0.00 43747.71 0.00 0.00 0.00 7241000.00
A-3 2173000.00 0.00 14033.96 0.00 0.00 0.00 2173000.00
A-4 1650290.00 NA 10658.12 NA 0.00 0.00 1650290.00
A-5 12415105.81 1165433.69 93113.29 0.00 0.00 0.00 11249672.12
A-6 7912000.00 0.00 46153.33 0.00 0.00 0.00 7912000.00
A-7 2283000.00 0.00 13317.50 0.00 0.00 0.00 2283000.00
A-8 6858000.00 0.00 40005.00 0.00 0.00 0.00 6858000.00
P 665145.43 11086.94 NA 0.00 0.00 NA 654058.49
S 1497594.98 NA 9671.97 NA 0.00 0.00 1397916.06
B-1 7031034.54 5011.44 46189.89 0.00 0.00 0.00 7026023.10
B-2 2704243.52 1927.48 17765.34 0.00 0.00 0.00 2702316.04
B-3 1514376.20 1079.39 9948.59 0.00 0.00 0.00 1513296.81
B-4 1016795.23 724.73 6679.77 0.00 0.00 0.00 1016070.50
B-5 540848.50 385.49 3553.07 0.00 0.00 0.00 540463.01
B-6 713925.53 508.86 4690.08 0.00 0.00 0.00 713416.67
R 0.00 0.00 0.00 0.00 NA 0.00 0.00
RP 0.00 0.00 5.01 0.00 NA 0.00 0.00
Reimburse
Interest ment of
Beginning Principal Amount Realized Remaining
Class Balance DistributedDistributed Losses Balance
FXA-1 10.779755 10.77975 0.061534 0.00000 0.00000
FXA-2 1000.000000 0.00000 6.666667 0.00000 1000.00000
FXA-3 1000.000000 192.36257 6.083333 0.00000 807.63743
FXA-4 1000.000000 0.00000 6.166666 0.00000 1000.00000
FXA-5 1000.000000 0.00000 6.416667 0.00000 1000.00000
FXA-6 1000.000000 0.00000 6.458334 0.00000 1000.00000
FXA-7 1000.000000 0.00000 6.666664 0.00000 1000.00000
FXA-8 495.121291 49.13496 4.126011 0.00000 445.98633
FXA-9 1000.000000 0.00000 6.041667 0.00000 1000.00000
FXA-101000.000000 0.00000 6.041667 0.00000 1000.00000
FXA-111000.000000 0.00000 6.041667 0.00000 1000.00000
FXP 970.865303 49.79423 0.000000 0.00000 921.07108
FXS 657.359358 0.00000 4.382396 0.00000 632.99461
A-1 509.636873 62.39387 3.079056 0.00000 447.24300
A-2 1000.000000 0.00000 6.041667 0.00000 1000.00000
A-3 1000.000000 0.00000 6.458334 0.00000 1000.00000
A-4 1000.000000 0.00000 6.458332 0.00000 1000.00000
A-5 575.454638 54.01921 4.315910 0.00000 521.43543
A-6 1000.000000 0.00000 5.833333 0.00000 1000.00000
A-7 1000.000000 0.00000 5.833333 0.00000 1000.00000
A-8 1000.000000 0.00000 5.833333 0.00000 1000.00000
P 926.266417 15.43942 0.000000 0.00000 910.82700
S 527.850212 0.00000 3.409033 0.00000 492.71686
B-1 992.078584 0.70711 6.517391 0.00000 991.37147
B-2 992.078584 0.70712 6.517391 0.00000 991.37147
B-3 992.078576 0.70712 6.517392 0.00000 991.37146
B-4 992.078584 0.70711 6.517396 0.00000 991.37147
B-5 992.078574 0.70710 6.517397 0.00000 991.37147
B-6 992.078566 0.70712 6.517385 0.00000 991.37145
R 0.000000 0.00000 0.000000 0.00000 0.00000
RP 0.000000 0.00000 200.400000 0.00000 0.00000
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: July 31, 1998