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): 9/27/99
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 Number)
901 East Byrd Street Richmond, Virginia 23219
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (804) 344-7575
Item 5Other Events
On June 26, 1997, the Registrant caused the issuance and sale of
$218,066,950 aggregate initial principal amont of Mortgage Participation
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 conventional,
one to four-family fixed rate, first-lien Mortgage Loans (the "Mortgage Loans")
transferred to the Trust by 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 June1, 1997, by and
between the Registrant DLJMC the Trustee has caused to be filed with the
Commission, the Monthly Report dated September 27, 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? NONE
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
Certificate Holders: 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.
1Monthly Distribution Report dated 9/27/99
Reimbur-
Realized ment of
Beginning Loss of Realized Remaining
Class Balance Principal Interest Principal Losses Balance
FXA-1 $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 $1,733,625.00
FXA-3 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
FXA-4 $6,039,741.76 $1,453,636.41 $37,245.07 $0.00 $0.00 $4,586,105.35
FXA-5 $4,545,000.00 $0.00 $29,163.75 $0.00 $0.00 $4,545,000.00
FXA-6 $6,223,000.00 $0.00 $40,190.21 $0.00 $0.00 $6,223,000.00
FXA-7 $1,400,000.00 $0.00 $9,333.33 $0.00 $0.00 $1,400,000.00
FXA-8 $3,269,455.31 $436,011.20 $27,245.46 $0.00 $0.00 $2,833,444.11
FXA-9 $7,272,000.00 $0.00 $43,935.00 $0.00 $0.00 $7,272,000.00
FXA-10$9,042,000.00 $0.00 $54,628.75 $0.00 $0.00 $9,042,000.00
FXA-11$2,178,000.00 $0.00 $13,158.75 $0.00 $0.00 $2,178,000.00
FXP $105,280.49 $100.92 NA $0.00 $0.00 $105,179.57
FXS $3,666,591.81 NA $24,443.95 NA $0.00 $3,511,488.65
A-1 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
A-2 $1,967,558.09 $437,173.16 $11,887.33 $0.00 $0.00 $1,530,384.93
A-3 $2,173,000.00 $0.00 $14,033.96 $0.00 $0.00 $2,173,000.00
A-4 $1,650,290.00 NA $10,658.12 NA $0.00 $1,650,290.00
A-5 $786,852.40 $174,831.53 $5,901.39 $0.00 $0.00 $612,020.87
A-6 $7,912,000.00 $0.00 $46,153.33 $0.00 $0.00 $7,912,000.00
A-7 $2,283,000.00 $0.00 $13,317.50 $0.00 $0.00 $2,283,000.00
A-8 $6,858,000.00 $0.00 $40,005.00 $0.00 $0.00 $6,858,000.00
P $410,876.67 $30,132.50 NA $0.00 $0.00 $380,744.17
S $613,964.34 NA $3,965.19 NA $0.00 $613,440.44
B-1 $6,956,287.26 $5,731.75 $45,699.12 $0.00 $0.00 $6,950,555.51
B-2 $2,675,494.57 $2,204.52 $17,576.58 $0.00 $0.00 $2,673,290.05
B-3 $1,498,276.79 $1,234.53 $9,842.88 $0.00 $0.00 $1,497,042.26
B-4 $1,005,985.62 $828.90 $6,608.79 $0.00 $0.00 $1,005,156.72
B-5 $535,098.70 $440.90 $3,515.32 $0.00 $0.00 $534,657.80
B-6 $706,335.74 $582.00 $4,640.25 $0.00 $0.00 $705,753.74
R $0.00 $0.00 $0.00 $0.00 NA $0.00
RP $0.00 $0.00 $3.73 $0.00 NA $0.00
Interest
Beginning Principal Amount Remaining
Class Balance Distributed DistributiedBalance
FXA-1 0.00000 0.00000 0.00000 0.00000
FXA-2 1000.00000 0.00000 6.666671000.00000
FXA-3 0.00000 0.00000 0.00000 0.00000
FXA-4 367.20220 88.37770 2.26441 278.82450
FXA-5 1000.00000 0.00000 6.416671000.00000
FXA-6 1000.00000 0.00000 6.458331000.00000
FXA-7 1000.00000 0.00000 6.666661000.00000
FXA-8 134.42920 17.92734 1.12024 116.50186
FXA-9 1000.00000 0.00000 6.041671000.00000
FXA-10 1000.00000 0.00000 6.041671000.00000
FXA-11 1000.00000 0.00000 6.041671000.00000
FXP 519.14481 0.49764 0.00000 518.64716
FXS 400.10194 0.00000 2.66735 383.17694
A-1 0.00000 0.00000 0.00000 0.00000
A-2 271.72464 60.37469 1.64167 211.34994
A-3 1000.00000 0.00000 6.458331000.00000
A-4 1000.00000 0.00000 6.458331000.00000
A-5 36.47153 8.10365 0.27354 28.36788
A-6 1000.00000 0.00000 5.833331000.00000
A-7 1000.00000 0.00000 5.833331000.00000
A-8 1000.00000 0.00000 5.833331000.00000
P 572.17752 41.96184 0.00000 530.21568
S 216.40110 0.00000 1.39759 216.21645
B-1 981.53175 0.80875 6.44814 980.72300
B-2 981.53175 0.80875 6.44814 980.72300
B-3 981.53174 0.80875 6.44814 980.72299
B-4 981.53174 0.80875 6.44814 980.72299
B-5 981.53171 0.80874 6.44815 980.72297
B-6 981.53171 0.80875 6.44814 980.72296
R 0.00000 0.00000 0.00000 0.00000
RP 0.00000 0.00000 149.20000 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: 9/30/99