-------------------------------------------------------------------------
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 24, 1999
FINANCIAL ASSET SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware 333-67329 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) 622-2700
-------------------------------------------------------------------------
<PAGE>
Item 5. Other Events.
Filing of Computational Materials
Pursuant to Rule 424(b) 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 prospectus supplement with the Securities and Exchange Commission relating
New Century Home Equity Loan Trust, Series 1999-NCA.
In connection with the offering of the New Century Home Equity Loan Trust,
Series 1999-NCA, Greenwich Capital Markets, Inc.( "Greenwich Capital"), as the
Underwriter of the Certificates, has prepared certain materials (the
"Computational Materials") for distribution to its potential investors. Although
the Company provided Greenwich Capital with certain information regarding the
characteristics of the Home Loans in the related portfolio, the Company did not
participate in the preparation of the Computational Materials.
For purposes of this Form 8-K, "Computational Materials" shall mean
computer generated tables and/or charts displaying, with respect to any Class or
Classes of Certificates, any of the following: yield; average life; duration;
expected maturity; interest rate sensitivity; loss sensitivity; cash flow
characteristics; background information regarding the Home Loans; the proposed
structure; decrement tables; or similar information (tabular or otherwise) of a
statistical, mathematical, tabular or computational nature. The Computational
Materials, listed as Exhibit 99.2 hereto, are filed on Form SE dated June 24,
1999.
Incorporation of Certain Documents by Reference
The consolidated financial statements of Financial Security Assurance Inc.
(the "Note Insurer"), a wholly owned subsidiary of Financial Security
Assurance Holdings Ltd. ("Holdings"), and its subsidiaries as of December 31,
1998 and December 31, 1997 and for each of the three years in the period ended
December 31, 1998, prepared in accordance with generally accepted accounting
principles, included in the Annual Report on Form 10-K of Holdings for the
year ended December 31, 1998 and the consolidated financial statements of the
Note Insurer and its subsidiaries as of March 31, 1999 and for the three month
periods ended March 31, 1999 and March 31, 1998, included in the Quarterly
Report on Form 10-Q of Holdings for the period ended March 31, 1999, are
hereby incorporated by reference in (i) this Current Report on Form 8-K; (ii)
the prospectus; and (iii) the prospectus supplement for New Century Home
Equity Loan Trust, Series 1999-NCA, 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 ("PricewaterhouseCoopers") to
the use of their name and the incorporation by reference of their report in the
prospectus supplement relating to the issuance of the Certificates. The consent
of PricewaterhouseCoopers is attached hereto as Exhibit 23.1.
- ----------------
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the prospectus dated June 21, 1999 and the
prospectus supplement dated June 21, 1999, of Financial Asset Securities Corp.,
relating to its New Century Home Equity Loan Trust, Series 1999-NCA.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of PricewaterhouseCoopers LLP
99.2 Computational Materials.
filed on Form SE dated June 24, 1999.
<PAGE>
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/ James Raezer
----------------------------------------
Name: James Raezer
Title: Vice President
Dated: June 24, 1999
<PAGE>
Exhibit Index
- -------------
Exhibit Page
- ------- ----
23.1 Consent of PricewaterhouseCoopers LLP
99.2 Computational Materials filed on Form SE dated June 24, 1999.
<PAGE>
Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the
Prospectus Supplement of New Century Home Equity Loan Trust,
Series 1999-NCA relating to the Asset Backed Pass-Through
Certificates, of our report dated January 26, 1999, on our
audits of the consolidated financial statements of Financial
Security Assurance Inc. 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
our Firm under the caption "Experts".
By: /s/ PricewaterhouseCoopers LLP
---------------------------------
Name: PricewaterhouseCoopers LLP
June 21, 1999
<PAGE>
BROWN & WOOD LLP
One World Trade Center
New York, New York 10048
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
June 25, 1999
BY MODEM
- --------
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Financial Asset Securities Corp.
New Century Home Equity Loan Trust,
Series 1999-NCA
-----------------------------------
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 Computational Materials
in connection with the above-referenced transaction.
Very truly yours,
/s/ Edward B. Locke
Edward B. Locke
Enclosure
