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): November 25, 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 November 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 November 25, 1997.
Reimbur-
Realized ment of
Beginning Loss of Realized Interest Remaining
Class Balance Principal Interest Principal Losses Shortfall Balance
FXA-1 7400346 643097 42552 0 0 0 6757249
FXA-2 20425012 13105 131912 0 0 0 20411907
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 18986487 728844 96614 0 0 0 18257644
FXA-9 18986487 NA 37874 NA 0 0 18257644
FXP 80973 73 NA 0 0 NA 80900
FXS 7699348 NA 49725 NA 0 0 7574308
A-1 39466291 691253 254886 0 0 0 38775038
A-2 6962000 0 44963 0 0 0 6962000
A-3 1951000 0 12600 0 0 0 1951000
A-4 13642937 9834 88111 0 0 0 13633103
P 1068346 1743 NA 0 0 NA 1066603
S 978860 NA 6322 NA 0 0 978019
B-1 5170722 3484 33394 0 0 0 5167238
B-2 2103344 1417 13584 0 0 0 2101927
B-3 1314590 886 8490 0 0 0 1313704
B-4 788754 531 5094 0 0 0 788222
B-5 438197 295 2830 0 0 0 437902
B-6 701116 472 4528 0 0 0 700643
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-1 491.436709 42.706336 2.825761 0.000000 448.730373
FXA-2 996.342052 0.639247 6.434709 0.000000 995.702804
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-8 686.279210 26.344539 3.492160 0.000000 659.934672
FXA-9 686.279210 0.000000 1.368984 0.000000 659.934672
FXP 994.882601 0.891398 0.000000 0.000000 993.991203
FXS 789.621546 0.000000 5.099639 0.000000 776.797840
A-1 908.432359 15.911203 5.866959 0.000000 892.521156
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-4 995.834839 0.717821 6.431434 0.000000 995.117018
P 982.178544 1.602225 0.000000 0.000000 980.576319
S 814.549138 0.000000 5.260626 0.000000 813.849233
B-1 996.136144 0.671144 6.433379 0.000000 995.465000
B-2 996.136146 0.671143 6.433379 0.000000 995.465003
B-3 996.136150 0.671143 6.433379 0.000000 995.465007
B-4 996.136146 0.671143 6.433375 0.000000 995.465002
B-5 996.136164 0.671134 6.433370 0.000000 995.465029
B-6 996.136239 0.671123 6.433383 0.000000 995.465116
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: November 30, 1997
