<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): 10/25/97
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
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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 Equity Pass-Through Certificates
Series 1997-B Distribution Statement dated 10/25/97.
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: 10/21/97
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: 10/27/97
<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 2.64437353 162.34265221 282.71317316
A-2 178779BR4 24,200,000.00 5.79166653 0.00000000 1,000.00000000
A-3 178779BS2 30,950,000.00 5.85000000 0.00000000 1,000.00000000
A-4 178779BT0 18,350,000.00 5.96666649 0.00000000 1,000.00000000
A-5 178779BU7 19,550,000.00 6.23333350 0.00000000 1,000.00000000
A-6 178779BV5 11,550,000.00 6.59166667 0.00000000 1,000.00000000
A-7 178779BW3 11,750,000.00 6.17500000 0.00000000 1,000.00000000
M-1F 178779BY9 7,425,000.00 6.44166734 0.00000000 1,000.00000000
M-2F 178779BZ6 8,250,000.00 6.62500000 0.00000000 1,000.00000000
B-1F 178779CN2 5,775,000.00 6.90000000 0.00000000 1,000.00000000
A-8 178779BX1 25,469,000.00 4.90899643 49.21299840 884.05626266
M-1A 178779CA0 3,010,000.00 5.41110963 0.00000000 1,000.00000000
M-2A 178779CB8 1,872,000.00 5.58888889 0.00000000 1,000.00000000
B-1A 178779CC6 2,196,812.00 5.89999964 0.00000000 1,000.00000000
<CAPTION>
INTEREST Current
Prior Interest urrent Month Current Current Interest
Certificate Carryover Interest Interest Interest Carryover
Class Rate Shortfall Accrual Amount Payment Shortfall
<S> <C> <C> <C> <C> <C> 0.00
A-1 7.13000% 0.00 71,926.96 71,926.96 71,926.96 0.00
A-2 6.95000% 0.00 140,158.33 140,158.33 140,158.33 0.00
A-3 7.02000% 0.00 181,057.50 181,057.50 181,057.50 0.00
A-4 7.16000% 0.00 109,488.33 109,488.33 109,488.33 0.00
A-5 7.48000% 0.00 121,861.67 121,861.67 121,861.67 0.00
A-6 7.91000% 0.00 76,133.75 76,133.75 76,133.75 0.00
A-7 7.41000% 0.00 72,556.25 72,556.25 72,556.25 0.00
M-1F 7.73000% 0.00 47,829.38 47,829.38 47,829.38 0.00
M-2F 7.95000% 0.00 54,656.25 54,656.25 54,656.25 0.00
B-1F 8.28000% 0.00 39,847.50 39,847.50 39,847.50 0.00
Group I Total 0.00 915,515.92 915,515.92 915,515.92 0.00
A-8 5.91750% 0.00 125,027.23 125,027.23 125,027.23 0.00
M-1A 6.08750% 0.00 16,287.44 16,287.44 16,287.44 0.00
M-2A 6.28750% 0.00 10,462.40 10,462.40 10,462.40 0.00
B-1A 6.63750% 0.00 12,961.19 12,961.19 12,961.19 0.00
Group II Total 0.00 164,738.26 164,738.26 164,738.26 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 12,105,518.45 4,415,720.14 --- 4,415,720.14 7,689,798.31 --- 4,415,720.14 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
149,905,518.45 4,415,720.14 0.00 4,415,720.14 145,489,798.31 0.00 4,415,720.14 0.00
A-8 23,769,434.81 1,253,405.86 --- 1,253,405.86 22,516,028.95 --- 1,253,405.86 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
30,848,246.81 1,253,405.86 0.00 1,253,405.86 29,594,840.95 0.00 1,253,405.86 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLECTION ACCOUNT
INTEREST REMITTANCE AMOUNT Group I Group II
<S> <C> <C>
Aggregate Loan Balance 152,590,649.06 31,419,867.32
Weighted Average Net Mortgage Rate 11.318854% 10.507735%
Net Interest Due from Loans 1,439,292.74 275,126.37
Net Prepayment Interest Shortfall 0.00 0.00
Interest Remittance Amount 1,439,292.74 275,126.37
<CAPTION>
PRINCIPAL REMITTANCE AMOUNT Group I Group II
<S> <C> <C>
Scheduled Principal Received 97,210.60 10,898.93
Partial Prepayments Received 17,083.13 3,272.98
Paid in Full Principal Received 3,445,133.04 1,129,140.40
Net Liquidation Proceeds 195,347.09 0.00
Net Recovery Proceeds 0.00 0.00
Blanket Policy Deductible Amounts 0.00 0.00
Purchase Price Amount Received 138,600.00 0.00
Substitution Shortfall Amount Received 0.00 0.00
Deposit from Pre-Funding Account Balance 0.00 ---
Principal Remittance Amount 3,893,373.86 1,143,312.31
<CAPTION>
CERTIFICATE ACCOUNT AMOUNT Group I Group II
<S> <C> <C>
Interest Remittance Amount 1,439,292.74 275,126.37
Principal Remittance Amount 3,893,373.86 1,143,312.31
Termination Price 0.00 0.00
Investment Losses 0.00 0.00
Unutilized Funding Amount 0.00 ---
Pre-Funding Account Earnings 0.00 ---
Capitalized Interest Requirement 0.00 ---
Amount Available 5,332,666.60 1,418,438.68
Less: Nonrecoverable Servicing Advance Reimbursement 0.00 0.00
Trustee Fee 1,430.54 294.56
Certificate Account Amount 5,331,236.06 1,418,144.12
<CAPTION>
REGULAR DISTRIBUTION AMOUNT Group I Group II
<S> <C> <C>
Senior Interest Distributable Amount 773,182.79 125,027.23
Mezzannine Interest Distributable Amount 102,485.63 26,749.84
Class B Interest Distributable Amount 39,847.50 12,961.19
Regular Principal Distribution Amount 3,893,373.86 1,143,312.31
Regular Distribution Amount 4,808,889.78 1,308,050.57
<CAPTION>
ALLOCATION OF AVAILABLE DISTRIBUTION AMOUNT Group I Group II
<S> <C> <C>
Senior Interest Distributable Amount 773,182.79 125,027.23
Mezannine Interest Distributable Amount 102,485.63 26,749.84
Class B Interest Distributable Amount 39,847.50 12,961.19
Principal from Reg Dist Amt to Senior Class 3,893,373.86 1,143,312.31
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 522,346.28 110,093.55
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
<CAPTION>
DELINQUENCY ADVANCE Group I Group II
<S> <C> <C>
Interest Remittance Amount 1,439,292.74 275,126.37
Net Interest Received N/A N/A
Closing Date Deposit 0.00 0.00
Delinquency Advance N/A N/A
<CAPTION>
OVERCOLLATERALIZATION AMOUNTS Group I Group II
<S> <C> <C>
Overcollateralization Target Amount 5,774,990.48 1,952,868.69
OC Amount Prior to Distribution of Excess Spread 2,684,621.53 571,620.51
OC Amount After Distribution of Excess Spread 3,206,967.81 681,714.06
OC Deficiency Amount Prior to Distribution of Excess Spread 3,090,368.95 1,381,248.18
OC Deficiency Amount After Distribution of Excess Spread 2,568,022.67 1,271,154.63
<CAPTION>
CLASS A-7 PRIORITY DISTRIBUTION AMOUNT
<S> <C>
Class A-7 Priority Percentage 0.00%
Group 1 Senior Principal Distribution Amount 3,893,373.86
Class A-7 Pro Rata General Distribution Amount 356,132.17
Class A-7 Priority General Distribution Amount 0.00
Class A-7 Pro Rata Excess Distribution Amount 47,779.72
Class A-7 Priority Excess Distribution Amount 0.00
<CAPTION>
COLLATERAL CHARACTERISTICS Group I Group II
<S> <C> <C>
Beginning Loan Balance 152,590,649.06 31,419,867.32
Ending Loan Balance 148,696,766.12 30,276,555.01
Beginning WAC 11.8189% 11.0077%
Ending WAC 11.8228% 11.1707%
Beginning WAM 0.00 0.00
Ending WAM 0.00 0.00
Beginning Loan Count 2,444.00 290.00
Ending Loan Count 2,400.00 282.00
Realized Principal Loss 509.08 0.00
Accumulated Realized Principal Loss 509.08 0.00
Realized Loss as a % of Max. Coll. Amt. 0.0003% 0.0000%
Balance of Mixed Use Loans 1,894,840.84 0.00
Maximum Collateral Amount 164,999,728.11 32,547,811.51
Liquidated Mortgage Loan Balance 195,856.17 0.00
Liquidated Mortgage Loan Count 1.00 0.00
Modified Loan Balance 0.00 0.00
<CAPTION>
DELINQUENCY INFORMATION
Group I Group I Group I Group II Group II Group II
# of Loans Agg Loan Bal Percent # of Loans Agg Loan Bal Percent
<S> <C> <C> <C> <C> <C>
30 days 46 2,308,744.43 1.5527% 9 1,113,884.17 3.6790%
60 days 27 1,366,314.30 0.9189% 3 254,013.89 0.8390%
90+ days 82 5,907,492.71 3.9728% 8 764,255.90 2.5242%
Foreclosure* 62 4,363,592.24 2.9346% 7 714,715.55 2.3606%
Bankruptcy* 12 653,451.13 0.4395% 1 52,406.13 0.1731%
REO* 1 158,327.66 0.1065% 0 0.00 0.0000%
REO Book Value --- 0.00 0.0000% --- 0.00 0.0000%
* Foreclosure, Bankruptcy, and REO loans are included in the appropriate delinquency category.
</TABLE>
