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): May 25, 1999
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 May 25,
1999. 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 of Reimburse-
Beginning Prin- ment of Remaining
Balance Principal Interest cipal Losses Balance
FXA-1 0.00 0.00 0.00 0.00 0.00 0.00
FXA-220,166,494.77 16,091.24 130,241.95 0.00 0.00 20,150,403.53
FXA-3 0.00 0.00 0.00 0.00 0.00 0.00
FXA-4 7,748,551.07 1,881,445.34 48,428.44 0.00 0.00 5,867,105.73
FXA-5 5,125,000.00 0.00 33,098.96 0.00 0.00 5,125,000.00
FXA-6 4,001,000.00 0.00 25,839.79 0.00 0.00 4,001,000.00
FXA-7 1,000,000.00 0.00 6,458.33 0.00 0.00 1,000,000.00
FXA-8 2,582,850.35 627,148.45 11,542.11 0.00 0.00 1,955,701.90
FXA-9 2,582,850.35 NA 6,753.08 NA 0.00 1,955,701.90
FXP 66,211.07 113.71 NA 0.00 0.00 66,097.36
FXS 3,987,360.31 NA 25,751.70 NA 0.00 3,832,143.91
A-1 2,635,886.65 1,319,716.55 17,023.43 0.00 0.00 1,316,170.10
A-2 6,962,000.00 0.00 44,962.92 0.00 0.00 6,962,000.00
A-3 1,951,000.00 0.00 12,600.21 0.00 0.00 1,951,000.00
A-4 13,450,166.51 11,896.55 86,865.66 0.00 0.00 13,438,269.96
P 699,260.34 14,539.68 NA 0.00 0.00 684,720.66
S 413,992.04 NA 2,673.70 NA 0.00 372,164.58
B-1 5,102,138.47 4,256.37 32,951.31 0.00 0.00 5,097,882.10
B-2 2,075,446.26 1,731.40 13,403.92 0.00 0.00 2,073,714.86
B-3 1,297,153.56 1,082.13 8,377.45 0.00 0.00 1,296,071.43
B-4 778,291.71 649.28 5,026.47 0.00 0.00 777,642.43
B-5 432,385.18 360.71 2,792.49 0.00 0.00 432,024.47
B-6 582,708.10 477.61 3,763.32 10,306.66 0.00 571,923.83
R 0.00 0.00 0.00 0.00 NA 0.00
RP 0.00 0.00 0.00 0.00 NA 0.00
Beginning Remaining
Class Balance Principal Interest Balance
FXA-1 0.00000 0.00000 0.00000 0.00000
FXA-2 983.73145 0.78494 6.35327 982.94651
FXA-3 0.00000 0.00000 0.00000 0.00000
FXA-4 586.99477 142.52969 3.66872 444.46508
FXA-5 1000.00000 0.00000 6.45833 1000.00000
FXA-6 1000.00000 0.00000 6.45833 1000.00000
FXA-7 1000.00000 0.00000 6.45833 1000.00000
FXA-8 93.35884 22.66870 0.41720 70.69015
FXA-9 93.35884 0.00000 0.24409 70.69015
FXP 813.51374 1.39712 0.00000 812.11663
FXS 408.93147 0.00000 2.64102 393.01295
A-1 60.67266 30.37714 0.39184 30.29551
A-2 1000.00000 0.00000 6.45833 1000.00000
A-3 1000.00000 0.00000 6.45833 1000.00000
A-4 981.76398 0.86836 6.34056 980.89562
P 642.86146 13.36698 0.00000 629.49448
S 344.49958 0.00000 2.22489 309.69326
B-1 982.92365 0.81999 6.34805 982.10367
B-2 982.92366 0.81998 6.34805 982.10368
B-3 982.92367 0.81999 6.34805 982.10369
B-4 982.92363 0.81999 6.34805 982.10364
B-5 982.92368 0.81999 6.34805 982.10370
B-6 827.90441 0.67858 5.34688 812.58225
R 0.00000 0.00000 0.00000 0.00000
RP 0.00000 0.00000 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: May 31, 1999