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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) June 28, 1996
FINANCIAL ASSET SECURITIES CORP. (as depositor under the Pooling and
Servicing Agreement, dated as of June 17, 1996, which forms FASCO Auto
Trust 1996-1, which will issue the FASCO Auto Trust 1996-1 Asset Backed
Certificates).
FINANCIAL ASSET SECURITIES CORP.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 333-1548 06-1442101
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
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600 Steamboat Road
Greenwich, Connecticut 06830
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (203) 625-2700
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Item 5. Other Events.
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Incorporation of Certain Documents by Reference
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Pursuant to Rule 411 of Regulation C under the Securities Act of 1933 and
in reliance on Financial Security Assurance Inc., SEC No-Action Letter (July 16,
1993), Financial Asset Securities Corp. (the "Registrant") will incorporate by
reference the financial statements of Financial Security Assurance, Inc., into
the Registrant's registration statement (File No. 333-1548). The financial
statements will be referred to in the prospectus supplement relating to FASCO
Auto Trust 1996-1. In connection with the incorporation of such documents by
reference, the Registrant is hereby filing the consent of Coopers & Lybrand
L.L.P. ("Coopers & Lybrand") to the use of their name in such prospectus
supplement. The consent of Coopers & Lybrand is attached hereto as Exhibit 1.
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Item 7. Financial Statements, Pro Forma Financial
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Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibit:
1. Consent of Coopers & Lybrand L.L.P.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Brian Bernard
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Brian Bernard
Dated: June 28, 1996
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Exhibit Index
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Exhibit Page
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1. Consent of Coopers & Lybrand L.L.P.
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CONSENT of INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus Supplement dated
June 27, 1996 (to Prospectus dated June 21, 1996) of Financial Asset Securities
Corp. relating to Asset Backed Certificates, Class A of FASCO Auto Trust 1996-1
of our report dated January 17, 1996, on our audits of the consolidated
financial statements of Financial Security Assurance Inc. and Subsidiaries as of
December 31, 1995 and 1994, and for each of the three years in the period ended
December 31, 1995. We also consent to the reference to our Firm under the
caption "Experts".
/s/ Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P
New York, New York
June 27, 1996
