- -----------------------------------------------------------------
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) December 23, 1996
FINANCIAL ASSET SECURITIES CORP., (as depositor under the Pooling
and Servicing Agreement, dated as of December 9, 1996, which forms Cityscape
Home Equity Loan Trust 1996-4, which will issue the Cityscape Home Equity
Loan Trust 1996-4, Home Equity Loan Pass-Through Certificates, Series 1996-
4).
FINANCIAL ASSET SECURITIES CORP.
- ---------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-10273 06-1442101
- ---------------------------- -------------- ----------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
- -----------------------------------------------------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (203) 625-2700
----- --------
- -----------------------------------------------------------------
Item 5. Other Events.
- ---- ------------
Filing of Derived Materials.
- ---------------------------
In connection with the offering of the Cityscape Home Equity Loan Pass-
Through Certificates, Series 1996-4, 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.
Item 7. Financial Statements, Pro Forma Financial
- ---- -----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibit:
1. Derived Materials
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/Charles A. Forbes, Jr.
----------------------------
Charles A. Forbes, Jr.
Dated: December 23, 1996
Exhibit Index
-------------
Exhibit Page
- ------- ----
1. Derived Materials
EXHIBIT 1
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.
Prepared: 12/19/96
- --------
Revised Preliminary Term Sheet
----------------------
CITYSCAPE HOME EQUITY LOAN TRUST, SERIES 1996-4
APPROXIMATELY $210,000,000
FIXED-RATE, SEQUENTIAL PAY PASS-THROUGH CERTIFICATES
WAL Expected Price
Class Amount (Yrs.)* Window* Maturity* Talk Benchmark
A-1 $38,000,000 0.50 01-11 03/25/2010 +45 5 5/8 (06/97)
A-2 $31,500,000 1.16 11-18 09/25/2011 +49 5 1/8 (02/98)
A-3 $38,750,000 2.00 18-31 09/25/2011 +50 2 Yr. Tsy.
A-4 $27,250,000 3.08 31-45 09/25/2011 +59 3 Yr. Tsy.
A-5 $12,500,000 4.08 45-54 11/25/2011 +69 5 1/2 (12/00)
A-6 $15,500,000 5.09 54-70 03/25/2014 +80 WI 5 Yr. Tsy.
A-7 $12,250,000 7.07 70-108 11/25/2018 +93 5 7/8 (02/04)
A-8 $14,250,000 11.71 108-177 02/25/2028 +113 10 Yr. Tsy.
A-9 $20,000,000 6.52 37-177 09/25/2011 +75 5 3/4 (08/03)
Total $210,000,000
*See "Computational Materials Disclaimer" on page 6
Underwriter: Greenwich Capital Markets, Inc.
Seller and Servicer: Cityscape Corp.
Depositor: Financial Asset Securities Corp.
Trustee: First Trust National Association.
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.
Expected Pricing Date: Thursday, December 19, 1996*
Expected Settlement
Date: Tuesday, December 31, 1996*
Dated Date: Monday, December 9, 1996
Accrued Interest: Price will include interest accrued from the Cut-off
Date to, but not including, the Settlement Date (22 days).
Accrual Period: Interest will accrue for the first distribution on
January 27, 1996 from the Cut-off Date through December 31, 1996 (22 days).
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 January 27, 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 Class A Certificates are expected to be ERISA
eligible. Prospective investors must review the Prospectus and Prospectus
Supplement and consult with their professional advisors for a more detailed
description of these matters prior to investing in the Class A Certificates.
SMMEA Treatment: The Class A Certificates will not constitute "mortgage
related securities" for purposes of SMMEA.
Optional Termination: Final provisions to be determined in the
Prospectus and Prospectus Supplement.
Prepayment
Assumption: 4.8% ramping to 24% CPR over 12 months.
Mortgage Loans: It is expected that Mortgage Loans (the "Initial
Mortgage Loans") having an aggregate principal balance of approximately
$177,218,207 will be deposited into the Trust on the Closing Date. A Pre-
Funding Account will be established on the Closing Date into which
approximately $32,781,793 in cash will be deposited. The amount on deposit
in the Pre-Funding Account will be used to purchase additional mortgage loans
having similar characteristics as the Initial Mortgage Loans.
* Subject to change
<TABLE>
<CAPTION> GREENWICH CAPITAL MARKETS, INC.
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY TERM SHEET
12/18/96
CITYSCAPE HOME EQUITY LOAN TRUST, SERIES 1996-4
HOME EQUITY
<C> <S> <S>
INDEX: Fixed Rate
TOTAL CUT-OFF DATE PRINCIPAL BALANCE: $ 177,218,206.59
NUMBER OF LOANS: 2,736
AVERAGE CUT-OFF DATE PRINCIPAL BALANCE: $ 64,772.74 RANGE: $ 2,564.79 -
$ 341,161.72
WEIGHTED AVERAGE MORTGAGE RATE: 12.08% RANGE: 7.25 - 18.30%
WEIGHTED AVERAGE COMBINED LTV: 74.60% RANGE: 8.00 - 96.10%
WEIGHTED AVERAGE COMBINED LTV (2ND): 73.37% RANGE: 17.00 - 95.00%
WEIGHTED AVERAGE ORIGINAL STATED TERM: 207 months RANGE: 60 - 360 months
WEIGHTED AVERAGE ORIGINAL AMORTIZED TERM: 325 months RANGE: 60 - 360 months
WEIGHTED AVERAGE REMAINING TERM: 204 months RANGE: 55 - 360 months
WEIGHTED AVERAGE MONTHS SEASONED: 3 months RANGE: 0 - 23 months
TOP STATE CONCENTRATIONS ($): 21.69% New York, 9.31% Maryland, 9.10% New Jersey
MAXIMUM ZIP CODE CONCENTRATION ($): 0.58% 11236 (BROOKLYN, NY)
MATURE DATE: Jul 16, 2001 - Dec 01, 2026
</TABLE>
<TABLE>
<CAPTION>
<C> <S> <S> <S> <S> <S>
CURRENT # OF
PRINCIPAL BALANCE PCT($) LOANS PCT($)
CUT-OFF DATE BALANCE: 2,564.79 - 8,684,343.88 4.90 460 16.81
25,000.00
25,000.01 - 32,007,927.21 18.06 857 31.32
50,000.00
50,000.01 - 37,146,973.65 20.96 601 21.97
75,000.00
75,000.01 - 28,611,599.57 16.14 329 12.02
100,000.00
100,000.01 - 23,226,857.01 13.11 207 7.57
125,000.00
125,000.01 - 18,441,880.78 10.41 135 4.93
150,000.00
150,000.01 - 9,339,675.06 5.27 58 2.12
175,000.00
175,000.01 - 6,484,279.59 3.66 35 1.28
200,000.00
200,000.01 - 4,698,298.16 2.65 22 0.80
225,000.00
225,000.01 - 3,104,101.78 1.75 13 0.48
250,000.00
250,000.01 - 2,651,107.92 1.50 10 0.37
275,000.00
275,000.01 - 582,805.39 0.33 2 0.07
300,000.00
300,000.01 - 1,564,694.67 0.88 5 0.18
325,000.00
325,000.01 - 673,661.72 0.38 2 0.07
341,161.72
MORTGAGE RATE: 7.2500 - 7.5000 135,740.96 0.08 1 0.04
7.5001 - 8.0000 49,020.87 0.03 1 0.04
8.0001 - 8.5000 165,537.87 0.09 1 0.04
8.5001 - 9.0000 562,954.59 0.32 7 0.26
9.0001 - 9.5000 4,668,226.70 2.63 56 2.05
9.5001 - 10.0000 11,637,125.81 6.57 157 5.74
10.0001 - 10.5000 10,132,247.92 5.72 141 5.15
10.5001 - 11.0000 19,521,375.07 11.02 299 10.93
11.0001 - 11.5000 19,167,036.79 10.82 290 10.60
11.5001 - 12.0000 30,528,026.74 17.23 433 15.83
12.0001 - 12.5000 18,941,889.15 10.69 299 10.93
12.5001 - 13.0000 25,185,974.81 14.21 359 13.12
13.0001 - 13.5000 10,589,360.80 5.98 173 6.32
13.5001 - 14.0000 11,219,868.51 6.33 191 6.98
14.0001 - 14.5000 3,925,489.29 2.22 77 2.81
14.5001 - 15.0000 4,774,540.32 2.69 108 3.95
15.0001 - 15.5000 2,381,712.92 1.34 39 1.43
15.5001 - 16.0000 2,084,060.47 1.18 55 2.01
16.0001 - 16.5000 588,496.30 0.33 22 0.80
16.5001 - 17.0000 663,374.63 0.37 15 0.55
17.0001 - 17.5000 157,363.08 0.09 5 0.18
17.5001 - 18.0000 91,855.67 0.05 4 0.15
18.0001 - 18.3000 46,654.32 0.03 3 0.11
</TABLE>
SEE DISCLAIMER ON PAGE 1 OF THIS PRELIMINARY TERMSHEET
<TABLE>
<CAPTION> GREENWICH CAPITAL MARKETS, INC.
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY TERM SHEET
12/18/96
CITYSCAPE HOME EQUITY LOAN TRUST, SERIES 1996-4
HOME EQUITY
CURRENT # OF
PRINCIPAL BALANCE PCT($) LOANS PCT($)
<C> <S> <S> <S> <S> <S>
COMBINED ORIGINAL LTV: 8.00 - 10.00 34,862.68 0.02 2 0.07
10.01 - 15.00 112,620.45 0.06 6 0.22
15.01 - 20.00 383,190.91 0.22 15 0.55
20.01 - 25.00 363,672.55 0.21 12 0.44
25.01 - 30.00 577,579.74 0.33 20 0.73
30.01 - 35.00 832,137.03 0.47 24 0.88
35.01 - 40.00 1,947,257.64 1.10 44 1.61
40.01 - 45.00 2,588,886.65 1.46 61 2.23
45.01 - 50.00 4,041,557.46 2.28 85 3.11
50.01 - 55.00 4,011,227.95 2.26 84 3.07
55.01 - 60.00 7,318,207.07 4.13 131 4.79
60.01 - 65.00 12,370,451.34 6.98 206 7.53
65.01 - 70.00 21,113,567.15 11.91 364 13.30
70.01 - 75.00 23,702,394.72 13.37 367 13.41
75.01 - 80.00 52,815,729.80 29.80 715 26.13
80.01 - 85.00 23,747,077.77 13.40 363 13.27
85.01 - 90.00 20,128,300.40 11.36 222 8.11
90.01 - 95.00 1,066,799.31 0.60 14 0.51
95.01 - 96.10 62,785.97 0.04 1 0.04
REMAINING TERM: 55.00 - 60.00 188,509.08 0.11 10 0.37
72.01 - 84.00 120,166.41 0.07 6 0.22
108.01 - 120.00 1,427,983.07 0.81 56 2.05
132.01 - 144.00 14,000.00 0.01 1 0.04
156.01 - 168.00 27,814.91 0.02 1 0.04
168.01 - 180.00 133,789,511.78 75.49 2,019 73.79
228.01 - 240.00 22,286,878.37 12.58 403 14.73
348.01 - 360.00 19,363,342.97 10.93 240 8.77
REMAINING TERM: <= 0.00 1,401,250.00 0.79 12 0.44
0.01 - 6.00 173,724,937.26 98.03 2,691 98.36
6.01 - 12.00 2,064,204.42 1.16 32 1.17
18.01 - 23.00 27,814.91 0.02 1 0.04
AMORTIZATION: Balloon 116,592,750.97 65.79 1,535 56.10
Fully Amortizing 60,625,455.62 34.21 1,201 43.90
LIEN PRIORITY: 1st Lien 160,786,689.63 90.73 2,272 83.04
2nd Lien 16,431,516.96 9.27 464 16.96
PROPERTY TYPE: Single Family 146,393,760.82 82.61 2,336 85.38
2-4 Units 27,949,169.97 15.77 349 12.76
Condominium 2,875,275.80 1.62 51 1.86
OCCUPANCY STATUS: Owner Occupied 162,170,775.82 91.51 2,446 89.40
Non-owner Occupied 15,047,430.77 8.49 290 10.60
</TABLE>
SEE DISCLAIMER ON PAGE 1 OF THIS PRELIMINARY TERMSHEET
<TABLE>
<CAPTION> GREENWICH CAPITAL MARKETS, INC.
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY TERM SHEET
12/18/96
CITYSCAPE HOME EQUITY LOAN TRUST, SERIES 1996-4
HOME EQUITY
CURRENT # OF
PRINCIPAL BALANCE PCT($) LOANS PCT($)
<C> <S> <S> <S> <S> <S>
STATE: Arizona 456,737.52 0.26 8 0.29
California 2,645,131.52 1.49 31 1.13
Colorado 514,846.88 0.29 7 0.26
Connecticut 3,594,417.57 2.03 43 1.57
Delaware 608,797.83 0.34 6 0.22
District of 3,434,705.70 1.94 48 1.75
Columbia
Florida 14,664,096.25 8.27 230 8.41
Georgia 6,954,484.34 3.92 118 4.31
Illinois 14,839,939.28 8.37 229 8.37
Indiana 6,424,331.56 3.63 133 4.86
Kansas 212,340.39 0.12 3 0.11
Kentucky 1,382,839.51 0.78 21 0.77
Louisiana 56,250.00 0.03 1 0.04
Maryland 16,490,722.76 9.31 182 10.27
Massachusetts 2,394,062.03 1.35 34 1.24
Michigan 6,831,204.20 3.85 141 5.15
Minnesota 457,023.31 0.26 9 0.33
Mississippi 279,263.57 0.16 7 0.26
Missouri 2,141,651.61 1.21 55 2.01
New Hampshire 98,925.00 0.06 1 0.04
New Jersey 16,126,132.10 9.10 163 5.96
New York 38,433,868.29 21.69 437 15.97
North Carolina 3,526,280.28 1.99 69 2.52
Ohio 12,147,541.02 6.85 246 8.99
Oregon 318,678.69 0.18 4 0.15
Pennsylvania 8,740,064.77 4.93 156 5.70
Rhode Island 119,360.83 0.07 3 0.11
South Carolina 3,585,219.37 2.02 79 2.89
Tennessee 3,119,735.59 1.76 52 1.90
Utah 94,856.10 0.05 2 0.07
Vermont 272,070.92 0.15 4 0.15
Virginia 3,440,937.52 1.94 54 1.97
Washington 69,152.50 0.04 1 0.04
West Virginia 1,259,515.17 0.71 31 1.13
Wisconsin 1,483,022.61 0.84 29 1.06
</TABLE>
SEE DISCLAIMER ON PAGE 1 OF THIS PRELIMINARY TERMSHEET
COMPUTATIONAL MATERIALS DISCLAIMER
The attached tables, including information provided on Page 1 of this
Preliminary Term Sheet (the "Computational Materials"), are privileged and
confidential and intended for use by the addressee only. These
Computational Materials are furnished to you solely by Greenwich Capital
Markets, Inc. and not by the issuer of the securities. They may not be
provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating said
material.
Numerous assumptions were used in preparing the Computational Materials
which may or may not be reflected therein. As such, no assurance can be
given as to either the Computational Material's accuracy, appropriateness
or completeness in any particular context; nor as to whether the
Computational Materials and/or the assumptions upon which they are based
reflect present market conditions or future market performance. These
Computational Materials should not be construed as either projections or
predictions or as legal, tax, financial or accounting advice.
Any weighted average lives and principal payment periods shown in the
Computational Materials are based on prepayment assumptions, and changes
in such prepayment assumptions may dramatically affect such weighted
average lives or principal payment periods. In addition, it is possible
that prepayments on the underlying assets will occur at rates slower or
faster than the rates shown in the attached Computational Materials.
Furthermore, unless otherwise provided, the Computational Materials
assume no losses on the underlying assets and no interest shortfall. The
specific characteristics of the securities may differ from those shown in
the Computational Materials due to differences between the actual
underlying assets and the hypothetical underlying assets used in preparing
the Computational Materials. The principal amount and designation of any
security described in the Computational Materials are subject to change
prior to issuance.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has
not been filed with the Securities and Exchange Commission. This
communication shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities discussed in
this communication in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state. Prospective purchasers are referred to
the final prospectus supplement relating to the securities discussed in
this communication for definitive Computational Materials and any matter
discussed in this communication. A Final prospectus and prospectus
supplement may be obtained by contacting GCM's Trading Desk at (203) 625-
6160.
Please be advised that asset-backed securities may not be appropriate for
all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayments, yield curve and interest
rate risks. Investors should make every effort to consider the risks of
these securities.
If you have received this communication in error, please notify the
sending party immediately by telephone and return the original to such
party by mail.
Cityscape Home Equity Loan Trust 1996-4
Pricing Ramp (Remic): 4.8%-24% CPR over 12 Months
0% Call
<TABLE>
<CAPTION> Class A- Class A-2 Class A- Class A- Class A- Class A- Class A- Class A- Class A-9
1 3 4 5 6 7 8
<C> <S> <S> <S> <S> <S> <S> <S> <S> <S>
0% Ramp $38,000, $31,500,0 $38,750, $27,250, $12,500, $15,500, $12,250, $14,250, $20,000,0
000 00 000 000 000 000 000 000 00
Avg Life (yrs) 5.10 13.88 14.74 14.74 14.81 15.07 18.48 25.38 12.51
Modified Duration 4.01 9.00 9.30 9.18 9.09 9.09 9.93 11.03 7.98
(yrs)
Principal Begins 1 137 177 177 177 179 197 253 37
(mo) 137 177 177 177 179 197 253 353 177
Expected Final
(mo)
50% Ramp
Avg Life (yrs) 0.74 2.05 3.86 6.43 9.37 11.93 14.50 15.53 7.88
Modified Duration 0.70 1.87 3.32 5.08 6.73 7.87 8.74 8.88 5.76
(yrs)
Principal Begins 1 17 33 61 100 126 163 177 37
(mo) 17 33 61 100 126 163 177 255 177
Expected Final
(mo)
75% Ramp
Avg Life (yrs) 0.59 1.44 2.62 4.18 5.62 7.51 10.60 14.81 7.06
Modified Duration 0.56 1.35 2.34 3.54 4.53 5.66 7.18 8.47 5.32
(yrs)
Principal Begins 1 13 23 41 61 75 110 147 37
(mo) 13 23 41 61 75 110 147 202 177
Expected Final
(mo)
100% Ramp
Avg Life (yrs) 0.50 1.16 2.00 3.08 4.08 5.09 7.07 11.71 6.52
Modified Duration 0.48 1.09 1.82 2.71 3.46 4.16 5.35 7.52 5.04
(yrs)
Principal Begins 1 110 18 31 45 543 70 108 37
(mo) 11 18 31 45 54 70 108 177 177
Expected Final
(mo)
150% Ramp
Avg Life (yrs) 0.40 0.87 1.37 2.02 2.58 3.12 3.94 5.26 5.84
Modified Duration 0.38 0.82 1.28 1.84 2.30 2.72 3.32 4.75 4.59
(yrs)
Principal Begins 1 8 13 21 29 34 42 53 37
(mo) 8 13 21 29 34 42 53 141 139
Expected Final
(mo)
200% Ramp
Avg Life (yrs) 0.33 0.71 1.07 1.50 1.84 2.17 2.68 3.46 4.92
Modified Duration 0.32 0.68 1.00 1.38 1.68 1.96 2.36 2.95 4.00
(yrs)
Principal Begins 1 7 11 16 21 24 29 35 37
(mo) 7 11 16 21 24 29 35 52 99
Expected Final
(mo)
41.67% Ramp
Avg Life (yrs) 0.82 2.40 4.59 7.94 11.19 13.75 14.74 16.15 8.26
Modified Duration 0.77 2.16 3.85 5.98 7.62 8.61 8.83 9.06 5.96
(yrs)
Principal Begins 1 19 39 73 122 148 177 177 37
(mo) 19 39 73 122 148 177 177 280 177
Expected Final
(mo)
166.67% Ramp
Avg Life (yrs) 0.37 0.81 1.25 1.81 2.28 2.75 3.41 4.94 5.66
Modified Duration 0.36 0.77 1.17 1.65 2.05 2.43 2.93 3.96 4.47
(yrs)
Principal Begins 1 8 12 19 25 30 37 46 37
(mo) 8 12 19 25 30 37 46 125 123
Expected Final
(mo)
100% Ramp
Avg Life (yrs) 0.50 1.16 2.00 3.08 4.08 5.09 7.07 11.71 6.52
Modified Duration 0.48 1.09 1.82 2.71 3.46 4.16 5.35 7.52 5.01
(yrs)
Principal Begins 1 11 18 31 45 54 70 108 37
(mo) 11 18 31 45 54 70 108 177 177
Expected Final
(mo)
41.67% Ramp
Avg Life (yrs) 0.82 2.40 4.59 7.94 11.19 13.75 14.74 14.74 8.26
Modified Duration 0.77 2.16 3.85 5.98 7.62 8.61 8.83 8.67 5.96
(yrs)
Principal Begins 1 19 39 73 122 148 177 177 37
(mo) 19 39 73 122 148 177 177 177 177
Expected Final
(mo)
166.67% Ramp
Avg Life (yrs) 0.37 0.81 1.25 1.81 2.28 2.75 3.41 4.59 4.75
Modified Duration 0.36 0.77 1.17 1.65 2.05 2.43 2.93 3.75 3.91
(yrs)
Principal Begins 1 8 12 19 25 30 37 46 37
(mo) 8 12 19 25 30 37 46 63 63
Expected Final
(mo)
100% Ramp
Avg Life (yrs) 0.50 1.16 2.00 3.08 4.08 5.09 7.07 9.07 6.45
Modified Duration 0.48 1.09 1.82 2.71 3.46 4.16 5.35 6.38 4.97
(yrs)
Principal Begins 1 11 18 31 45 54 70 108 37
(mo) 11 18 31 45 54 70 108 109 109
Expected Final
(mo)
</TABLE>
These computational materials should be accompanied by a one-page
disclaimer which must be read in its entirety by the addressee of this
communication.
EXHIBIT 2
(COOPERS & LYBRAND L.L.P. LETTERHEAD)
CONSENT OF INDEPENDENT ACCOUNTANTS
___________
We consent to the incorporation by reference in the Prospectus Supplement
dated December 23, 1996 (to Prospectus dated December 11, 1996) of Financial
Asset Securities Corp., relating to the Cityscape Home Equity Loan Trust,
Series 1996-4 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.
New York, New York
December 23, 1996