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): May 31, 1997
Financial Asset Securitization, Inc.
(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 May 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 May 27, 1997.
Reimbur-
Realized ment of
Beginning Loss of Realized Interest Remaining
Class Balance Principal Interest Principal Losses Shortfall Balance
FXA-1 15058594 1355935 86587 0 NA 0 13702659
FXA-2 20500000 12126 132396 0 NA 0 20487874
FXA-3 11623696 0 71195 0 NA 0 11623696
FXA-4 13200375 0 82502 0 NA 0 13200375
FXA-5 5125000 0 33099 0 NA 0 5125000
FXA-6 4001000 0 25840 0 NA 0 4001000
FXA-7 1000000 0 6458 0 NA 0 1000000
FXA-8 27665835 1536727 137176 0 NA 0 26129108
FXA-9 27665835 NA 58790 0 NA 0 26129108
FXP 81389 58 NA 0 0 NA 81331
FXS 9750681 NA 62973 0 NA 0 9333253
A-1 43444391 43193 280578 0 NA 0 43401198
A-2 6962000 0 44963 0 NA 0 6962000
A-3 1951000 0 12600 0 NA 0 1951000
A-4 13700000 9279 88479 0 NA 0 13690721
P 1087731 847 NA 0 0 NA 1086884
S 1201720 NA 7761 0 NA 0 1200782
B-1 5190778 3251 33524 0 0 0 5187527
B-2 2111503 1323 13637 0 0 0 2110180
B-3 1319689 827 8523 0 0 0 1318862
B-4 791813 496 5114 0 0 0 791317
B-5 439897 276 2841 0 0 0 439621
B-6 703835 441 4546 0 0 0 703394
R 25 25 0 0 NA 0 0
RP 25 25 0 0 NA 0 0
Class IntReimbursement
Beginning Principal Distributof RealizeRemaining
ClassBalance DistributionDistributLosses Balance
FXA-11000.000000 90.043961 5.750000 0.000000 909.956039
FXA-21000.000000 0.591489 6.458333 0.000000 999.408511
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-81000.000000 55.546012 4.958333 0.000000 944.453988
FXA-91000.000000 0.000000 2.125000 0.000000 944.453988
FXP 1000.000000 0.711521 0.000000 0.000000 999.288479
FXS 1000.000000 0.000000 6.458334 0.000000 957.189895
A-1 1000.000000 0.994225 6.458333 0.000000 999.005775
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 1000.000000 0.677328 6.458334 0.000000 999.322672
P 1000.000000 0.778694 0.000000 0.000000 999.221306
S 1000.000000 0.000000 6.458335 0.000000 999.219161
B-1 1000.000000 0.626336 6.458332 0.000000 999.373664
B-2 1000.000000 0.626336 6.458333 0.000000 999.373664
B-3 1000.000000 0.626336 6.458332 0.000000 999.373664
B-4 1000.000000 0.626336 6.458330 0.000000 999.373664
B-5 1000.000000 0.626336 6.458330 0.000000 999.373664
B-6 1000.000000 0.626336 6.458332 0.000000 999.373664
R 1000.000000 1000.000000 6.400000 0.000000 0.000000
RP 1000.000000 1000.000000 8.000000 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
Name: Richard Tarnas
Title: Vice President, The First National
Bank of Chicago
Dated: May 31, 1997
