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,
1997
FINANCIAL ASSET SECURITIES CORP.,
(as depositor under the Pooling and Servicing
Agreement, dated as of August 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, 1997. 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, 1997.
Principal Interest Ending Balance
Cede & Co $847,965.90 $274,819.04 $38,960,343.38
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, 1997.
MEGO MORTGAGE CORPORATION
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES
SERIES 1996-2
CERTIFICATE HOLDERS' REPORT
Distribution Date: 25-Sep-97
Beginning Ending
Certificate Principal Interest Total
Certificate
Class Balance DistributionDistribution Distribution
Balance
A 39808309.28 847965.90 241337.88 1089303.78
38960343.38
S 40177392.63 NA 33481.16 33481.16
39257014.04
R NA NA 0.00 0.00 NA
Total 39808309.28 847965.90 274819.04 1122784.94
38960343.38
AMOUNTS PER $1,000 UNIT
Ending
Current
Principal Interest Total Certificate
Pass-Through
ClassDistribution DistributionDistribution Balance Interest
Rate
A 17.47050503 4.97224550 22.44275053 802.69368476
7.2750%
S (a) 0.00000000 0.68635087 0.68635087 804.75364918
1.0000%
Trustee's Certificate
Pooling and Servicing Agreement Dated August 1, 1996
i) Interest from Mortgagors / Master Servicer
464981.41
Interest from Purchased Loans
0.00
Interest from Defaulted Mortgage Loans
1000.60
465982.01
Principal Collections (Regular Installments)
68523.90
Principal Collections (Curtailments and Paid in Fulls)
635456.12
Principal from Purchased Loans
0.00
Principal from Defaulted Mortgage Loans
19127.97
723107.99
Collected Amount
1189090.00
Deposits Pursuant to Sec. 4.03 (e) - Reserve Account Deposits
0.00
Amount Deposited Pursuant to Section 2.04 (d) Substitutions
1508.92
Distribution Amount
1190598.92
Insured Payments
0.00
Amount Available
1190598.92
ii) Pool Balance Information:
Beginning Pool Balance 40177392.63
less: Principal Collections 703980.02
less: Balance of Defaulted Loans 216398.57
Ending Pool Balance 39257014.04
Before After
iii) Class A Factors: Distributions
Distributions
Class A 0.82016419
0.80269368
Computed
Distributed
Amount
Amount Shortfall
iv) Class A Monthly Interest Amount 241337.88
241337.88 0.00
Class A Principal Distribution Amount 1430891.01
847965.90 582925.11
(limited to the Overcolleralization Amount)
Class A Distribution of
Distributable Excess Spread 0.00
0.00 0.00
Class A Guaranteed Distribution 0.00
0.00 0.00
v) Excess Spread
0.00
Distributable Excess Spread
0.00
vi) FHA Premium Account Deposit
8257.78
Servicer Fee
33481.16
Master Servicer Fee
2678.49
Master Servicer Reimbursement
9461.49
Trustee Fee
0.00
Premium
1674.06
Reimbursement Amount distributed to the Certificate
Insurer 12261.00
Successor Master Servicer Fees
0.00
Priority Expenses
0.00
Excess Claim Amount
0.00
vii) Collateral Performance Percentages
30+ Delinquency Percentage (Rolling Three Month)
7.8888%
60+ Delinquency Percentage (Rolling Three Month)
3.8401%
Annual Default Percentage (Three Month Average)
6.5971%
Cumulative Default Percentage
4.8183%
viii) Overcollateralization Information:
OC Multiple
1.50
Required OC Amount
2561023.79
Overcollateralization Amount (before distributions)
369083.35
Overcollateralization Amount (after distributions)
513069.23
ix) Default Information:
Current
Period Cumulative
Principal Balance of Defaulted Loans
216398.57 2238915.77
Principal Balance of Credit Support Multiple
216398.57 2238915.77
x) FHA Insurance Information:
Trust Designated Insurance Amount (at the Cut-off
Date) 4878140.00
Number Number Balance
Balance
Current Period Cumulative Current Period
Cumulative
Claims Filed 22 105 424935.83
1807299.71
Claims Pending 40 NA 703579.91
NA
Claims Paid 1 19 21902.25
337491.90
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
/s/ Mark LeMay
Mark LeMay
Vice President
Dated: September 30, 1997
