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): August 31, 1997
Financial Asset Securitization, Inc.
Mortgage Participation Securities Series 1997 NAMC1
(Exact name of registrant as specified in its charter)
Virginia 0-15483 53-1526174
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
901 East Byrd Steet
Richmond, Virginia 23219
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (804) 344-7575
Item 5. Other Events
On behalf of Financial Asset Securitization, Inc. Mortgage
Particiption Securities, Series 1997-NAMC 1, a Trust creat-
ed pursuant to the Pooling and Servicing Agreement, dated
April 1, 1997, by The First National Bank of Chicago, as
trustee for the Trust, the Trustee has caused to be filed
with the Commission, the Monthly Report dated August 25,
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 May 25, 2027.
A. Monthly Report Information:
See Exhibit No. 1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certifi-
catholders: NONE
F. 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 August 25, 1997.
Reimbur-
Realized ment of
Beginning Loss of Realized Interest Remaining
Class Balance Principal Interest Principal Losses Shortfall Balance
FXA-1 10594551 1508490 60919 0 0 0 9086061
FXA-2 20463225 12592 132158 0 0 0 20450633
FXA-3 11623696 0 71195 0 0 0 11623696
FXA-4 13200375 0 82502 0 0 0 13200375
FXA-5 5125000 0 33099 0 0 0 5125000
FXA-6 4001000 0 25840 0 0 0 4001000
FXA-7 1000000 0 6458 0 0 0 1000000
FXA-8 22606587 1709622 114887 0 0 0 20896965
FXA-9 22606587 NA 45243 NA 0 0 20896965
FXP 81193 76 NA 0 0 NA 81116
FXS 8458533 NA 54628 NA 0 0 8111179
A-1 42540489 1364624 274741 0 0 0 41175865
A-2 6962000 0 44963 0 0 0 6962000
A-3 1951000 0 12600 0 0 0 1951000
A-4 13671890 9551 88298 0 0 0 13662339
P 1084468 14322 NA 0 0 NA 1070146
S 1107162 NA 7150 NA 0 0 1048228
B-1 5180923 3363 33460 0 0 0 5177560
B-2 2107494 1368 13611 0 0 0 2106126
B-3 1317183 855 8507 0 0 0 1316328
B-4 790310 513 5104 0 0 0 789797
B-5 439062 285 2836 0 0 0 438777
B-6 702499 456 4537 0 0 0 702043
R 0 0 0 0 NA 0 0
RP 0 0 0 0 NA 0 0
Class IntReimbursement
Beginning Principal Distributof RealizeRemaining
ClassBalance DistributionDistributLosses Balance
FXA-1 703.555149 100.174688 4.045442 0.000000 603.380460
FXA-2 998.206084 0.614246 6.446748 0.000000 997.591838
FXA-31000.000000 0.000000 6.125000 0.000000 1000.000000
FXA-41000.000000 0.000000 6.250000 0.000000 1000.000000
FXA-51000.000000 0.000000 6.458334 0.000000 1000.000000
FXA-61000.000000 0.000000 6.458333 0.000000 1000.000000
FXA-71000.000000 0.000000 6.458330 0.000000 1000.000000
FXA-8 817.130111 61.795420 4.152683 0.000000 755.334691
FXA-9 817.130111 0.000000 1.635322 0.000000 755.334691
FXP 997.586775 0.938579 0.000000 0.000000 996.648196
FXS 867.481205 0.000000 5.602483 0.000000 831.857704
A-1 979.194040 31.410818 6.323962 0.000000 947.783222
A-2 1000.000000 0.000000 6.458334 0.000000 1000.000000
A-3 1000.000000 0.000000 6.458334 0.000000 1000.000000
A-4 997.948174 0.697152 6.445082 0.000000 997.251023
P 997.000205 13.166702 0.000000 0.000000 983.833503
S 921.314341 0.000000 5.950155 0.000000 872.272776
B-1 998.101383 0.647903 6.446072 0.000000 997.453480
B-2 998.101381 0.647903 6.446072 0.000000 997.453477
B-3 998.101386 0.647903 6.446072 0.000000 997.453483
B-4 998.101383 0.647906 6.446067 0.000000 997.453477
B-5 998.101396 0.647902 6.446077 0.000000 997.453495
B-6 998.101430 0.647879 6.446070 0.000000 997.453551
R 0.000000 0.000000 0.000000 0.000000 0.000000
RP 0.000000 0.000000 0.000000 0.000000 0.000000
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 Securitization, Inc.
By /s/ Richard Tarnas
Name: Richard Tarnas
Title: Vice President,
The First National Bank of Chicago
Dated: August 31, 1997
