<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): 08/25/97
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 08/25/97.
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: 08/21/97
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: 8/25/97
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) Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Class Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
A-1 178779CD4 11,280,000.00 6.13594770 76.23139007 737.37492730
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 69,213.49 69,213.49 69,213.49 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 0.00 658,568.67 658,568.67 658,568.67 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 9,177,479.26 859,890.08 --- 859,890.08 8,317,589.18 --- 859,890.08 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 96,897,479.26 859,890.08 0.00 859,890.08 96,037,589.18 0.00 859,890.08 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLECTION ACCOUNT
<S> <C> <C> <C>
Deposits Interest Principal Total
Gross Interest 1,140,386.98 --- 1,140,386.98
Scheduled Principal --- 110,428.17 110,428.17
Partial Prepayments --- 28,216.17 28,216.17
Paid in Full Principal --- 282,261.74 282,261.74
Net Liquidation Proceeds 0.00 0.00 0.00
Post Liquidation Proceeds 0.00 0.00 0.00
Insurance Proceeds 0.00 0.00 0.00
Released Mortgage Property Proceeds 0.00 0.00 0.00
Purchase Price 0.00 0.00 0.00
Substitution Adjustment 0.00 0.00 0.00
Termination Price 0.00 0.00 0.00
Additional Servicing Compensation 0.00 --- 0.00
Capitalized Interest Requirement 0.00 --- 0.00
Transfer of Pre-Funding Account Balance --- 0.00 0.00
Total Deposits 1,140,386.98 420,906.08 1,561,293.06
Withdrawals
Servicing Fee (not including Collection Account earnings) 0.00 0.00 41,284.24
Additional Servicing Compensation (not withheld per 5.01(b) 0.00 0.00 0.00
Servicing Advance Reimbursement 0.00 0.00 0.00
Nonrecoverable Servicing Advance Reimbursement 0.00 0.00 0.00
Legal or other expenses payable per 9.02 0.00 0.00 0.00
Amount withheld per court order 0.00 0.00 0.00
Total Withdrawals 0.00 0.00 41,284.24
Available Collection Amount 0.00 0.00 1,520,008.82
<CAPTION>
NOTE DISTRIBUTION ACCOUNT
<S> <C>
Available Collection Amount 1,520,008.82
Pre-Funding Earnings 0.00
Indenture Trustee Fee 1,341.74
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
Available Distribution Amount 1,518,458.75
Distribution of Regular Distribution Amount 1,079,474.75
Distribution of Excess Spread 438,984.00
Transfer of Residual Interest to Certificate Account 0.00
Total Distributions and Transfers 1,518,458.75
<CAPTION>
REGULAR DISTRIBUTION AMOUNT
<S> <C>
Noteholders' Interest Distributable Amount 658,568.67
Regular Principal Distributable Amount 420,906.08
Total 1,079,474.75
Regular Distribution Amount 1,079,474.75
<CAPTION>
ALLOCATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C>
Senior Noteholders' Interest Distributable Amount 506,718.66
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 420,906.08
Principal from Reg Dist Amt to Mezzanine Notes 0.00
Principal from Reg Dist Amt to Certificates 0.00
Loss Reimb. from Reg Dist Amt to Mezz. Notes and Cert. 0.00
Principal from Excess Spread to Senior Notes 438,984.00
Principal from Excess Spread to Mezzanine Notes 0.00
Principal from Excess Spread to Certificates 0.00
Loss Reimb. from Excess Spread to Mezz. Notes and Cert. 0.00
Residual Holder 0.00
1,518,458.75
<CAPTION>
OVERCOLLATERALIZATION ("OC") AMOUNTS
<S> <C>
OC Target Amount 9,999,999.41
OC Amount Prior to Distribution of Excess Spread 2,130,863.84
OC Amount After Distribution of Excess Spread 2,569,847.84
OC Deficiency Amount Prior to Distribution of Excess Spread 7,869,135.57
OC Deficiency Amount After Distribution of Excess Spread 7,430,151.57
<CAPTION>
COLLATERAL CHARACTERISTICS
<S> <C> <C>
Beginning Ending
Loan Balance 99,082,166.69 98,607,437.02
Weighted Average Coupon 14.1578% 14.1588%
Weighted Average Maturity n/a n/a
Loan Count 2,592 2,583
Net Loan Losses 53,823.59
Cumulative Net Loan Losses 53,823.59
Net Delinquency Calculation Amount 0.00
<CAPTION>
DELINQUENCY INFORMATION
Aggregate
Number Loan
of Loans Balance Percentage Book Value
<S> <C> <C> <C> <C>
30 - 59 days 13 414,544.77 0.4204% ---
60 - 89 days 2 112,562.82 0.1142% ---
90+ days 3 93,807.76 0.0951% ---
Foreclosure 0 0.00 0.0000% 0.0000%
Bankruptcy 5 147,305.52 0.1494% ---
Foreclosed Prop 0 0.00 0.0000% 0.0000%
<CAPTION>
LIQUIDATED AND DEFAULTED LOAN INFORMATION
Number of Balance of
Number of Balance of Loans Loans
Loans in Loans in Since Since
Due Period Due Period Closing Closing
<S> <C> <C> <C> <C>
Liquidated Combination Loans 1 34,941.03 1 34,941.03
Liquidated Debt Consolidation Loans 1 18,882.56 1 18,882.56
Total Liquidated Loans 2 53,823.59 2 53,823.59
Defaulted Combination Loans ( "Defective" per Sect. 3.06) 0 0.00 0 0.00
Defaulted Debt Consolidation Loans ( "Defective" per Sect. 0 0.00 0 0.00
Total Defaulted Loans ( "Defective" per Sect. 3.06) 0 0.00 0 0.00
Defaulted Combination Loans ( "Defaulted" per Sect. 3.06) 0 0.00 0 0.00
Defaulted Debt Consolidation Loans ( "Defaulted" per Sect. 0 0.00 0 0.00
Total Defaulted Loans ( "Defaulted" per Sect. 3.06) 0 0.00 0 0.00
</TABLE>