<PAGE>
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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 14, 1996
FINANCIAL ASSET SECURITIES CORP., (as depositor under the Pooling
and Servicing Agreement, dated as of June 21, 1996, which forms Cityscape
Home Equity Loan Trust 1996-2, which will issue the Cityscape Home Equity
Loan Trust 1996-2, Home Equity Loan Pass-Through Certificates, Series 1996-
2).
FINANCIAL ASSET SECURITIES CORP.
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(Exact name of registrant as specified in its charter)
Delaware 33-99018 Applied For
- ---------------------------- ------------- -------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
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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Filing of Derived Materials.[FN]
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In connection with the offering of the Cityscape Home Equity Loan Pass-
Through Certificates, Series 1996-2, Greenwich Capital Markets, Inc. as
underwriter of the Certificates (the "Underwriter"), has prepared certain
materials (the "Derived Materials") for distribution to its potential
investors. Although the Registrant provided the Underwriter with certain
information regarding the characteristics of the Loans in the related
portfolio, it did not participate in the preparation of the Derived
Materials.
For purposes of this Form 8-K, Derived Materials shall mean computer
generated tables and/or charts displaying, with respect to the Certificates,
any of the following: yield; average life, duration; expected maturity;
interest rate sensitivity; loss sensitivity; cash flow characteristics;
background information regarding the Loans; the proposed structure; decrement
tables; or similar information (tabular or otherwise) of a statistical,
mathematical, tabular or computational nature, as well as certain matters
relating to the collateral for such transaction. The Derived Materials are
attached hereto as Exhibit 1.
[FN] Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated March 20, 1996, and
the Prospectus Supplement dated March 22, 1996, of Financial Asset
Securities Corp., relating to its Cityscape Home Equity Loan
Trust 1996-1, Home Equity Loan Pass-Through Certificates.
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Item 7. Financial Statements, Pro Forma Financial
- ---- -----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibit:
1. Derived Materials
3
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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/ Peter McMullen
----------------------------
Peter McMullen
Dated: June 14, 1996
4
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Exhibit Index
-------------
Exhibit Page
- ------- ----
1. Derived Materials
5
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EXHIBIT 1
6
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This Preliminary Term Sheet is provided for information purposes only,
and does not constitute an offer to sell, nor a solicitation of an offer to
buy, the referenced securities. It does not purport to be all-inclusive or
to contain all of the information that a prospective investor may require to
make a full analysis of the transaction. All amounts are approximate and
subject to change. The information contained herein supersedes information
contained in any prior information term sheet for this transaction. In
addition, the information contained herein may be superseded by information
contained in term sheets circulated after the date hereof and is qualified
in its entirety by information contained in the Prospectus Supplement for
this transaction. An offering may only be made through the delivery of a
Prospectus Supplement and the related Prospectus.
DATE: 6/14/96
GREENWICH CAPITAL MARKETS, INC.
PRELIMINARY TERM SHEET
$251,948,187 (APPROX.)
FIXED RATE, SEQUENTIAL PAYING
CITYSCAPE HOME EQUITY LOAN TRUST, SERIES 1996-2
<TABLE>
<CAPTION>
Class Amount WAL (yrs) Window Price Talk
<S> <C> <C> <C> <C>
A-1 $114,500,000 1.10 01-26 +60 area
A-2 $61,950,000 3.10 26-51 +70 area
A-3 $31,450,000 5.10 51-74 +90-95
A-4 $20,760,000 7.10 74-100 +105-108
A-5 $23,288,187 11.05 100-178 +125-130
</TABLE>
Underwriter: GREENWICH CAPITAL MARKETS, INC. (SOLE UNDERWRITER)
Seller and Servicer: Cityscape Corp.
Depositor: Financial Asset Securities Corp.
Trustee: Harris Trust and Savings Bank
Federal Tax Status An election will be made to treat the Trust as a
REMIC.
Registration: The Certificates will be available in book-entry
form through DTC.
Pricing Date: TBD
Settlement Date: Thursday, June 27, 1996 (expected)[FN]
Accrued Interest: PRICE WILL INCLUDE INTEREST ACCRUED FROM JUNE 21,
1996 UP TO, BUT NOT INCLUDING, THE SETTLEMENT DATE.
Accrual Period: Interest will accrue for the first distribution on
July 25, 1996 from June 21, 1996 through June 30, 1996
(10 days of accrued interest). Thereafter, the
accrual period will be each calendar month based on a
360-day year consisting of 12 30-day months.
Distribution Dates: 25th day of each month (or the next succeeding
business day), beginning July 25, 1996.
Credit Enhancement: Overcollateralization and a surety wrap to be provided
by Financial Security Assurance, Inc. ("FSA").
Expected Ratings: AAA/Aaa, S&P/Moody's (based on FSA surety wrap)
ERISA Eligibility: The Certificates will be ERISA eligible.
SMMEA Treatment: The Certificates WILL NOT constitute "mortgage
related securities" for purposes of SMMEA.
Optional Termination: 10% optional clean-up call
Prepayment Assumption: 4.8% ramping to 24% CPR over 12 months.
[FN]SUBJECT TO CHANGE
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Mortgage Loans: As of the date hereof, the collateral balance is
approximately $222,472,908 (it is expected that as
of the June 21, 1996 Cut-Off Date, the collateral
pool will include an additional $30,000,000).
Collateral Term Sheet: Please see attached.
THE SELLER AND SERVICER
The Seller and Servicer, Cityscape Corp., a New York corporation and a
wholly-owned subsidiary of Cityscape Financial Corp., a publicly-traded
Delaware corporation, is a full service mortgage banker engaged in the
business of originating, selling and servicing mortgage loans on one- to
four-family residential properties, small multi-family and or mixed-use
properties, with an emphasis on non-conforming first and second mortgages.
The Seller and Servicer was incorporated in New York in 1985 and currently
is licensed as a mortgage banker or registered, as appropriate, in 37 states
(including New York, Illinois, Maryland, New Jersey, Indiana, Pennsylvania,
Massachusetts, Connecticut, Virginia) and the District of Columbia. As of
December 31, 1995, the Servicer was servicing a loan portfolio (including
loans it has retained for its own account) of approximately $327,273,085.
2
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DELINQUENCY AND CHARGE-OFF EXPERIENCE
The following tables set forth information relating to the delinquency and
foreclosure and loan charge-off experience of Cityscape for its servicing
portfolio of home equity loans (including home equity loans serviced for
others) as of the dates or for the periods indicated.
<TABLE>
<CAPTION> Delinquency and Foreclosure Experience
At December 31, 1994 At December 31, 1995
Number of Number of
Loans Amount Loans Amount
--------- ------ --------- ------
<S> <C> <C> <C> <C>
Servicing portfolio 401 $27,403,125 5,043 $327,273,085
Past due loans(1)
30-59 days . . . 2 $ 73,876 91 $ 6,019,360
60-89 days . . . 5 253,580 24 1,659,761
90 days+ . . . . 9 201,266 42 2,489,565
Total past due loans 16 $ 528,721 157 $ 10,168,686
Foreclosures pending (2) 24 1,590,884 49 4,050,186
REO properties(3) 1 131,820 3 224,086
Total past due loans,
foreclosures pending and
REO properties as a
percentage of
servicing portfolio 10.2% 8.2% 4.1% 4.4%
</TABLE>
(1) The past due period is based on the actual number of days that a payment
is contractually past due. A loan as to which a monthly payment was due
30-59 days prior to the reporting period is considered 30-59 days past
due, etc.
(2) Includes bankruptcies which preclude foreclosure.
(3) An "REO Property" is a property acquired and held as a result of
foreclosure or deed in lieu of foreclosure.
<TABLE>
<CAPTION> Loan Charge-Off Experience
<S> <C> <C>
Year Ending Year Ending
December 31, 1994 December 31, 1995
Servicing portfolio at period end $ 27,403,125 $ 327,273,085
Average outstanding(1) 68,337 64,897
Number of loans outstanding 401 5,043
Gross losses(2) $ 0 $ 0
Loan recoveries $ 0 $ 0
Net loan charge-offs $ 0 $ 0
Net loan charge-offs as a percentage
of average outstanding 0% 0%
Net loan charge-offs as a percentage
of servicing portfolio at period end 0% 0%
</TABLE>
3
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(1) "Average outstanding" for each period presented is the arithmetic
average of the principal balances of the loans in Cityscape's servicing
portfolio outstanding at the close of business on each business day
during such period. After Cityscape acquires title to a property by
foreclosure or deed in lieu of foreclosure, Cityscape obtains an
updated appraisal of the property, and any remaining loan balance in
excess of its fair market value (as determined by such new appraisal)
is generally charged off.
(2) "Gross losses" means the outstanding principal balance plus accrued but
unpaid interest on liquidated mortgage loans.
<TABLE>
<CAPTION> CITYSCAPE CORP. HOME EQUITY LOAN TRUST
HISTORICAL PREPAYMENT AND LOSS EXPERIENCE BY TRANSACTION
<S> <C> <C> <C> <C>
Series<FN> 1995-1 1995-2 1995-3 1996-1
Issue Date March 1995 August 1995 December 1995 March 1996
Transaction Size $49,996 $100,000 $85,000 $109,728
(000s)
Cumulative Net Loss N/A $0 $0 $0
Current Pool Factor 84.305% 86.808% 95.976% 98.175%
WAC 13.070% 12.770% 12.070% 11.720%
3 Month CPR 26.217% 21.67% 11.73% N/A
6 Month CPR 21.172% 20.27% N/A N/A
Life to Date CP 16.429% 16.59% 10.74% 9.98%
</TABLE>
[FN] Series 1995-1 information pertains to the 1/25/96 remittance date;
Series 1995-2, 1995-3 and 1996-1 pertains to the 5/25/96 remittance
date.
THE INFORMATION PROVIDED IN THE TABLE ABOVE HAS BEEN EXTRACTED FROM TRUSTEE
PREPARED CERTIFICATEHOLDER DISTRIBUTION STATEMENTS AND AGGREGATED FOR YOUR
CONVENIENCE. WHILE GREENWICH CAPITAL MARKETS, INC. ("GCM") HAS ATTEMPTED TO
ENSURE THAT THE ABOVE INFORMATION IS IDENTICAL TO THE RELATED DATA CONTAINED
IN THE CERTIFICATEHOLDER STATEMENTS, GCM MAKES NO WARRANTY THAT IT IS
IDENTICAL. GCM MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES OF
ANY KIND AND EXPRESSLY DISCLAIMS ALL LIABILITY FOR ANY USE OR MISUSE OF THE
CONTENTS HEREOF.
4
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GREENWICH CAPITAL MARKETS, INC.
PRELIMINARY TERM SHEET
06/13/96
<TABLE>
<CAPTION>
INDEX: Fixed Rate
<S> <C> <C>
TOTAL CUT-OFF DATE
PRINCIPAL BALANCE: $ 222,211,743.39
NUMBER OF LOANS: 3,355
AVERAGE CUT-OFF DATE
PRINCIPAL BALANCE: $ 66,233.01 RANGE: $7,250.00 - 500,000.00
WEIGHTED AVERAGE
MORTGAGE RATE: 11.70% RANGE: 8.50 - 18.10%
WEIGHTED AVERAGE
COMBINED LTV CALL): 74.52% RANGE: 13.89 -91.00%
WEIGHTED AVERAGE
COMBINED LTV (2ND ONLY): 73.03% RANGE: 14.00 -90.00%
WEIGHTED AVERAGE
COMBINED LTF (MIXED
USE ONLY): 61.87% RANGE: 26.60 -70.00%
WEIGHTED AVERAGE
ORIGINAL STATED TERM: 196 months RANGE: 60 - 360 months
WEIGHTED AVERAGE
ORIGINAL AMORTIZED TERM: 331 months RANGE: 60 - 360 months
WEIGHTED AVERAGE
REMAINING TERM: 193 months RANGE: 53 - 360 months
WEIGHTED AVERAGE
MONTHS SEASONED: 2 months RANGE: 0 - 20 months
TOP STATE
CONCENTRATIONS ($): 17.46% New York, 12.87% New Jersey, 9.01% Illinois
MAXIMUM ZIP CODE
CONCENTRATION ($): 0.50% 46201 (INDIANAPOLIS, IN)
MATURE DATE: Nov 22, 2000 - Jul 01, 2026
</TABLE>
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<TABLE>
<CAPTION> CURRENT
PRINCIPAL # OF
BALANCE PCT($) LOANS PCT(#)
--------- ------- ----- ------
<S> <C> <C> <C> <C> <C>
CUT-OFF DATE BALANCE: 7,250 - 25,000 9,947,620.30 4.48 512 15.26
25,001 - 50,000 42,827,399.75 19.27 1,155 34.43
50,001 - 75,000 41,515,454.54 18.68 680 20.27
75,001 - 100,000 34,862,680.46 15.69 402 11.98
100,001 - 125,000 28,077,633.29 12.64 251 7.48
125,001 - 150,000 20,543,311.61 9.24 151 4.50
150,001 - 175,000 11,941,031.77 5.37 74 2.21
175,001 - 200,000 9,3889,359.46 4.23 50 1.49
200,001 - 225,000 3,781,344.60 1.70 18 0.54
225,001 - 250,000 3,087,128.31 1.39 13 0.39
250,001 - 275,000 3,159,600.44 1.42 12 0.36
275,001 - 300,000 4,043,021.95 1.82 14 0.42
300,001 - 325,000 1,879,059.60 0.85 6 0.18
325,001 - 350,000 1,013,175.24 0.46 3 0.09
350,001 - 375,000 375,000.00 0.17 1 0.03
375,001 - 400,000 769,590.36 0.35 2 0.06
400,001 - 425,000 845,000.00 0.38 2 0.06
425,001 - 450,000 1,313,118.84 0.59 3 0.09
450,001 - 475,000 1,377,901.45 0.62 3 0.09
475,001 - 500,000 1,463,311.42 0.66 3 0.09
MORTGAGE RATE: 8.50 - 8.50 391,011.56 0.18 6 0.18
8.51 - 9.00 3,344,404.83 1.51 38 1.13
9.01 - 9.50 6,299,773.58 2.84 74 2.21
9.51 - 10.00 15,831,773.46 7.12 210 6.26
10.01 - 10.50 19,779,581.20 8.90 280 8.35
10.51 - 11.00 38,584,044.81 17.36 499 14.87
11.01 - 11.50 28,305,888.96 12.74 435 12.97
11.51 - 12.00 32,254,971.66 14.52 473 14.10
12.01 - 12.50 22,392,596.45 10.08 338 10.07
12.51 - 13.00 20,648,878.63 9.29 349 10.40
13.01 - 13.50 11,559,074.01 5.20 183 5.45
13.51 - 14.00 10,087,220.15 4.54 198 5.90
14.01 - 14.50 4,687,220.28 2.11 95 2.83
14.51 - 15.00 5,571,446.21 2.51 116 3.46
15.01 - 15.50 847,861.62 0.38 22 0.66
15.51 - 16.00 724,570.33 0.33 21 0.63
16.01 - 16.50 202,043.69 0.09 5 0.15
16.51 - 17.00 463,050.00 0.21 3 0.09
17.01 - 17.50 117,267.95 0.05 6 0.18
17.51 - 18.00 101,603.06 0.05 3 0.09
18.01 - 18.10 17,460.95 0.01 1 0.03
COMBINED
ORIGINAL LTV: 13.89 - 15.00 123,829.73 0.06 6 0.18
15.01 - 20.00 255,678.21 0.12 10 0.30
20.01 - 25.00 819,455.17 0.37 17 0.51
25.01 - 30.00 894,684.64 0.40 19 0.57
30.01 - 35.00 1,446,358.93 0.65 37 1.10
35.01 - 40.00 1,896,009.53 0.85 49 1.46
40.01 - 45.00 1,651,329.29 0.74 35 1.04
45.01 - 50.00 4,394,045.19 1.98 92 2.74
50.01 - 55.00 3,880,055.88 1.75 73 2.18
55.01 - 60.00 9,804,135.37 4.41 154 4.59
60.01 - 65.00 17,666,472.31 7.95 306 9.12
65.01 - 70.00 33,150,232.48 14.92 591 17.62
70.01 - 75.00 37,686,941.94 16.96 551 16.42
75.01 - 80.00 47,385,208.53 21.32 665 19.82
80.01 - 85.00 32,386,361.63 14.57 417 12.43
85.01 - 90.00 28,660,244.56 12.90 332 9.90
90.01 - 91.00 110,700.00 0.05 1 0.03
REMAINING TERM: 53.00 - 60.00 145,398.29 0.07 2 0.06
72.01 - 84.00 29,781.75 0.01 1 0.03
84.01 - 96.00 68,444.85 0.03 3 0.09
108.01 - 120.00 1,670,653.70 0.75 59 1.76
156.01 - 168.00 921,958.81 0.41 15 0.45
168.01 - 180.00 184,563,620.79 83.06 2,757 82.18
228.01 - 240.00 22,330,344.32 10.05 351 10.46
348.01 - 360.00 12,481,540.88 5.62 167 4.98
MONTHS SEASONED: - 0.00 29,640,422.58 13.34 494 14.72
0.01 - 6.00 184,584,242.51 83.07 2,737 81.58
6.01 - 12.00 7,271,622.23 3.27 113 3.37
12.01 - 18.00 476,254.24 0.21 7 0.21
18.01 - 20.00 239,201.83 0.11 4 0.12
STATUS: Current 222,211,743.39 100.00 3,355 100.00
AMORTIZATION: Balloon 167,432,505.77 75.35 2,305 68.70
Fully Amortizing 54,779,237.62 24.65 1,050 31.30
LIEN PRIORITY: 1st Lien 210,970,644.55 94.94 3,021 90.04
2nd Lien 11,241,098.84 5.06 334 9.96
PROPERTY TYPE: Single 185,237,540.79 83.36 2,855 85.10
Family
2-4 Units 31,572,356.57 14.21 436 13.00
Small Mixed-Use 2,484,501.58 1.12 17 0.51
Condominium 2,477,705.32 1.12 45 1.34
PUD 439,639.13 0.20 2 0.06
OCCUPANCY STATUS: Owner 190,658,309.76 85.80 2,747 81.88
Occupied
Non-owner
Occupied 31,553,433.63 14.20 608 18.12
STATE: Alabama 29,568.33 0.01 1 0.03
Arizona 349,270.81 0.16 3 0.09
California 1,187,889.40 0.53 9 0.27
Colorado 81,216.09 0.04 3 0.09
Connecticut 3,989,973.14 1.80 40 1.19
Delaware 772,662.09 0.35 13 0.39
District of 1,490,106.29 0.67 22 0.66
Columbia
Florida 4,151,527.30 1.87 57 1.70
Georgia 9,135,514.52 4.11 132 3.93
Illinois 20,017,907.05 9.01 312 9.30
Indiana 19,228,760.38 8.65 442 13.17
Kansas 20,965.45 0.01 1 0.03
Kentucky 2,487,689.57 1.12 56 1.67
Maine 329,745.87 0.15 5 0.15
Maryland 13,958,570.39 6.28 206 6.14
Massachusetts 5,701,426.63 2.57 82 2.44
Michigan 16,835,818.03 7.58 354 10.55
Minnesota 230,017.98 0.10 4 0.12
Mississippi 26,308.01 0.01 1 0.03
Missouri 923,265.00 0.42 20 0.60
New Hampshire 498,304.40 0.22 7 0.21
New Jersey 28,604,474.11 12.87 273 8.14
New York 38,809,113.36 17.46 428 12.76
North Carolina 4,330,454.67 1.95 72 2.15
Ohio 17,274,843.04 7.77 330 9.84
Oklahoma 40,987.94 0.02 1 0.03
Pennsylvania 12,307,249.75 5.54 182 5.42
Rhode Island 910,234.83 0.41 10 0.30
South Carolina 6,514,798.59 2.93 114 3.40
Tennessee 3,354,398.05 1.51 48 1.43
Texas 308,500.07 0.14 2 0.06
Virginia 5,377,309.25 2.42 59 1.76
Washington 168,750.00 0.08 1 0.03
West Virginia 1,373,450.98 0.62 33 0.98
Wisconsin 1,390,672.02 0.63 32 0.95
</TABLE>
_________________
This Preliminary Term Sheet is provided for information purposes only,
and does not constitute an offer to sell, nor a solicitation of an offer to
buy, the referenced securities. It does not purport to be all-inclusive or
to contain all of the information that a prospective investor may require to
make a full analysis of the transaction. All amounts are approximate and
subject to change. The information contained herein supersedes information
contained in any prior information term sheet for this transaction. In
addition, the information contained herein may be superseded by information
contained in term sheets circulated after the date hereof and is qualified
in its entirety by information contained in the Prospectus Supplement for
this transaction. An offering may only be made through the delivery of a
Prospectus Supplement and the related Prospectus.
