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): October 27, 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 October 27,
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 October 27, 1997.
Reimbur-
Realized ment of
Beginning Loss of Realized Interest Remaining
Class Balance Principal Interest Principal Losses Shortfall Balance
FXA-1 8169453 769107 46974 0 0 0 7400346
FXA-2 20437902 12890 131995 0 0 0 20425012
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 19858142 871654 101049 0 0 0 18986487
FXA-9 19858142 NA 39613 NA 0 0 18986487
FXP 81045 72 NA 0 0 NA 80973
FXS 7902463 NA 51037 NA 0 0 7699348
A-1 40405514 939223 260952 0 0 0 39466291
A-2 6962000 0 44963 0 0 0 6962000
A-3 1951000 0 12600 0 0 0 1951000
A-4 13652683 9746 88174 0 0 0 13642937
P 1069249 903 NA 0 0 NA 1068346
S 1001402 NA 6467 NA 0 0 978860
B-1 5174160 3438 33416 0 0 0 5170722
B-2 2104743 1398 13593 0 0 0 2103344
B-3 1315464 874 8496 0 0 0 1314590
B-4 789278 524 5097 0 0 0 788754
B-5 438489 291 2832 0 0 0 438197
B-6 701582 466 4531 0 0 0 701116
R 0 0 0 0 NA 0 0
RP 0 0 0 0 NA 0 0
Reimbur-
ment of
Beginning Realized Remaining
ClassBalance Principal Interest Losses Balance
FXA-1 542.510993 51.074285 3.119438 0.000000 491.436709
FXA-2 996.970839 0.628787 6.438770 0.000000 996.342052
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-8 717.785741 31.506531 3.652483 0.000000 686.279210
FXA-9 717.785741 0.000000 1.431833 0.000000 686.279210
FXP 995.768224 0.885623 0.000000 0.000000 994.882601
FXS 810.452423 0.000000 5.234172 0.000000 789.621546
A-1 930.051335 21.618976 6.006582 0.000000 908.432359
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-4 996.546223 0.711383 6.436028 0.000000 995.834839
P 983.008961 0.830417 0.000000 0.000000 982.178544
S 833.307518 0.000000 5.381778 0.000000 814.549138
B-1 996.798461 0.662317 6.437657 0.000000 996.136144
B-2 996.798461 0.662315 6.437656 0.000000 996.136146
B-3 996.798465 0.662315 6.437653 0.000000 996.136150
B-4 996.798461 0.662315 6.437656 0.000000 996.136146
B-5 996.798478 0.662314 6.437666 0.000000 996.136164
B-6 996.798554 0.662314 6.437659 0.000000 996.136239
R 0.000000 0.000000 0.000000 0.000000 0.000000
RP 0.000000 0.000000 0.800000 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: October 31, 1997
