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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
Reported) November 22, 1999
FINANCIAL ASSET SECURITIES CORP., (as depositor under the Pooling
and Servicing Agreement, dated as of November 1, 1999, which forms
the Trust which will issue the C-BASS Mortgage Loan Asset-Backed
Certificates, Series 1999-CB5).
FINANCIAL ASSET SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware 333-84929 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
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Item 5. Other Events.
Filing of Certain Materials
Pursuant to Rule 424(b)(5) under the Securities Act of 1933, concurrently
with, or subsequent to, the filing of this Current Report on Form 8-K (the
"Form 8-K"), Financial Asset Securities Corp. (the "Company") is filing a
prospectus and a prospectus supplement with the Securities and Exchange
Commission (the "Commission") relating to its C-BASS Mortgage Loan
Asset-Backed Certificates, Series 1999-CB5 (the "Certificates").
Incorporation of Certain Documents by Reference
The consolidated financial statements of MBIA Insurance Corporation and
its subsidiaries as of December 31, 1998 and December 31, 1997, and for the
three-year period ended December 31, 1998, included in the Annual Report on
Form 10-K of MBIA Insurance Corporation (which was filed with the Securities
and Exchange Commission on [date]) are hereby incorporated by reference in (i)
this Current Report on Form 8-K; (ii) the prospectus; and (iii) the prospectus
supplement for C-BASS Mortgage Loan Asset-Backed Certificates, Series
1999-CB5, and shall be deemed to be part hereof and thereof.
In connection with the issuance of the Certificates, the Company is
filing herewith the consent of PricewaterhouseCoopers LLP ("PWC") to the use
of their name and the incorporation by reference of their report in
registration statement (No. 333-84929) and in the prospectus supplement
relating to the issuance of the Certificates. The consent of
PricewaterhouseCoopers LLP is attached hereto as Exhibit 23.
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* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the prospectus dated September 15, 1999 and the
prospectus supplement dated November 22, 1999, of the Company, relating to its
C-BASS Mortgage Loan Asset-Backed Certificates, Series 1999-CB5.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of PricewaterhouseCoopers LLP
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FINANCIAL ASSET SECURITIES CORP.
By: /s/ John Graham
Name: John Graham
Title: Vice President
Dated: November 22, 1999
Exhibit Index
Exhibit Page
23 Consent of PricewaterhouseCoopers LLP
Exhibit 23
CONSENT OF INDEPENDENT ACCOUNTS
We consent to the incorporation by reference in the Prospectus Supplement
regarding the issuance of the C-BASS Mortgage Loan Asset-Backed Certificates,
Series 1999-CB5, of our report dated [date], on our audits of the consolidated
financial statements of MBIA Insurance Corporation and Subsidiaries as of
December 31, 1998 and 1997 and for each of the three years in the period ended
December 31, 1998. We also consent to the reference to out firm under the
caption "Experts".
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoppers LLP
November 22, 1999
BROWN & WOOD LLP
One World Trade Center
New York, New York 10048
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
November 22, 1999
BY MODEM
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Financial Asset Securities Corp.
C-BASS Mortgage Loan Asset-Backed Certificates,
Series 1999-CB5
Ladies and Gentlemen:
On behalf of Financial Asset Securities Corp. (the "Company"), we enclose
herewith for filing, pursuant to the Securities and Exchange Act of 1934, as
amended, the Company's Current Report on Form 8-K, for certain materials in
connection with the above-referenced transaction.
Very truly yours,
/s/ Amy Sunshine
Amy Sunshine
Enclosure
