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, 1997
______________________ 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 333-21071-05
Financial Asset Securities Corp.
(Exact name of registrant as specified in its charter)
Delaware 52-6850828
(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
NONE
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
See Exhibit 99.1
See Exhibit 99.2
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
1 There were FIFTEEN 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.
Empire Funding Home Loan Owner Trust 1997-1,
Home Loan Asset Backed Notes Series 1997-1
Series 1997-1 Class A-1 Cede & Co.
Series 1997-1 Class A-2 Cede & Co.
Series 1997-1 Class A-3 Cede & Co.
Series 1997-1 Class A-4 Cede & Co.
Series 1997-1 Class A-5 Cede & Co.
Series 1997-1 Class M-1 Cede & Co.
Series 1997-1 Class M-2 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 in 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 April 25, 1997
May 27, 1997, June 25, 1997, July 25, 1997, August 25, 1997,
Septmeber 25, 1997, October 27, 1997, November 25, 1997
and December 26, 1997
(c) See (a) 3 above
(d) Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 and 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.
Financial Asset Securities Corp.
By: (Signature and Title)
/s/ Jim Kaufman
Assistant Vice President
First Trust National Association
Date March 24, 1997
INDEX OF EXHIBITS
99.1 Annual Summary Statement
99.2 Annual Statement as to Compliance.
99.3 Annual Independent Public
Accountant's Servicing Report.
EXHIBIT 99.1 -- Summary of Aggregate Amounts or End of Year
Amounts for the period ending December 31, 1997
Empire Funding Home Loan Owner Trust 1997-1,
Home Loan Asset Backed Notes Series 1997-1
Summary of Aggregate Amounts or End of Year Amounts
Ending Pool Balance 64,633,133.30
Principal Collections 6,334,801.51
Interest Collections 6,899,619.65
Liquidated Loans Balance 857,821.13
FHA Claims PendinBalance (90%) 67,435.83
Liquidation Proceeds 0.00
Realized Losses 1,424.65
Servicer Fees 393,263.58
Trustee Fees 18,547.21
FHA Premiums 13,318.09
Ending Balance Principal Interest
Class A-1 12,723,256.60 9,026,743.40 944,017.23
Class A-2 7,400,000.00 0.00 391,830.03
Class A-3 8,500,000.00 0.00 457,087.50
Class A-4 11,791,000.00 0.00 687,120.57
Class A-5 4,250,000.00 0.00 239,381.28
Class M-1 8,978,000.00 0.00 531,273.15
Class M-2 7,721,000.00 0.00 467,892.63
Class B 1,437,188.84 0.00 95,070.06
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
