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 26, 1998
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 26,
1998. 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.
Reimburse-
Realized ment of
Beginning Loss of Realized Remaining
Class Balance Principal Interest Principal Losses Balance
FXA-1 0 0 0 0 0 0
FXA-2 20273202 14697 130931 0 0 20258505
FXA-3 5592310 975755 34253 0 0 4616555
FXA-4 13200375 0 82502 0 0 13200375
FXA-5 5125000 0 33099 0 0 5125000
FXA-6 4001000 0 25840 0 0 4001000
FXA-7 1000000 0 6458 0 0 1000000
FXA-8 7382690 520403 37183 0 0 6862287
FXA-9 7382690 NA 15111 NA 0 6862287
FXP 72787 65 NA 0 0 72722
FXS 5501833 NA 35533 NA 0 5342319
A-1 19919307 2611636 128646 0 0 17307672
A-2 6962000 0 44963 0 0 6962000
A-3 1951000 0 12600 0 0 1951000
A-4 13529424 10946 87378 0 0 13518478
P 929200 19598 NA 0 0 909602
S 584833 NA 3777 NA 0 530536
B-1 5130427 3894 33134 0 0 5126533
B-2 2086953 1584 13478 0 0 2085369
B-3 1304346 990 8424 0 0 1303355
B-4 782607 594 5054 0 0 782013
B-5 434783 330 2808 0 0 434452
B-6 695653 528 4493 0 0 695125
R 0 0 0 0 NA 0
RP 0 0 0 0 NA 0
Reimbur-
ment of
Beginning Realized Remaining
ClassBalance Principal Interest Losses Balance
FXA-1 0.000000 0.000000 0.000000 0.000000 0.000000
FXA-2 988.936685 0.716948 6.386883 0.000000 988.219737
FXA-3 481.112890 83.945335 2.946817 0.000000 397.167556
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-8 266.852241 18.810300 1.343990 0.000000 248.041941
FXA-9 266.852241 0.000000 0.546213 0.000000 248.041941
FXP 894.311762 0.795439 0.000000 0.000000 893.516323
FXS 564.251104 0.000000 3.644122 0.000000 547.891854
A-1 458.501247 60.114453 2.961154 0.000000 398.386793
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-4 987.549179 0.798947 6.377922 0.000000 986.750232
P 854.255455 18.017368 0.000000 0.000000 836.238086
S 486.663466 0.000000 3.143037 0.000000 441.480170
B-1 988.373419 0.750236 6.383245 0.000000 987.623183
B-2 988.373424 0.750233 6.383245 0.000000 987.623191
B-3 988.373435 0.750237 6.383246 0.000000 987.623198
B-4 988.373416 0.750240 6.383250 0.000000 987.623176
B-5 988.373437 0.750244 6.383244 0.000000 987.623194
B-6 988.374491 0.750204 6.383257 0.000000 987.624287
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: October 26, 1998
