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): July 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 July 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 July 25, 1997.
Reimbur-
Realized ment of
Beginning Loss of Realized Interest Remaining
Class Balance Principal Interest Principal Losses Shortfall Balance
FXA-1 12029515 1434964 69170 0 0 0 10594551
FXA-2 20475655 12431 132239 0 0 0 20463225
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 24232879 1626292 123941 0 0 0 22606587
FXA-9 24232879 NA 47708 NA 0 0 22606587
FXP 81256 63 NA 0 0 NA 81193
FXS 8892020 NA 57428 NA 0 0 8458533
A-1 42587785 47296 275046 0 0 0 42540489
A-2 6962000 0 44963 0 0 0 6962000
A-3 1951000 0 12600 0 0 0 1951000
A-4 13681361 9471 88359 0 0 0 13671890
P 1085351 883 NA 0 0 NA 1084468
S 1108113 NA 7157 NA 0 0 1107162
B-1 5184249 3327 33482 0 0 0 5180923
B-2 2108847 1353 13620 0 0 0 2107494
B-3 1318029 846 8512 0 0 0 1317183
B-4 790817 507 5107 0 0 0 790310
B-5 439344 282 2837 0 0 0 439062
B-6 702950 451 4540 0 0 0 702499
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-1 798.847164 95.292015 4.593371 0.000000 703.555149
FXA-2 998.812462 0.606379 6.450664 0.000000 998.206084
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-8 875.913524 58.783414 4.479933 0.000000 817.130111
FXA-9 875.913524 0.000000 1.724455 0.000000 817.130111
FXP 998.361572 0.774798 0.000000 0.000000 997.586775
FXS 911.938397 0.000000 5.889602 0.000000 867.481205
A-1 980.282700 1.088660 6.330992 0.000000 979.194040
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-4 998.639480 0.691306 6.449547 0.000000 997.948174
P 997.812005 0.811800 0.000000 0.000000 997.000205
S 922.105931 0.000000 5.955264 0.000000 921.314341
B-1 998.742239 0.640856 6.450210 0.000000 998.101383
B-2 998.742237 0.640856 6.450211 0.000000 998.101381
B-3 998.742242 0.640856 6.450209 0.000000 998.101386
B-4 998.742241 0.640858 6.450210 0.000000 998.101383
B-5 998.742251 0.640855 6.450214 0.000000 998.101396
B-6 998.742290 0.640860 6.450205 0.000000 998.101430
R 0.000000 0.000000 0.000000 0.000000 0.000000
RP 0.000000 0.000000 7.200000 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: July 31, 1997
