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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):January 26, 1999
FINANCIAL ASSET SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware 333-44067 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 Body Text
Registrant's telephone number, including area code (203) 622-2700
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Item 5. Other Events.
Filing of Derived Materials.*
In connection with the offering of the Option One Mortgage Loan Trust,
Asset-Backed Certificates, Series 1999-1 (the "Certificates") 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 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 S-T, the
Registrant is filing certain computational materials by paper filing on Form SE.
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.
Pursuant to Rule 411 of Regulation C under the Securities Act of 1933
and in reliance on Financial Security Assurance Inc., SEC No-Action Letter (July
16, 1993), the Registrant will incorporate by reference the financial statements
of Financial Security Assurance, Inc., into the Registrant's registration
statement (File No. 333-44067). the financial statements will be referred to in
the prospectus supplement relating to Option One Mortgage Loan Trust 1999-1. In
connection with the incorporation of such documents by reference, the Registrant
is hereby filing the consent of PricewaterhouseCoopers LLP
("PricewaterhouseCoopers") to the use of their name in such prospectus
supplement. the consent of PricewaterhouseCoopers is attached hereto as Exhibit
1.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of PricewaterhouseCoopers
99.1 Derived Materials
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* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus and the Prospectus
Supplement of Financial Asset Securities Corp. relating to its Option
One Mortgage Loan Trust 1999-1, Asset-Backed Certificates, Series
1999-1.
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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:
Title: Vice President
Dated: January 22, 1999
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Exhibit Index
Exhibit Page
23.1 Consent of PricewaterhouseCoopers LLP 5
99.1 Collateral Term Sheets
filed on Form SE dated January 22, 1999(P). 6
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EXHIBIT 23: CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus
Supplement of Option One Mortgage Corporation relating to Option One Mortgage
Loan Trust 1999-1 Asset-Backed Certificates, Series 1999-1 of our report dated
January 26, 1998 on our audits of the consolidated financial statements of
Financial Security Assurance Inc. and Subsidiaries as of December 31, 1997 and
1996, and for each of the three years in the period ended December 31, 1997.
We also consent to the reference to our Firm under the caption "Experts".
\s\ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
New York, New York
January 22, 1999
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EXHIBIT 99.1
In accordance with Rule 202 of Regulation S-T, the Derived Materials
are being filed on paper pursuant to Form SE.
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BROWN & WOOD LLP
One World Trade Center
New York, New York 10048
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
January 26, 1999
BY MODEM
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Financial Asset Securities Corp.
Option One Mortgage Loan Trust 1999-1
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 Collateral Term
Sheets and the Consent of PricewaterhouseCoopers in connection with the
above-referenced transaction.
Very truly yours,
/s/ Amber Railley
Amber Railley
Enclosure
