SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported):December 26, 1997
FINANCIAL ASSET SECURITIES CORP.,
(as depositor under the Pooling and Servicing
Agreement, dated as of May 1, 1997, providing
for the issuance of Financial Asset Securities Corp.,
Empire Funding Home Loan Owner Trust 1997-2,
Home Loan Asset Backed Notes Series 1997-2.
(Exact name of registrant as specified in its charter)
Delaware 333-21071-09 52-6858090 (State or Other
Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) 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
Item 5.Other Events
On behalf of Empire Funding Home Loan Owner Trust 1997-2,
Home Loan Asset-Backed Notes, Series 1997-2, a Trust created
pursuant to the Pooling and Servicing Agreement, dated May
1, 1997, by First Bank National Association, as trustee for the
Trust, the Trustee has caused to be filed with the Commission,
the Monthly Report dated December 26, 1997. The Monthly
Report is filed pursuant to and in accordance with (1)
numerous no-action letters (2) current Commission policy in
the area. The filing of the Monthly Report will occur
subsequent to each monthly distribution to the holders of the
Certificates, Due September 25, 2023.
A. Monthly Report Information:
Aggregate distribution information for the current distribution
date December 26, 1997.
Principal Interest Ending Balance
Cede & Co $1,357,655.28 $875,144.64 $130,702,082.84
B. No delinquency in payment under the Certificate Guaranty Insurance
Policy has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable under the
Certificate Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the Certificate Insurance
Guaranty Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of Certificatholders:
NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items 1,2,4,5 if
applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated December 26, 1997.
EMPIRE FUNDING HOME LOAN OWNER TRUST 1997-2
PASS-THROUGH CERTIFICATES
SERIES 1997-2
DISTRIBUTION STATEMENT
Distribution Date: 12/26/97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution DistributionDistribution Balance
A-1 9,359,738.12 1,357,655.28 69,028.07 1,426,683.35 8,002,082.84
A-2 16,500,000.00 0.00 106,975.00 106,975.00 16,500,000.00
A-3 25,500,000.00 0.00 165,325.00 165,325.00 25,500,000.00
A-4 11,000,000.00 0.00 70,308.33 70,308.33 11,000,000.00
A-5 24,016,000.00 0.00 159,306.13 159,306.13 24,016,000.00
A-6 7,000,000.00 0.00 45,150.00 45,150.00 7,000,000.00
M-1 16,728,000.00 0.00 108,732.00 108,732.00 16,728,000.00
M-2 15,683,000.00 0.00 104,945.41 104,945.41 15,683,000.00
B 6,273,000.00 0.00 45,374.70 45,374.70 6,273,000.00
Total 132,059,738.12 1,357,655.28 875,144.64 2,232,799.92 130,702,082.84
Payment of LossInterest Allocable
Reimbursement CarLoss
Class Deficiency Amount Amount
A-1 NA 0.00 NA
A-2 NA 0.00 NA
A-3 NA 0.00 NA
A-4 NA 0.00 NA
A-5 NA 0.00 NA
A-6 NA 0.00 NA
M-1 0.00 0.00 0.00
M-2 0.00 0.00 0.00
B 0.00 0.00 0.00
Total 0.00 0.00 0.00
AMOUNTS PER $1,000 UNIT Ending Current
Principal Interest Total Certificate Pass-Through
Class Distribution Distribution DistributionBalance Interest Rate
A-1 82.28213818 4.18351939 86.46565758 484.97471758 8.85000%
A-2 0.00000000 6.48333333 6.48333333 1,000.00000000 7.78000%
A-3 0.00000000 6.48333333 6.48333333 1,000.00000000 7.78000%
A-4 0.00000000 6.39166636 6.39166636 1,000.00000000 7.67000%
A-5 0.00000000 6.63333319 6.63333319 1,000.00000000 7.96000%
A-6 0.00000000 6.45000000 6.45000000 1,000.00000000 7.74000%
M-1 0.00000000 6.50000000 6.50000000 1,000.00000000 7.80000%
M-2 0.00000000 6.69166677 6.69166677 1,000.00000000 8.03000%
B 0.00000000 7.23333333 7.23333333 1,000.00000000 8.68000%
Payment of LossInterest Allocable
Reimbursement CarrLoss
Class Amount Amount Amount
A-1 NA 0.00000000 NA
A-2 NA 0.00000000 NA
A-3 NA 0.00000000 NA
A-4 NA 0.00000000 NA
A-5 NA 0.00000000 NA
A-6 NA 0.00000000 NA
M-1 0.00000000 0.00000000 0.00000000
M-2 0.00000000 0.00000000 0.00000000
B 0.00000000 0.00000000 0.00000000
EMPIRE FUNDING HOME LOAN OWNER TRUST 1997-2
PASS-THROUGH CERTIFICATES
SERIES 1997-2
Distribution Date: 12/26/97
Distribution Statement
Pooling and Servicing Agreement Dated May 1, 1997
i) Available Collection Amount 2,320,542.69
Available Distribution Amount 2,232,799.92
ii) Beginning and Ending Class Principal Balances See page 1
Beginning Pool Principal Balance 134,821,764.57
Ending Pool Principal Balance 133,874,519.96
iii) Class Factors Class A-1 0.56725686 0.48497472
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Class A-4 1.00000000 1.00000000
Class A-5 1.00000000 1.00000000
Class A-6 1.00000000 1.00000000
Class M-1 1.00000000 1.00000000
Class M-2 1.00000000 1.00000000
Class B 1.00000000 1.00000000
iv) Interest from Mortgagors / Master Servicer 1,411,835.15
Interest from Purchased Loans 0.00
Interest from Liquidated Mortgage Loans 0.00
Interest from Capitalized Interest Subsequent Deposit 0.00
1,411,835.15
Principal Collections (Regular Installments) 157,061.12
Principal Collections (Curtailments and Paid in Fulls) 740,183.49
Substitution Adjustment 0.00
Principal from Liquidated Mortgage Loans 0.00
Principal from Purchased Loans 0.00
897,244.61
Total Payments 2,309,079.76
plus: Capitalized Interest Requirement 0.00
plus: Amts remaining upon termination of Pre_funded Acct 0.00
plus: Int. Income on Collection, Certificate, & Note Dist. Accts 11,462.93
less: Trust Fees and Expenses 87,742.77
Available Distribution Amount 2,232,799.92
v) Optimal Principal Balances: 0.00
Senior 0.00
Class M-1 0.00
Class M-2 0.00
Class B 0.00
vi) Overcollateralization Deficiency Amount (before distribution 9,815,973.55
Amounts distributed to the Residual Interest 0.00
vii) Servicing Compensation 84,263.60
Indenture Trustee Fee 3,145.84
Owner Trustee Fee 333.33
viii) Overcollateralization Amount 3,172,437.12
Overcollateralization Target Amount 12,528,000.00
Net Loan Losses 0.00
Cumulative Net Loan Losses 0.00
Allocable Loss Amount 0.00
Excess Spread 460,410.67
Beginning Ending
ix) Weighted Average Maturity of the Home Loans 229 229
weighted avg. Home Loan Int Rate of the Home Loans 13.804% 13.802%
x) Performance information in Servicer's Monthly Remittance Report
60 Day Delinquency Amount 1,442,500.72
Six-Month Rolling Delinquency Average 632,564.37
Net Delinquency Calculation Amount 0.00
xiii) Current
Aggregate
Combination Loans Number Prin Balance Number
A)Defaulted Home Loans 1 50,000.00 1
B)Liquidated Home Loans 1 50,000.00 1
C)Deleted Home Loans because Defective 0 0.00 0
D)Deleted Home Loans because Defaulted 0 0.00 0
Current
Aggregate
Debt Consolidation Loans Number Prin Balance Number
A)Defaulted Home Loans 0 0.00 0
B)Liquidated Home Loans 0 0.00 0
C)Deleted Home Loans because Defective 0 0.00 0
D)Deleted Home Loans because Defaulted 0 0.00 0
xiv) Delinquency And Foreclosure Information:
# of Account Prin Balance % of Total
30-59 Days Delinquent 70 1,961,476.01 1.465%
60-89 Days Delinquent 10 281,572.90 0.210%
90-179 Days Delinquent 25 824,184.33 0.616%
180 or more Days Delinquent 0 0.00 0.000%
Loans in foreclosure proceedings 0 0.00 0.000%
Foreclosed Properties 0 0.00 0.000%
Loans in bankruptcy proceedings# of Account Prin Balance % of Total
30-59 Days Delinquent 0 0.00 0.000%
60-89 Days Delinquent 2 72,689.72 0.054%
90-179 Days Delinquent 11 264,053.77 0.197%
180 or more Days Delinquent 0 0.00 0.000%
Aggregate 13 336,743.49 0.252%
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.
FINANCIAL ASSET SECURITIES CORPORATION
By /s/ James Kaufman
Name: Jim Kaufman
Title: Assistant Vice President,
First National Association
Dated: December 31, 1997
