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.
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 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 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-
Realized ment of
Beginning Loss of Realized Remaining
Class Balance Principal Interest Principal Losses Balance
FXA-1 0 0 0 0 0 0
FXA-2 20316226 14087 131209 0 0 20302140
FXA-3 9972868 644777 61084 0 0 9328091
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 9718987 343881 49455 0 0 9375106
FXA-9 9718987 NA 19387 NA 0 9375106
FXP 72969 58 NA 0 0 72910
FXS 6162138 NA 39797 NA 0 6042116
A-1 25498129 2361790 164675 0 0 23136338
A-2 6962000 0 44963 0 0 6962000
A-3 1951000 0 12600 0 0 1951000
A-4 13561647 10633 87586 0 0 13551015
P 986361 28810 NA 0 0 957551
S 633682 NA 4093 NA 0 608183
B-1 5141855 3754 33208 0 0 5138101
B-2 2091602 1527 13508 0 0 2090075
B-3 1307251 954 8443 0 0 1306296
B-4 784350 573 5066 0 0 783777
B-5 435751 318 2814 0 0 435433
B-6 697202 509 4503 0 0 696693
R 0 0 0 0 NA 0
RP 0 0 0 0 NA 0
Reimbur-
ment of
Beginning Realized Remaining
ClassBalance Principal Interest Losses Balance
FXA-1 0.000000 0.000000 0.000000 0.000000 0.000000
FXA-2 991.035427 0.687146 6.400437 0.000000 990.348281
FXA-3 857.977351 55.470902 5.255112 0.000000 802.506449
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-8 351.299262 12.429807 1.787601 0.000000 338.869455
FXA-9 351.299262 0.000000 0.700769 0.000000 338.869455
FXP 896.540196 0.717419 0.000000 0.000000 895.822777
FXS 631.970027 0.000000 4.081473 0.000000 619.660922
A-1 586.914167 54.363525 3.790487 0.000000 532.550642
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-4 989.901251 0.776104 6.393112 0.000000 989.125147
P 906.806260 26.486383 0.000000 0.000000 880.319877
S 527.312702 0.000000 3.405560 0.000000 506.093391
B-1 990.575002 0.723260 6.397463 0.000000 989.851743
B-2 990.575007 0.723257 6.397462 0.000000 989.851750
B-3 990.575014 0.723261 6.397462 0.000000 989.851753
B-4 990.574997 0.723264 6.397457 0.000000 989.851733
B-5 990.575021 0.723260 6.397475 0.000000 989.851761
B-6 990.575618 0.722996 6.397465 0.000000 989.852622
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: July 27, 1998