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): September 25, 1996
FINANCIAL ASSET SECURITIES CORP.,
(as depositor under the Pooling and Servicing
Agreement, dated as of March 1, 1996, providing
for the issuance of Financial Asset Securities Corp.,
Mego Mortgage FHA Title I Loan Trust 1996-2,
FHA Title I Loan Asset-Backed Certificates,
Series 1996-2).
(Exact name of registrant as specified in its charter)
Delaware 33-99018 41-1849055
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) 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
Item 5. Other Events
On behalf of Mego Mortgage FHA Title I Loan
Trust 1996-2, FHA Title I Loan Asset-Backed
Certificates, Series 1996-2, a Trust created pursuant
to the Pooling and Servicing Agreement, dated
August 1, 1996, by First Trust of New York,
National Association, as trustee for the Trust, the
Trustee has caused to be filed with the Commission,
the Monthly Report dated September 25, 1996.
The Monthly Report is filed pursuant to and in
accordance with (1) numerous no-action letters (2)
current Commission policy in the area. The filing
of the Monthly Report will occur subsequent to
each monthly distribution to the holders of the
Certificates, Due August 25, 2017.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date September 25, 1996.
Principal Interest Ending Balance
Cede & Co $546,292.71 $334,906.73 $47,990,707.29
B. No delinquency in payment under the Certificate Guaranty
Insurance Policy has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable under
the Certificate Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the Certificate
Insurance Guaranty Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated September 25, 1996.
MEGO MORTGAGE CORPORATION
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES
SERIES 1996-2
CERTIFICATE HOLDERS' REPORT
Distribution Date 25-Sep-96
Beginning Remaining Ending
Certificate Principal Interest Total Interest Certificate
Class Balance DistributionDistribution Distribution Shortfall Balance
A 48537000.00 546,292.71 294,255.56 840,548.27 0.00 47990707.29
S 48781405.44 NA 40,651.17 40,651.17 0.00 48399884.88
R NA NA 0.00 0.00 NA NA
Total48537000.00 546,292.71 334,906.73 881,199.44 0.00 47990707.29
AMOUNTS PER $1,000 UNIT
Remaining Ending
Principal Interest Total Interest Certificate
ClassDistributionDistributionDistribution Shortfall Balance
A 11.25518082 6.06249995 17.31768076 0.00000000 988.74481918
S (a) 0.00000000 0.83333331 0.83333331 0.00000000 992.17897565
PASS THROUGH RATES
Original Current
Pass-Through Pass-Through
Class Interest RateInterest Rate
A 7.2750% 7.2750%
S (a) 1.0000% 1.0000%
(a) The Class S Amounts per $1,000 units are based on the
Initial Pool Principal Balance.
Trustee's Certificate
Pooling and Servicing Agreement Dated August 1, 1996
i) Interest from Mortgagors / Master Servicer $569,601.52
Interest from Purchased Loans $0.00
Interest from Defaulted Mortgage Loans $0.00
$569,601.52
Principal Collections (Regular Installments) $73,054.89
Principal Collections (Curtailments and Paid in Fulls) $293,625.73
Principal from Purchased Loans $0.00
Principal from Defaulted Mortgage Loans $0.00
$366,680.62
Collected Amount $936,282.14
Amount Deposited Pursuant to Sec. 4.03 (e) - Reserve Account Deposits $0.00
Amount Deposited Pursuant to Section 2.04 (d) Substitutions $0.00
Distribution Amount $936,282.14
Insured Payments $0.00
Amount Available $936,282.14
ii) Aggregate Principal Balance Information:
Beginning Aggregate Principal 48781405.44
less: Principal Collections 366,680.62
less: Balance of Defaulted Loans 14,839.94
Ending Aggregate Principal Balance 48399884.88
Before After
Distributions Distributions
iii) Class A Factor: 0.98874482 0.97900284
Computed Distributed
Amount Amount Shortfall
iv) Class A Monthly Interest Amount $294,255.56 $294,255.56 $0.00
Class A Principal Distribution Amount $381,520.56 $381,520.56 $0.00
(limited to the Overcolleralization Amount)
Class A Distribution of Distributable $164,772.15 $164,772.15 $0.00
Class A Guaranteed Distribution $0.00 $0.00 $0.00
v) Excess Spread $164,772.15
Distributable Excess Spread $164,772.15
vi) FHA Premium Account Deposit $9,603.24
Servicer Fee $40,194.81
Master Servicer Fee $3,252.09
Master Servicer Reimbursement $0.00
Claims Administrator Reimbursement $0.00
Trustee Fee $2,032.56
Premium $0.00
Reimbursement Amount distributed to the Certificate Insurer $0.00
Successor Master Servicer Fees $0.00
Other Expenses $0.00
Excess Claim Amount $0.00
vii) Collateral Performance Percentages
30+ Delinquency Percentage (Rolling Three Month) 1.1201%
60+ Delinquency Percentage (Rolling Three Month) 0.2843%
Annual Default Percentage (Three Month Average) 0.3679%
Cumulative Default Percentage 0.0304%
viii) Overcollateralization Information:
OC Multiple 1.00
Required OC Amount 1707349.19
Overcollateralization Amount (before distributions) 244405.44
Overcollateralization Amount (after distributions) 409177.59
ix) Default Information:
Current Period Cumulative
Balance of Defaulted Loans 14,839.94 14839.94
Balance of Credit Support Multiple Defaulted Loans 14,839.94 14839.94
Accrued and Unpaid Interest on Credit Support 0.00 0.00
Multiple Defaulted Loans
x) FHA Insurance Information:
Trust Designated Insurance Amount (at the Cut-off Date)4,878,140.00
Number Number Balance Balance
Current Perio Cumulative Current Period Cumulative
Claims Filed 0 0 0.00 0.00
Claims Pending 0 NA 0.00 NA
Claims Paid 0 0 0.00 0.00
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 thereunto duly authorized.
FINANCIAL ASSET SECURITIES CORPORATION
By
Name: Lynn Steiner
Title: Assistant Vice President, First Trust
of New York, National Association
Dated: September 30, 1996
