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. 		 (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 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 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 May 25, 1999. Reimbur- Realizement of Interest Beginning Loss ofRealized Short- Remaining Class Balance Principal Interest PrincipLosses Fall Balance FXA-1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 FXA-2 1,733,625.00 NA 11,557.50 NA 0.00 0.00 1,733,625.00 FXA-3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 FXA-4 11,942,267.37 2,103,521.03 73,643.98 0.00 0.00 0.00 9,838,746.34 FXA-5 4,545,000.00 0.00 29,163.75 0.00 0.00 0.00 4,545,000.00 FXA-6 6,223,000.00 0.00 40,190.21 0.00 0.00 0.00 6,223,000.00 FXA-7 1,400,000.00 0.00 9,333.33 0.00 0.00 0.00 1,400,000.00 FXA-8 5,039,889.30 630,940.95 41,999.08 0.00 0.00 0.00 4,408,948.35 FXA-9 7,272,000.00 0.00 43,935.00 0.00 0.00 0.00 7,272,000.00 FXA-10 9,042,000.00 0.00 54,628.75 0.00 0.00 0.00 9,042,000.00 FXA-11 2,178,000.00 0.00 13,158.75 0.00 0.00 0.00 2,178,000.00 FXP 128,251.68 22,239.99 NA 0.00 0.00 NA 106,011.69 FXS 4,189,345.07 NA 27,928.97 NA 0.00 0.00 4,032,986.70 A-1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-2 6,240,782.78 1,328,431.16 37,704.73 0.00 0.00 0.00 4,912,351.62 A-3 2,173,000.00 0.00 14,033.96 0.00 0.00 0.00 2,173,000.00 A-4 1,650,290.00 NA 10,658.12 NA 0.00 0.00 1,650,290.00 A-5 2,495,773.43 531,257.80 18,718.30 0.00 0.00 0.00 1,964,515.63 A-6 7,912,000.00 0.00 46,153.33 0.00 0.00 0.00 7,912,000.00 A-7 2,283,000.00 0.00 13,317.50 0.00 0.00 0.00 2,283,000.00 A-8 6,858,000.00 0.00 40,005.00 0.00 0.00 0.00 6,858,000.00 P 475,520.58 36,868.08 NA 0.00 0.00 NA 438,652.50 S 704,795.38 NA 4,551.80 NA 0.00 0.00 683,656.99 B-1 6,978,662.29 5,465.82 45,846.04 0.00 0.00 0.00 6,973,196.47 B-2 2,684,100.35 2,102.24 17,633.09 0.00 0.00 0.00 2,681,998.11 B-3 1,503,096.02 1,177.25 9,874.53 0.00 0.00 0.00 1,501,918.77 B-4 1,009,221.39 790.44 6,630.04 0.00 0.00 0.00 1,008,430.95 B-5 536,819.86 420.45 3,526.62 0.00 0.00 0.00 536,399.41 B-6 708,607.68 554.99 4,655.17 0.00 0.00 0.00 708,052.69 R 0.00 0.00 0.00 0.00 NA 0.00 0.00 RP 0.00 0.00 4.49 0.00 NA 0.00 0.00 Reimbur- Interest ment of Beginning Principal Amount Realize Remaining Class Balance Distributed Distribut Losses Balance FXA-1 0.00000 0.00000 0.00000 0.000 0.00000 FXA-2 1000.00000 0.00000 6.66667 0.000 1000.00000 FXA-3 0.00000 0.00000 0.00000 0.000 0.00000 FXA-4 726.06198 127.88917 4.47738 0.000 598.17281 FXA-5 1000.00000 0.00000 6.41667 0.000 1000.00000 FXA-6 1000.00000 0.00000 6.45833 0.000 1000.00000 FXA-7 1000.00000 0.00000 6.66666 0.000 1000.00000 FXA-8 207.22360 25.94221 1.72686 0.000 181.28139 FXA-9 1000.00000 0.00000 6.04167 0.000 1000.00000 FXA-10 1000.00000 0.00000 6.04167 0.000 1000.00000 FXA-11 1000.00000 0.00000 6.04167 0.000 1000.00000 FXP 632.41721 109.66681 0.00000 0.000 522.75040 FXS 457.14527 0.00000 3.04764 0.000 440.08330 A-1 0.00000 0.00000 0.00000 0.000 0.00000 A-2 861.86753 183.45963 5.20712 0.000 678.40790 A-3 1000.00000 0.00000 6.45833 0.000 1000.00000 A-4 1000.00000 0.00000 6.45833 0.000 1000.00000 A-5 115.68201 24.62442 0.86762 0.000 91.05759 A-6 1000.00000 0.00000 5.83333 0.000 1000.00000 A-7 1000.00000 0.00000 5.83333 0.000 1000.00000 A-8 1000.00000 0.00000 5.83333 0.000 1000.00000 P 662.19916 51.34165 0.00000 0.000 610.85751 S 248.41589 0.00000 1.60435 0.000 240.96534 B-1 984.68886 0.77123 6.46887 0.000 983.91764 B-2 984.68886 0.77123 6.46887 0.000 983.91763 B-3 984.68885 0.77122 6.46887 0.000 983.91763 B-4 984.68885 0.77123 6.46887 0.000 983.91763 B-5 984.68884 0.77123 6.46888 0.000 983.91761 B-6 984.68882 0.77122 6.46887 0.000 983.91760 R 0.00000 0.00000 0.00000 0.000 0.00000 RP 0.00000 0.00000179.60000 0.000 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