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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) August 12, 1996
FINANCIAL ASSET SECURITIES CORP., (as depositor under the Pooling
and Servicing Agreement, which will form Cityscape Home Equity Loan Trust
1996-3, which will issue the Cityscape Home Equity Loan Trust 1996-3, Home
Equity Loan Pass-Through Certificates, Series 1996-3).
FINANCIAL ASSET SECURITIES CORP.
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(Exact name of registrant as specified in its charter)
Delaware 33-99018 06-1442010
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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 1996-3, 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.
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* 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 of Financial Asset Securities Corp.,
relating to its Cityscape Home Equity Loan Trust 1996-3, Home Equity
Loan Pass-Through Certificates).
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
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: August 12, 1996
Exhibit Index
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Exhibit Page
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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.
COLLATERAL CHARACTERISTICS (AMOUNTS ARE APPROXIMATE AND SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
Wtd. Avg Max Min
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<S> <C> <C> <C>
Balance: $61,000 $625,000 $3,000
WAC: 12.05% 24.00% 8.49%
WAM: 201 months 360 months 59 months
CLTV: 73% 94% 5%
Seasoning: 2 months 27 months 0 months
</TABLE>
<TABLE>
<CAPTION>
Parameter % Parameter %
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<S> <C> <C> <C>
Balloon: 66% A: 42%
Fully Am: 34% B: 40%
C: 11%
First Lien: 92% D: 7%
2nd Lien: 8%
Purchase: 25%
Owner Occ: 85% Cashout: 16%
Non-Owner: 14% Rate/Term: 59%
1-4 Single Fam: 96% New York: 20%
Condo/PUD: 3% New Jersey: 10%
Mixed Use: 1% Michigan: 8%
Illinois: 7%
Total States: 37 Ohio: 6%
</TABLE>
