<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Form 8-K
Pursuant to Section 12 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): 05/25/97
FINANCIAL ASSET SECURITIES CORP
(AS DEPOSITOR UNDER THE SALE AND SERVICING AGREEMENT
DATED AS OF MARCH 14, 1997, PROVIDING FOR THE ISSUANCE OF
CITYSCAPE HOME LOAN OWNER TRUST 1997-2
HOME LOAN ASSET BACKED NOTES SERIES 1997-2)
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(Exact name of registrant as specified in its charter)
Delaware 333-21071-06 None
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation File Number) Identification Number)
600 Steamboat Road
Greenwich, Connecticut 06830
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (203) 625-2700
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Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
20.1 Cityscape Home Loan Asset Backed Notes Series 1997-2
Distribution Statement dated 05/25/97.
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.
Date: 08/15/97
FINANCIAL ASSET SECURITIES CORP by First Trust National Association,
as Trustee for Cityscape Home Loan Owner Trust 1997-2, Home Loan
Asset Backed Notes Series 1997-2.
By: /s/ Lynn Steiner
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Name: Lynn Steiner
Title: Vice President
Company: First Trust National Association
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Cityscape Home Loan Owner Trust
Series 1997-2
DISTRIBUTION STATEMENT
Distribution Date: 5/25/97
Issued on March 31, 1997
Pursuant to the Sale and Servicing Agreement dated as of March 14, 1997
<TABLE>
<CAPTION>
FACTORS (Per $1000 Of Original Certificate Balance)
Original Interest Principal
CUSIP Certificate Distribution Distribution Principal
Class Number Balance Factor Factor Reduction
<S> <C> <C> <C> <C> <C>
A-1 178779CD4 11,280,000.00 7.52688918 45.49783688 952.54270833
A-2 178779CE2 13,500,000.00 7.12500000 0.00000000 1,000.00000000
A-3 178779CF9 17,350,000.00 6.61666686 0.00000000 1,000.00000000
A-4 178779CG7 7,000,000.00 6.50000000 0.00000000 1,000.00000000
A-5 178779CH5 20,620,000.00 6.71666683 0.00000000 1,000.00000000
A-6 178779CJ1 6,500,000.00 6.54166615 0.00000000 1,000.00000000
M-1 178779CK8 10,750,000.00 6.59166698 0.00000000 1,000.00000000
M-2 178779CL6 7,750,000.00 6.71666710 0.00000000 1,000.00000000
B 178779CM4 4,250,000.00 6.80833412 0.00000000 1,000.00000000
<CAPTION>
INTEREST Prior Current Current
Interest Month Current Current Interest
Certificate Carryover Interest Interest Interest Carryover
Class Rate Shortfall Accrual Amount Payment Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 9.050% 0.00 84,903.31 84,903.31 84,903.31 0.00
A-2 8.550% 0.00 96,187.50 96,187.50 96,187.50 0.00
A-3 7.940% 0.00 114,799.17 114,799.17 114,799.17 0.00
A-4 7.800% 0.00 45,500.00 45,500.00 45,500.00 0.00
A-5 8.060% 0.00 138,497.67 138,497.67 138,497.67 0.00
A-6 7.850% 0.00 42,520.83 42,520.83 42,520.83 0.00
M-1 7.910% 0.00 70,860.42 70,860.42 70,860.42 0.00
M-2 8.060% 0.00 52,054.17 52,054.17 52,054.17 0.00
B 8.170% 0.00 28,935.42 28,935.42 28,935.42 0.00
Total 0.00 674,258.49 674,258.49 674,258.49 0.00
<CAPTION>
PRINCIPAL
Principal
Beginning Principal Principal Ending Loss Optimal
Certificate Distribution Loss Principal Certificate Reim- Principal Principal
Class Balance Amount Allocation Reduction Balance bursement Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 11,257,897.35 513,215.60 --- 513,215.60 10,744,681.75 --- 513,215.60 0.00
A-2 13,500,000.00 0.00 --- 0.00 13,500,000.00 --- 0.00 0.00
A-3 17,350,000.00 0.00 --- 0.00 17,350,000.00 --- 0.00 0.00
A-4 7,000,000.00 0.00 --- 0.00 7,000,000.00 --- 0.00 0.00
A-5 20,620,000.00 0.00 --- 0.00 20,620,000.00 --- 0.00 0.00
A-6 6,500,000.00 0.00 --- 0.00 6,500,000.00 --- 0.00 0.00
M-1 10,750,000.00 0.00 0.00 0.00 10,750,000.00 0.00 0.00 0.00
M-2 7,750,000.00 0.00 0.00 0.00 7,750,000.00 0.00 0.00 0.00
B 4,250,000.00 0.00 0.00 0.00 4,250,000.00 0.00 0.00 0.00
Total 98,977,897.35 513,215.60 0.00 513,215.60 98,464,681.75 0.00 513,215.60 0.00
</TABLE>
<TABLE>
<CAPTION>
AVAILABLE COLLECTION AMOUNT
<S> <C> <C>
Interest Received 945,378.42
Scheduled Principal Received 128,704.87
Partial Prepayments Received 4,776.32
Paid in Full Principal Received 45,721.45
Net Recovery Proceeds 0.00
Repurchase Principal Received 0.00
Substitution Shortfall Amount Received 0.00
Termination Proceeds 0.00
Regular Principal Distribution Amount 179,202.64
Capitalized Interest Requirement 40,878.31
Available Collection Amount 1,165,459.37
<CAPTION>
AVAILABLE DISTRIBUTION AMOUNT <C>
Available Collection Amount 1,165,459.37
Reinvestment Income from Prefunding Account 58,909.24
Servicing Compensation 35,531.42
Servicing Compensation for Prior Distribution Date 0.00
Nonrecoverable Servicing Advance Reimbursement 0.00
Indenture Trustee Fee 1,154.77
Indenture Trustee Fee for Prior Distribution Date 0.00
Owner Trustee Fee (in trust with Servicer) 208.33
Owner Trustee Fee for Prior Distribution Date 0.00
Custodian Fee 0.00
Custodian Fee for Prior Distribution Date 0.00
Available Distribution Amount 1,187,474.09
<CAPTION>
REGULAR DISTRIBUTION AMOUNT
<S> <C>
Noteholders' Interest Distributable Amount 674,258.49
Regular Principal Distributable Amount 179,202.64
Regular Distribution Amount 853,461.13
<CAPTION>
OVERCOLLATERALIZATION ("OC") AMOUNTS
<S> <C>
OC Target Amount 8,535,166.78
OC Amount Prior to Distribution of Excess Spread 0.00
OC Amount After Distribution of Excess Spread 0.00
OC Deficiency Amount Prior to Distribution of Excess Spread 8,535,166.78
OC Deficiency Amount After Distribution of Excess Spread 8,535,166.78
<CAPTION>
ALLOCATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C>
Senior Noteholders' Interest Distributable Amount 522,408.48
Mezzanine Noteholders Interest Distributable Amount 122,914.59
Class B Noteholders' Interest Distributable Amount 28,935.42
Principal from Reg Dist Amt to Senior Notes 179,202.64
Principal from Reg Dist Amt to Mezzanine Notes 0.00
Principal from Reg Dist Amt to Certficates 0.00
Loss Reimb. from Reg Dist Amt to Mezz. Notes and Cert. 0.00
Principal from Excess Spread to Senior Notes 334,012.96
Principal from Excess Spread to Mezzanine Notes 0.00
Principal from Excess Spread to Certficates 0.00
Loss Reimb. from Excess Spread to Mezz. Notes and Cert. 0.00
Residual Holder 0.00
1,187,474.09
<CAPTION>
COLLATERAL CHARACTERISTICS
<S> <C>
Beginning Loan Balance 85,275,400.01
Ending Loan Balance 85,096,197.37
Beginning WAC 14.1568%
Ending WAC 14.1564%
Beginning WAM n/a
Ending WAM n/a
Beginning Loan Count 2,224.00
Ending Loan Count 2,221.00
Accumulated Realized Losses 0.00
Net Loan Losses 0.00
Net Delinquency Calculation Amount Not Yet Applicable
<CAPTION>
DELINQUENCY INFORMATION
<S> <C> <C> <C>
Aggregate
Number Loan
of Loans Balance Percentage
30 days 4 120,664.28 0.1418%
60 days 1 16,693.46 0.0196%
90+ days 2 53,823.59 0.0633%
Foreclosure 0 0.00 0.0000%
Bankruptcy 0 0.00 0.0000%
Foreclosed Properties 0 0.00 0.0000%
<CAPTION>
LIQUIDATED AND DEFAULTED LOAN INFORMATION
<S> <C> <C> <C> <C>
Number of Balance of
Number of Balance of Loans Loans
Loans in Loans in Since Since
Due Period Due Period Closing Closing
Liquidated Combination Loans 0.00 0.00 0.00 0.00
Liquidated Debt Consolidation Loans 0.00 0.00 0.00 0.00
Total Liquidated Loans 0.00 0.00 0.00 0.00
Defaulted Combination Loans ( "Defective" per Sect. 3.06) 0.00 0.00 0.00 0.00
Defaulted Debt Consolidation Loans ( "Defective" per Sect. 3 0.00 0.00 0.00 0.00
Total Defaulted Loans ( "Defective" per Sect. 3.06) 0.00 0.00 0.00 0.00
Defaulted Combination Loans ( "Defaulted" per Sect. 3.06) 0.00 0.00 0.00 0.00
Defaulted Debt Consolidation Loans ( "Defaulted" per Sect. 3 0.00 0.00 0.00 0.00
Total Defaulted Loans ( "Defaulted" per Sect. 3.06) 0.00 0.00 0.00 0.00
</TABLE>
