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): November 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 November 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.
Loss ofReimburse-
Beginning Prin- ment of Remaining
Class Balance Principal Interest cipal Losses Balance
FXA-1 0.00 0.00 0.00 0.00 0.00 0.00
FXA-220258504.61 14852.04 130836.18 0.00 0.00 20243652.57
FXA-3 4616554.93 1519049.17 28276.40 0.00 0.00 3097505.76
FXA-413200375.00 0.00 82502.34 0.00 0.00 13200375.00
FXA-5 5125000.00 0.00 33098.96 0.00 0.00 5125000.00
FXA-6 4001000.00 0.00 25839.79 0.00 0.00 4001000.00
FXA-7 1000000.00 0.00 6458.33 0.00 0.00 1000000.00
FXA-8 6862287.42 810159.49 32420.76 0.00 0.00 6052127.93
FXA-9 6862287.42 NA 16187.11 NA 0.00 6052127.93
FXP 72722.40 5942.87 NA 0.00 0.00 66779.53
FXS 5342318.69 NA 34502.47 NA 0.00 5141579.77
A-1 17307671.62 1909833.25 111778.71 0.00 0.00 15397838.37
A-2 6962000.00 0.00 44962.92 0.00 0.00 6962000.00
A-3 1951000.00 0.00 12600.21 0.00 0.00 1951000.00
A-4 13518478.18 11096.51 87306.84 0.00 0.00 13507381.67
P 909602.09 21784.55 NA 0.00 0.00 887817.54
S 530535.55 NA 3426.38 NA 0.00 516451.36
B-1 5126532.69 3940.78 33108.86 0.00 0.00 5122591.91
B-2 2085369.33 1603.03 13468.01 0.00 0.00 2083766.30
B-3 1303355.47 1001.89 8417.50 0.00 0.00 1302353.58
B-4 782012.87 601.14 5050.50 0.00 0.00 781411.73
B-5 434452.48 333.96 2805.84 0.00 0.00 434118.52
B-6 695124.54 534.27 4489.35 0.00 0.00 694590.27
R 0.00 0.00 0.00 0.00 NA 0.00
RP 0.00 0.00 0.00 0.00 NA 0.00
Reimbur-
ment of
Beginning Realized Remaining
Class Balance Principal Losses InterestBalance
FXA-1 0.00000 0.000000 0.0000 0.00000 0.000000
FXA-2 988.21974 0.724490 0.0000 6.38225 987.495247
FXA-3 397.16756 130.685556 0.0000 2.43265 266.482000
FXA-4 1000.00000 0.000000 0.0000 6.25000 1000.000000
FXA-5 1000.00000 0.000000 0.0000 6.45833 1000.000000
FXA-6 1000.00000 0.000000 0.0000 6.45833 1000.000000
FXA-7 1000.00000 0.000000 0.0000 6.45833 1000.000000
FXA-8 248.04194 29.283753 0.0000 1.17187 218.758188
FXA-9 248.04194 0.000000 0.0000 0.58509 218.758188
FXP 893.51632 73.018098 0.0000 0.00000 820.498225
FXS 547.89185 0.000000 0.0000 3.53847 527.304685
A-1 398.38679 43.960410 0.0000 2.57291 354.426383
A-2 1000.00000 0.000000 0.0000 6.45833 1000.000000
A-3 1000.00000 0.000000 0.0000 6.45833 1000.000000
A-4 986.75023 0.809964 0.0000 6.37276 985.940268
P 836.23809 20.027516 0.0000 0.00000 816.210570
S 441.48017 0.000000 0.0000 2.85123 429.760144
B-1 987.62318 0.759189 0.0000 6.37840 986.863994
B-2 987.62319 0.759189 0.0000 6.37840 986.864002
B-3 987.62320 0.759186 0.0000 6.37840 986.864011
B-4 987.62318 0.759194 0.0000 6.37840 986.863982
B-5 987.62319 0.759178 0.0000 6.37840 986.864016
B-6 987.62429 0.759084 0.0000 6.37841 986.865203
R 0.00000 0.000000 0.0000 0.00000 0.000000
RP 0.00000 0.000000 0.0000 0.00000 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: November 25, 1998