FINANCIAL ASSET SECURITIES CORP
8-K, 1997-04-07
ASSET-BACKED SECURITIES
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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)  April 7, 1997


                FINANCIAL ASSET SECURITIES CORP., (as depositor)


                        FINANCIAL ASSET SECURITIES CORP.               
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          (Exact name of registrant as specified in its charter)


         Delaware                333-21071       06-1442101    
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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 Home Loan  Asset Backed Notes,
1997-2 (the  "Notes") Greenwich Capital  Markets, Inc. as underwriter  of the
Notes  (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  assets  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 continuing 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; loss
sensitivity; cash flow characteristics; background information regarding  the
assets;  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.  



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)  Exhibits:

     None






                                  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 McMullin                       
                                  ---------------------
                                      Peter McMullin

                                    


Dated:  April 7, 1997



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