SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
(Mark One)
[ x ] Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the fiscal year ended DECEMBER 31, 1999
_______________________________ or
[ ] Transition Report Pursuant to Section 13 or 15d of the Securities
Exchange Act of 1934
For the transition period from _____________ to ________
Commission file Number 333-84929
Financial Asset Securities Corp.
(Exact name of registrant as specified in its charter)
Delaware 06-1442101
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-2700
Securities registered pursuant to Section 12(b) of the Act
NONE
Securities registered pursuant to Section 12(g) of the Act
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
x Yes No
PART I
Item 2. Properties
Not applicable on reliance of Relief Letters
Item 3. Legal Proceedings
There were no legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of the Security
Holders.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder matters
There were 24 participants in the DTC system holding
positions in the Cede certificates.
The following were Noteholders and Certificateholders of record
as of the end of the reporting year.
New Century Home Equity Loan Trust,
Asset-Backed Pass-Through Certificates:
Series 1999-NCA Class A-1 Cede & Co.
Series 1999-NCA Class A-2 Cede & Co.
Series 1999-NCA Class A-3 Cede & Co.
Series 1999-NCA Class A-4 Cede & Co.
Series 1999-NCA Class A-5 Cede & Co.
Series 1999-NCA Class A-6 Cede & Co.
Series 1999-NCA Class A-7 Cede & Co.
Series 1999-NCA Class A-8IO Cede & Co.
There is no established public trading market for the notes.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosures: Information required by Item 304 of Reg. S-K.
There were no changes in and/or disagreements with Accountants on
Accounting and Financial Disclosures.
PART IV
Item 12. Security Ownership of Certain Beneficial Owners and Management
The Notes are represented by one or more notes registered in the name of
of Cede & Co., the nominee of The Depository Trust Company. An investor
holding Notes is not entitled to receive a certificate representing such
Note, except in limited circumstances. Accordingly, Cede & Co. is the
sole holder of Notes, which it holds on behalf of brokers, dealers,
banks and other participants in the DTC system. Such participants may
hold Notes for their own accounts or for the accounts of their customers.
The address of Cede & Co. is:
Cede & Co.
c/o The Depository Trust Company
Seven Hanover Square
New York, New York 10004
Item 13. Certain Relationships and Related Transactions.
There has not been, and there is not currently proposed, any transactions
or series or transactions, to which any of the Trust, the Registrant,
the Trustee or the Servicer is a party with any Noteholder who, to the
knowledge of the Registrant and Servicer, owns of record or beneficially
more than five percent of the Notes.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Not Applicable
2. Not Applicable
3. Exhibits
99.1 Annual Summary Statement
99.2 Annual Statement as to Compliance.
99.3 Annual Independent Public
Accountant's Servicing Report.
(b) Reports on Form 8-K
The Registrant has filed Current Reports on Form 8-K
with the Securities and Exchange Commision dated
July 31, 1999; August 31, 1999; September 30, 1999; October 31, 1999;
November 30, 1999; December 31, 1999
(c) See (a) 3 above
(d) Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
New Century Home Equity Loan Trust
/s/ Eve Kaplan
Vice President
U.S. Bank National Association
Date March 28, 2000
EXHIBIT INDEX
Exhibit Number Description
99.1 Annual Summary Statement
99.2 Annual Statement of Compliance
99.3 Report of Independent Accountants
EXHIBIT 99.1 -- Summary of Aggregate Amounts or End of Year
Amounts for the period ending December 31, 1999
New Century Home Equity Loan Trust
Asset-Backed Pass-Through Certificates, SERIES 1999-NCA
Summary of Aggregate Amounts or End of Year Amounts
Pool Balance 307482687.8
Principal Collections 17451753.85
Realized Loss 11696.72
Interest Collections 18644741.15
Servicer Fees 768591.95
Trustee Fees 15212.01
Insurer Premium 283895.9102
Rolling Delinquency Percentage 0.0255624
Delinquency Report Number Stated Principal Bal
30-59 days 62 4251459.71
60-89 days 26 2719287.11
90+ days 72 6975048.75
Foreclosures 68 6797398.90
Bankruptcies 24 1866659.11
REO Properties 3 218179.21
Certificate Balance Interest Principal
Class A-1 79593070.02 2555269.56 16406929.98
Class A-2 49991804.47 1669771.88 8195.53
Class A-3 44992624.02 1520792.25 7375.98
Class A-4 49991804.47 1804753.43 8195.53
Class A-5 22262350.36 840426.70 3649.64
Class A-6 22996230.05 817538.30 3769.95
Class A-7 36558871.50 1384606.60 2175128.50
Class A-8IO 24996230.05 241845.55 0.00
EXHIBIT 99.2 -- Servicer's Annual Statement of Compliance
To be supplied upon receipt by the Trustee
EXHIBIT 99.3 -- Report of Independent Auditors
To be supplied upon receipt by the Trustee
