<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): 04/25/97
FINANCIAL ASSET SECURITIES CORP
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT
DATED AS OF MARCH 14, 1997, PROVIDING FOR THE ISSUANCE OF
CITYSCAPE HOME EQUITY LOAN TRUST 1997-B
HOME EQUITY PASS-THROUGH CERTIFICATES 1997-B
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(Exact name of registrant as specified in its charter)
Delaware 333-21071-07 41-1873346
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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
<PAGE> 2
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
20.1 Cityscape Home Equity Pass-Through Certificates
Series 1997-B Distribution Statement dated 04/25/97.
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 Equity Loan Trust 1997-B, Home Equity
Pass-Through Certificates.
By: /s/ Lynn Steiner
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Name: Lynn Steiner
Title: Vice President
Company: First Trust National Association
<PAGE> 1
Cityscape Home Equity Loan Trust
Series 1997-B
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 4/25/97
<TABLE>
<CAPTION>
FACTORS (Per $1000 Of Original Certificate Balance)
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Class Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
A-1 178779BQ6 27,200,000.00 3.36694449 39.31084559 960.68915441
A-2 178779BR4 24,200,000.00 3.28194463 0.00000000 1,000.00000000
A-3 178779BS2 30,950,000.00 3.31500000 0.00000000 1,000.00000000
A-4 178779BT0 18,350,000.00 3.38111117 0.00000000 1,000.00000000
A-5 178779BU7 19,550,000.00 3.53222199 0.00000000 1,000.00000000
A-6 178779BV5 11,550,000.00 3.73527792 0.00000000 1,000.00000000
A-7 178779BW3 11,750,000.00 3.49916681 0.00000000 1,000.00000000
M-1F 178779BY9 7,425,000.00 3.65027744 0.00000000 1,000.00000000
M-2F 178779BZ6 8,250,000.00 3.75416727 0.00000000 1,000.00000000
B-1F 178779CN2 5,775,000.00 3.91000000 0.00000000 1,000.00000000
A-8 178779BX1 25,469,000.00 4.10937493 4.12017865 995.87982135
M-1A 178779CA0 3,010,000.00 4.22743189 0.00000000 1,000.00000000
M-2A 178779CB8 1,872,000.00 4.36631944 0.00000000 1,000.00000000
B-1A 178779CC6 2,196,812.00 4.60937486 0.00000000 1,000.00000000
<CAPTION>
INTEREST Current
Prior Interest Current 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 7.13000% 0.00 91,580.89 91,580.89 91,580.89 0.00
A-2 6.95000% 0.00 79,423.06 79,423.06 79,423.06 0.00
A-3 7.02000% 0.00 102,599.25 102,599.25 102,599.25 0.00
A-4 7.16000% 0.00 62,043.39 62,043.39 62,043.39 0.00
A-5 7.48000% 0.00 69,054.94 69,054.94 69,054.94 0.00
A-6 7.91000% 0.00 43,142.46 43,142.46 43,142.46 0.00
A-7 7.41000% 0.00 41,115.21 41,115.21 41,115.21 0.00
M-1F 7.73000% 0.00 27,103.31 27,103.31 27,103.31 0.00
M-2F 7.95000% 0.00 30,971.88 30,971.88 30,971.88 0.00
B-1F 8.28000% 0.00 22,580.25 22,580.25 22,580.25 0.00
Group 1 Total 0.00 569,614.64 569,614.64 569,614.64 0.00
A-8 5.91750% 0.00 104,661.67 104,661.67 104,661.67 0.00
M-1A 6.08750% 0.00 12,724.57 12,724.57 12,724.57 0.00
M-2A 6.28750% 0.00 8,173.75 8,173.75 8,173.75 0.00
B-1A 6.63750% 0.00 10,125.93 10,125.93 10,125.93 0.00
Group II Total 0.00 135,685.92 135,685.92 135,685.92 0.00
<CAPTION>
PRINCIPAL
Beginning Principal Principal Ending Principal Optimal
Certificate Distribution Loss Principal Certificate Loss Reim- Principal Principal
Class Balance Amount Allocation Reduction Balance bursement Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 27,200,000.00 1,069,255.00 --- 1,069,255.00 26,130,745.00 --- 1,069,255.00 0.00
A-2 24,200,000.00 0.00 --- 0.00 24,200,000.00 --- 0.00 0.00
A-3 30,950,000.00 0.00 --- 0.00 30,950,000.00 --- 0.00 0.00
A-4 18,350,000.00 0.00 --- 0.00 18,350,000.00 --- 0.00 0.00
A-5 19,550,000.00 0.00 --- 0.00 19,550,000.00 --- 0.00 0.00
A-6 11,550,000.00 0.00 --- 0.00 11,550,000.00 --- 0.00 0.00
A-7 11,750,000.00 0.00 --- 0.00 11,750,000.00 --- 0.00 0.00
M-1F 7,425,000.00 0.00 0.00 0.00 7,425,000.00 0.00 0.00 0.00
M-2F 8,250,000.00 0.00 0.00 0.00 8,250,000.00 0.00 0.00 0.00
B-1F 5,775,000.00 0.00 0.00 0.00 5,775,000.00 0.00 0.00 0.00
165,000,000.00 1,069,255.00 0.00 1,069,255.00 163,930,745.00 0.00 1,069,255.00 0.00
A-8 25,469,000.00 104,936.83 0.00 104,936.83 25,364,063.17 0.00 104,936.83 0.00
M-1A 3,010,000.00 0.00 0.00 0.00 3,010,000.00 0.00 0.00 0.00
M-2A 1,872,000.00 0.00 0.00 0.00 1,872,000.00 0.00 0.00 0.00
B-1A 2,196,812.00 0.00 0.00 0.00 2,196,812.00 0.00 0.00 0.00
32,547,812.00 104,936.83 0.00 104,936.83 32,442,875.17 0.00 104,936.83 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLECTION ACCOUNT
INTEREST REMITTANCE AMOUNT Group 1 Group 2
<S> <C> <C>
Aggregate Loan Balance 123,724,278.66 32,547,811.51
Weighted Average Net Mortgage Rate 11.398646% 9.892260%
Net Interest Due from Loans 1,175,241.05 268,309.51
Non-Supported Interest Shortfall 0.00 0.00
Interest Remittance Amount 665,970.16 190,034.11
Capitalized Interest 142,492.45 ---
Total Interest Available 808,462.61 190,034.11
<CAPTION>
PRINCIPAL REMITTANCE AMOUNT Group 1 Group 2
<S> <C> <C>
Scheduled Principal Received 41,316.59 5,697.91
Partial Prepayments Received 5,620.84 208.76
Paid in Full Principal Received 784,629.52 44,987.11
Liquidation Proceeds 0.00 0.00
Net Recovery Proceeds 0.00 0.00
Blanket Policy Deductible Amounts 0.00 0.00
Purchase Price Amount Received 0.00 0.00
Substitution Shortfall Amount Received 0.00 0.00
Investment Losses 0.00 0.00
Deposit from Pre-Funding Account Balance 0.00 ---
Total Principal Available 831,566.95 50,893.78
<CAPTION>
CERTIFICATE ACCOUNT AMOUNT Group 1 Group 2
<S> <C> <C>
Amount Available 1,640,029.56 240,927.89
Nonrecoverable Servicing Advance Reimbursement 0.00 0.00
Trustee Fee 1,159.92 305.14
Available Funds 1,638,869.64 240,622.75
<CAPTION>
REGULAR DISTRIBUTION AMOUNT Group 1 Group 2
<S> <C> <C>
Senior Interest Distributable Amount 488,959.20 104,661.67
Mezzannine Interest Distributable Amount 58,075.19 20,898.32
Class B Interest Distributable Amount 22,580.25 10,125.93
Regular Principal Distributable Amount 831,566.95 50,893.78
Regular Distribution Amount 1,401,181.59 186,579.70
<CAPTION>
OVERCOLLATERALIZATION AMOUNTS Group 1 Group 2
<S> <C> <C>
Overcollateralization Target Amount 4,330,349.75 1,952,868.69
OC Amount Prior to Distribution of Excess Spread 0.00 0.00
OC Amount After Distribution of Excess Spread 0.00 54,043.05
OC Deficiency Amount Prior to Distribution of Excess Spread 4,330,349.75 1,952,868.69
OC Deficiency Amount After Distribution of Excess Spread 4,330,349.75 1,898,825.64
<CAPTION>
CLASS A-7 PRIORITY DISTRIBUTION AMOUNT
<S> <C>
Class A-7 Priority Percentage 0.00%
Group 1 Senior Principal Distribution Amount 831,566.95
Class A-7 Pro Rata General Distribution 68,066.26
Class A-7 Priority General Distribution Amount 0.00
Class A-7 Pro Rata Excess Distribution 19,455.48
Class A-7 Priority Excess Distribution Amount 0.00
<CAPTION> Group 1 Group 2
DELINQUENCY ADVANCE
<S> <C> <C>
Interest Remittance Amount 665,970.16 190,034.11
Net Interest Received na na
Closing Date Deposit 195,873.62 165,115.62
Delinquency Advance na na
<CAPTION>
ALLOCATION OF AVAILABLE DISTRIBUTION AMOUNT Group 1 Group 2
<S> <C> <C>
Senior Interest Distributable Amount 488,959.20 104,661.67
Mezannine Interest Distributable Amount 58,075.19 20,898.32
Class B Interest Distributable Amount 22,580.25 10,125.93
Principal from Reg Dist Amt to Senior Class 831,566.95 50,893.78
Principal from Reg Dist Amt to Mezzanine Class 0.00 0.00
Principal from Reg Dist Amt to Class B 0.00 0.00
Loss Reimb. from Reg Dist Amt to Mezz. and Class B 0.00 0.00
Principal from Excess Spread to Senior Class 237,688.05 54,043.05
Principal from Excess Spread to Mezzanine Class 0.00 0.00
Principal from Excess Spread to Class B 0.00 0.00
Loss Reimb. from Excess Spread to Mezz. and Class B 0.00 0.00
Class R Certificate Distribution 0.00 0.00
1,638,869.64 240,622.75
<CAPTION>
COLLATERAL CHARACTERISTICS Group 1 Group 2
<S> <C> <C>
Beginning Loan Balance 123,724,278.66 32,547,811.51
Ending Loan Balance 122,892,711.71 32,496,918.22
Beginning WAC 11.8986% 10.3923%
Ending WAC 11.8991% 10.3901%
Beginning WAM 0.00 0.00
Ending WAM 0.00 0.00
Beginning Loan Count 1,941.00 302.00
Ending Loan Count 1,932.00 301.00
Realized Principal Loss 0.00 0.00
Accumulated Realized Principal Loss 0.00 0.00
Realized Loss as a % of Max. Coll. Amt. 0.0000% 0.0000%
Balance of Mixed Use Loans 0.00 0.00
Maximum Collateral Amount 123,724,278.66 32,547,811.51
Liquidated Mortgage Loan Balance 0.00 0.00
Liquidated Mortgage Loan Count 0.00 0.00
Modified Loan Balance 0.00 0.00
<CAPTION>
DELINQUENCY INFORMATION
Group 1 Group 1 Group 1 Group 2 Group 2 Group 2
# of Loans Agg Loan Bal Percent # of Loans Agg Loan Bal Percent
<S> <C> <C> <C> <C> <C>
30 days 33 1,914,271.58 1.5577% 4 443,916.25 1.3660%
60 days 6 537,987.97 0.4378% 0 0.00 0.0000%
90+ days 0 0.00 0.0000% 0 0.00 0.0000%
Foreclosure 0 0.00 0.0000% 0 0.00 0.0000%
Bankruptcy 0 0.00 0.0000% 0 0.00 0.0000%
REO 0 0.00 0.0000% 0 0.00 0.0000%
REO Book Value --- 0.00 0.0000% --- 0.00 0.0000%
</TABLE>
