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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) March 7, 1997
FINANCIAL ASSET SECURITIES CORP., (as depositor under the Sale and
Servicing Agreement, dated as of February 1, 1997, relating to the
Mego Mortgage Home Loan Owner Trust 1997-1, Home Loan Asset Backed
Notes).
FINANCIAL ASSET SECURITIES CORP.
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(Exact name of registrant as specified in its charter)
Delaware 333-10273 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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On March 7, 1997 Financial Asset Securities Corp. (the "Company") is
filing a Form T-1 to designate FIRST TRUST OF NEW YORK, NATIONAL ASSOCIATION
to act as an elegible trustee under trust indentures to be qualified
pursuant to Sections 305 or 307 of the Trust Indenture Act of 1939.
Form T-1 is annexed hereto as Exhibit 1.
Incorporation of Certain Documents by Reference
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Pursuant to Rule 411 of Regulation C under the Securities Act of 1933
and in reliance on MBIA Insurance Corporation, SEC No-Action Letter
(September 6, 1996), the Company will incorporate by reference the financial
statement of MBIA Insurance Corporation ("MBIA") into the Company's
registration statement (File No. 333-3391). The financial statements will be
referred to in the prospectus supplement relating to the Company's Home Loan
Asset-Backed Securities, Series 1997-1. In connection with the incorporation
of such documents by reference, the Company is hereby filing the consent of
Coopers & Lybrand L.L.P. ("Coopers & Lybrand") to the use of their name in
such prospectus supplement. The consent of Coopers & Lybrand is attached
hereto as Exhibit 2.
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. Form T-1
2. Consent of Independent Accountants
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/ John Anderson
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John Anderson
Dated: March 7, 1997
Exhibit Index
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Exhibit Page
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1. Form T-1
2. Consent of Independent Accounts
EXHIBIT 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
FORM T-1
Statement of Eligibility and Qualification Under the
Trust Indenture Act of 1939 of a Corporation
Designated to Act as Trustee
FIRST TRUST OF NEW YORK, NATIONAL ASSOCIATION
(Exact name of Trustee as specified in its charter)
United States 13-3781471
(State of Incorporation) (I.R.S. Employer
Identification No.)
First Trust Center
180 East Fifth Street
St. Paul, Minnesota 55101
(Address of Principal Executive Offices) (Zip Code)
FINANCIAL ASSET SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware 06-1442010
(State of Incorporation) (I.R.S. Employer
Identification No.)
600 Steamboat Road
Greenwich CT 06830
(Address of Principal Executive Offices) (Zip Code)
HOME LOAN ASSET BACKED SECURITIES
(Title of the Indenture Securities)
GENERAL
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1.General Information Furnish the following information as to the Trustee.
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(a) Name and address of each examining or supervising authority to which it
is subject.
Comptroller of the Currency
Washington, D.C.
(b) Whether it is authorized to exercise corporate trust powers.
Yes
2. AFFILIATIONS WITH OBLIGOR AND UNDERWRITERS If the obligor or any
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underwriter for the obligor is an affiliate of the Trustee, describe each
such affiliation.
None
See Note following Item 16.
Items 3-15 are not applicable because to the best of the Trustee's knowledge
the obligor is not in default under any Indenture for which the Trustee acts
as Trustee.
16. LIST OF EXHIBITS List below all exhibits filed as a part of this
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statement of eligibility and qualification.
1. Copy of Articles of Association of First Trust of New York, National
Association, incorporated herein by reference to Exhibit 1 of Form T-1,
Registration No. 33-83774.
2. Copy of Certificate of Authority to Commence Business of First Trust of
New York, National Association, incorporated herein by reference to Exhibit 2
of Form T-1, Registration No. 33-83774.
3. Authorization of the Trustee to exercise corporate trust powers of First
Trust of New York, National Association, incorporated herein by reference to
Exhibit 3 of Form T-1, Registration No. 33-83774.
4. Copy of existing By-Laws of First Trust of New York, National
Association, incorporated herein by reference to Exhibit 4 of Form T-1,
Registration No. 33-55851.
5. Not applicable.
6. Consent of First Trust of New York, National Association, required by
Section 321(b) of the Act, incorporated by reference to Exhibit 6 of Form T-
1, Registration No. 33-83774.
7. Report of Condition of First Trust of New York, National Association, as
of the close of business on December 31, 1996, published pursuant to law or
the requirements of its supervising or examining authority.
8. Not applicable.
9. Not applicable.
NOTE
The answers to this statement insofar as such answers relate to what
persons have been underwriters for any securities of the obligors within
three years prior to the date of filing this statement, or what persons are
owners of 10% or more of the voting securities of the obligors, or
affiliates, are based upon information furnished to the Trustee by the
obligors. While the Trustee has no reason to doubt the accuracy of any such
information, it cannot accept any responsibility therefor.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, First Bank National Association, an Association organized and
existing under the laws of the United States, has duly caused this statement
of eligibility and qualification to be signed on its behalf by the
undersigned, thereunto duly authorized, and its seal to be hereunto affixed
and attested, all in the City of Saint Paul and State of Minnesota on the
26th day of February, 1997.
FIRST TRUST OF NEW YORK, NATIONAL ASSOCIATION
(SEAL)
/s/ Lynn Steiner
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Lynn Steiner
EXHIBIT 7
First Trust if New York, N.A.
Statement of Financial Condition
As of 12/31/96
($000's)
12/31/96
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ASSETS
Cash and Due From Depository Institutions
$ 33,306
Federal Reserve Stock 3,509
Fixed Assets 878
Intangible Assets 80,431
Other Assets 5,755
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TOTAL ASSETS $123,879
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LIABILITIES
Other Liabilities 7,154
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Total Liabilities 7,154
EQUITY
Common and Preferred Stock 1,000
Surplus 120,932
Undivided Profits (5,207)
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TOTAL EQUITY CAPITAL 116,725
TOTAL LIABILITIES AND EQUITY CAPITAL $123,879
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EXHIBIT 2: CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in this Prospectus Supplement,
of our report dated January 22, 1996, on our audits of the consolidated
financial statements of MBIA Insurance Corporation and Subsidiaries as of
December 31, 1995 and 1994 and for each of the three years ended December 31,
1995. We also consent to the reference to our firm under the caption
"Experts".
\s\ Coopers & Lybrand L.L.P.
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Coopers & Lybrand L.L.P.
March 7, 1997
New York, New York
