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): September 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 September 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.
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 20287747 14545 131025 0 0 20273202
FXA-3 7864216 2271906 48168 0 0 5592310
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 8594373 1211683 43677 0 0 7382690
FXA-9 8594373 NA 17200 NA 0 7382690
FXP 72846 59 NA 0 0 72787
FXS 5835496 NA 37688 NA 0 5501833
A-1 21430439 1511132 138405 0 0 19919307
A-2 6962000 0 44963 0 0 6962000
A-3 1951000 0 12600 0 0 1951000
A-4 13540270 10846 87448 0 0 13529424
P 931108 1908 NA 0 0 929200
S 599956 NA 3875 NA 0 584833
B-1 5134283 3856 33159 0 0 5130427
B-2 2088522 1569 13488 0 0 2086953
B-3 1305326 980 8430 0 0 1304346
B-4 783195 588 5058 0 0 782607
B-5 435109 327 2810 0 0 434783
B-6 696175 523 4496 0 0 695653
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-2 989.646215 0.709529 6.391465 0.000000 988.936685
FXA-3 676.567563 195.454673 4.143976 0.000000 481.112891
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-8 310.649326 43.797085 1.578730 0.000000 266.852241
FXA-9 310.649326 0.000000 0.621703 0.000000 266.852241
FXP 895.038887 0.727125 0.000000 0.000000 894.311762
FXS 598.470593 0.000000 3.865123 0.000000 564.251104
A-1 493.284371 34.783124 3.185795 0.000000 458.501247
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-4 988.340868 0.791689 6.383035 0.000000 987.549179
P 856.009464 1.754009 0.000000 0.000000 854.255455
S 499.247612 0.000000 3.224303 0.000000 486.663466
B-1 989.116302 0.742883 6.388042 0.000000 988.373419
B-2 989.116307 0.742883 6.388042 0.000000 988.373424
B-3 989.116315 0.742880 6.388043 0.000000 988.373435
B-4 989.116294 0.742877 6.388049 0.000000 988.373416
B-5 989.116316 0.742878 6.388041 0.000000 988.373437
B-6 989.117336 0.742845 6.388045 0.000000 988.374491
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: September 25, 1998