Financial Asset Securitization, Inc., Series 1997-2
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: November 1997
Distribution Date: December 26, 1997
Contact: Candy Wachsmuth
Phone: (410) 884-2118
InvestorDirect: (800) 605-4167
DISTRIBUTION STATEMENT
Pass-Through Beginning Interest Interest Principal Ending Total
Class Rate Balance Accrual Distribution Distribution Balance Distribution
- ---------------------------------------------------------------------------------------------------------------------------
A-1 6.14140171% 55,196,194.00 282,485.00 282,485.00 672,299.62 54,523,894.38 954,784.62
TOTALS 55,196,194.00 282,485.00 282,485.00 672,299.62 54,523,894.38 954,784.62
PAYMENTS PER $1,000 DENOMINATION
Beginning Beginning Ending
Original Principal Principal Interest Principal Ending Principal
Class Balance Balance Factor Distribution Distribution Balance Factor
- ------------------------------------------------------------------------------------------------------------------------------
A-1 55,196,194.00 55,196,194.00 1.00000000 5.11783476 12.18018076 54,523,894.38 0.9878198192
TOTALS 55,196,194.00 55,196,194.00 1.00000000 5.11783476 12.18018076 54,523,904.38 0.98781982
PRINCIPAL DISTRIBUTION DETAIL
Class Beginning Balance Principal Distribution Ending Balance
- -----------------------------------------------------------------------------------------------------------------------
A-1 55,196,194.00 672,299.62 54,523,894.38
TOTALS 55,196,194.00 672,299.62 54,523,894.38
INTEREST DISTRIBUTION DETAIL
Class Pass-Through Rate Beginning Balance Interest Distribuiton
- ------------------------------------------------------------------------------------------------------
A-1 6.14140171% 55,196,194.00 282,485.00
TOTALS 55,196,194.00 282,485.00
FUND ACCOUNTS ACTIVITY SUMMARY
Asset Proceeds Account
Beginning Balance 0.00
Deposits
Total Interest from Securities 283,404.14
Total Principal from Securities 672,300.41
Reinvestment Income 0.00
Transfer from Trustee Fee Excrow Account 0.00
Total Deposits 955,704.55
Withdrawals
Trustee Fee (804.94)
Transfer toTrustee Fee Excrow Account (114.99)
Principal Payment (672,299.62)
Interest Payments (282,485.00)
Total Withdrawals (955,704.55)
Ending Balance 0.00
Trustee Fee Escrow Account
Beginning Balance 0.00
Deposits
Transfer from Collection Account 114.99
Total Deposits 114.99
Withdrawals
Transfer to Asset Proceeds Account 0.00
Total Withdrawals 0.00
Ending Balance 114.99
COLLATERAL SUMMARY
POOLED CERTIFICATES and TREASURY SECURITIES
Beginning Beginning
Pooled Notional Principal Interest Interest
Certificate Balance Balance Rate Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
Multiclass Mortgage Participation Certificates, Series 1381, Class E - 9,538,686.95 6.25% 49,680.66
Multiclass Mortgage Participation Certificates, Series 1578, Class Z - 5,846,021.77 7.00% 34,101.61
Multiclass Mortgage Participation Certificates, Series 1591, Class SC - 8,012,030.47 3.41% 22,770.72
Multiclass Mortgage Participation Certificates, Series 1723, Class SB - 1,681,455.80 3.50% 4,904.25
Multiclass Mortgage Participation Certificates, Series 1930, Class SF 4,814,507.00 - 6.89% 27,663.35
Multiclass Mortgage Securities, Series 2003, Class Z - 3,019,999.80 8.00% 20,133.30
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1997-78, Class Z - 22,098,000.00 0.00% 0.00
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1997-G5, Class SH 1,915,500.00 - 2.60% 4,150.25
United States Treasury Security (to pay Principal) - 1,250,000.00 N/A 0.00
United States Treasury Security (to pay Principal) - 1,250,000.00 N/A 0.00
United States Treasury Security (to pay Principal) - 1,250,000.00 N/A 0.00
United States Treasury Security (to pay Principal) - 1,250,000.00 N/A 0.00
United States Treasury Security (to pay Interest) 120,000.00 - N/A 120,000.00
United States Treasury Security (to pay Interest) 120,000.00 - N/A 0.00
United States Treasury Security (to pay Interest) 120,000.00 - N/A 0.00
TOTALS 55,196,194.79 283,404.14
Ending Ending
Pooled Principal Total Notional Principal
Certificate Distribution Distribution Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------------
Multiclass Mortgage Participation Certificates, Series 1381, Class E 726,535.32 776,215.98 - 8,812,151.63
Multiclass Mortgage Participation Certificates, Series 1578, Class Z (34,101.61) 0.00 - 5,880,123.38
Multiclass Mortgage Participation Certificates, Series 1591, Class SC 0.00 22,770.72 - 8,012,030.47
Multiclass Mortgage Participation Certificates, Series 1723, Class SB 0.00 4,904.25 - 1,681,455.80
Multiclass Mortgage Participation Certificates, Series 1930, Class SF 0.00 27,663.35 4,814,507.00 -
Multiclass Mortgage Securities, Series 2003, Class Z (20,133.30) 0.00 - 3,040,133.10
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1997-78, Class Z 0.00 0.00 - 22,098,000.00
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1997-G5, Class SH 0.00 4,150.25 1,915,500.00 -
United States Treasury Security (to pay Principal) 0.00 0.00 - 1,250,000.00
United States Treasury Security (to pay Principal) 0.00 0.00 - 1,250,000.00
United States Treasury Security (to pay Principal) 0.00 0.00 - 1,250,000.00
United States Treasury Security (to pay Principal) 0.00 0.00 - 1,250,000.00
United States Treasury Security (to pay Interest) 0.00 120,000.00 0.00 -
United States Treasury Security (to pay Interest) 0.00 0.00 120,000.00 -
United States Treasury Security (to pay Interest) 0.00 0.00 120,000.00 -
672,300.41 955,704.55 54,523,894.38
TOTALS