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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 26, 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
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(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.*
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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. Concurrently with the filing hereof, pursuant to Rule 202 of
Regulation 202, the Registrant is filing certain computational materials by
paper filing on Form SE in reliance on a coninuing hardship exemption.
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.
____________________
* 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 June 25, 1996, of Financial Asset
Securities Corp., relating to its Cityscape Home Equity Loan Trust
1996-2, Home Equity Loan Pass-Through Certificates).
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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. Derived Materials
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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/ Charles A. Forbes, Jr.
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Charles A. Forbes, Jr.
Dated: June 25, 1996
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Exhibit Index
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Exhibit Page
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1. Derived Materials
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EXHIBIT 1
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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.
REVISED: 6/17/96
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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> Price
Class Amount WAL (yrs) Window Talk Benchmark
- ----- ------ --------- ------- ---- ---------
<S> <C> <C> <C> <C> <C>
A-1 $114,500,000 1.10 01-26 +68 5 /7/8/ (7/97)
A-2 $61,950,000 3.10 26-51 +73 3 Yr. Tsy
A-3 $31,450,000 5.10 51-74 +95 5 Yr. Tsy
A-4 $20,760,000 7.10 74-100 +110 5 /3/4/
A-5 $23,288,187 11.05 100-178 130 10 Yr. Tsy
</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
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Prepayment Assumption: 4.8% ramping to 24% CPR over 12 months.
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
March 31, 1996, the Servicer was servicing a loan portfolio (including loans
it has retained for its own account) of approximately $464,841,548.
[FN]SUBJECT TO CHANGE
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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 At
December 31, 1995 March 31, 1996
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Number of Number of
Loans Amount Loans Amount
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<S> <C> <C> <C> <C>
Servicing portfolio 5,043 $327,273,085 8,012 $464,841,548
Past due loans(1)
30-59 days . . . . . 91 $ 6,019,360 157 $10,196,837
60-89 days . . . . . 24 1,659,761 58 4,544,282
90 days+ . . . . . . 42 2,489,565 64 3,854,127
Total past due loans 157 $ 10,168,686 279 $18,595,246
Foreclosures pending (2) 49 4,050,186 90 $8,305,339
REO properties(3) 3 224,086 5 346,769
Total past due loans,
foreclosures pending and
REO properties(3) 374 $27,247,354
Total past due loans,
foreclosures pending and
REO
properties as a
percentage of
servicing portfolio 4.1% 4.4% 4.67% 5.86%
</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
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Year Ending December 31, 1995 At March 31, 1996
<S> <C> <C>
Servicing portfolio
at period end $ 327,273,085 $464,841,548
Average outstanding(1) 64,897 58,018
Number of loans
outstanding 5,043 8,012
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>
(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.
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